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Technical

Experienced In-Charge/Senior - Overview of Financial Reporting Logo aicpa

  $89.00 - 109.00 |   CPE: 1.5 |   AICPA |   Sep 2019 |   Auditing |   AICPA Store
Who Will Benefit?
  • Experienced in-charge auditors and audit seniors
Key Topics
  • Risk assessment
  • Components of financial statements
  • Auditor's report creation and format
  • FRF for SMEs™
Learning Objectives

This course will prepare you to do the following:

  • Identify the audit objectives and related assertions surrounding an entity's financial reporting process.
  • Identify basic processes, controls, and audit procedures over an entity's financial reporting process, and identify weaknesses and possible solutions.
  • Identify the required components of financial statements prepared under GAAP.
  • Select the required components of an auditor's report prepared under GAAS.
  • Identify alternative special purpose frameworks, including the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs™).

This CPE course can be purchased individually, or as a part of the Audit Staff Essentials - Experienced In-Charge/Senior training bundle.

In a perfect world, your client would hand you a set of full financial statements, including an accurate and complete set of disclosures, when you walk in the door the first day to start audit fieldwork. The client would have a system in place to prepare the financial statements, providing for adequate segregation of duties, and a review process. These individuals would, of course, have the technical skills to understand the nuances of financial statements and related footnotes. Well, as we all know, the world is far from perfect.

This CPE module will review the necessary components of financial statements prepared under generally accepted accounting principles (GAAP), and the risk assessment process as applied to financial statement presentation and disclosure. This will include the types of controls that you might encounter if the client self-prepares the financial statement or if the financial statements are prepared by the auditor. Finally, the effect of special purpose frameworks when encountered will be reviewed.

Topics covered:
  • Financial accounting & reporting: Technical: FASB financial accounting & reporting, Intermediate
  • Financial accounting & reporting: Technical: Special purpose frameworks, Intermediate
  • Assurance: Technical: Audit: Audit risk assessment, Intermediate

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