AUDIT - 5

This section of the CPA Audit course focuses on Integrated Audit Procedures, which combine financial statement audits and audits of internal controls over financial reporting. Learners will explore how an integrated audit approach ensures that both the accuracy of financial statements and the effectiveness of internal controls are assessed simultaneously.

The course will cover the methodology for performing integrated audits, including risk assessment, designing audit procedures, and testing internal controls to identify weaknesses or deficiencies. Students will learn how auditors evaluate the design and implementation of controls, test their operational effectiveness, and determine the relationship between control deficiencies and financial misstatements.

This section of the CPA Audit course focuses on Integrated Audit Procedures, which combine financial statement audits and audits of internal controls over financial reporting. Learners will explore how an integrated audit approach ensures that both the accuracy of financial statements and the effectiveness of internal controls are assessed simultaneously.

The course will cover the methodology for performing integrated audits, including risk assessment, designing audit procedures, and testing internal controls to identify weaknesses or deficiencies. Students will learn how auditors evaluate the design and implementation of controls, test their operational effectiveness, and determine the relationship between control deficiencies and financial misstatements.

This section of the CPA Audit course focuses on Communication and Reporting in an Integrated Audit, which combines the reporting of both financial statements and internal control over financial reporting. Learners will explore how auditors communicate their findings related to financial statement audits and the effectiveness of internal controls, ensuring a comprehensive and transparent audit report.

The course will cover the auditor's responsibilities for reporting deficiencies in internal controls, material weaknesses, and other significant issues identified during the integrated audit process. Students will learn how to structure and communicate audit findings clearly, including the preparation of audit reports that address both the financial reporting and control environment.

This section of the CPA Audit course focuses on Communication and Reporting in an Integrated Audit, which combines the reporting of both financial statements and internal control over financial reporting. Learners will explore how auditors communicate their findings related to financial statement audits and the effectiveness of internal controls, ensuring a comprehensive and transparent audit report.

The course will cover the auditor's responsibilities for reporting deficiencies in internal controls, material weaknesses, and other significant issues identified during the integrated audit process. Students will learn how to structure and communicate audit findings clearly, including the preparation of audit reports that address both the financial reporting and control environment.

This section of the CPA Audit course focuses on Attestation Engagements and the associated standards that govern these audits. Attestation engagements involve auditors providing an independent report on a subject matter or assertion, typically related to financial information, internal controls, or compliance with specific laws and regulations.

Learners will explore the various types of attestation engagements, including examinations, reviews, and agreed-upon procedures, and understand the key differences between each. The course will delve into the relevant standards, such as those set by the AICPA and PCAOB, that guide auditors in performing and reporting on attestation engagements.

This section of the CPA Audit course focuses on Agreed-Upon Procedures and their application to Prospective Financial Statements, a unique type of attestation engagement. Learners will explore how agreed-upon procedures are designed when auditors perform specific tasks requested by a client or other stakeholders, with the scope and objectives outlined in advance. The auditor's role is to carry out the procedures and report the findings, without providing an opinion on the subject matter, ensuring that all parties have a clear understanding of the procedures involved.

The course will also cover prospective financial statements, which include forecasts or projections about future financial performance. Students will learn how auditors evaluate the assumptions and methodologies used in preparing these statements, perform agreed-upon procedures to test their reasonableness, and report on the results.

This section of the CPA Audit course focuses on Agreed-Upon Procedures and their application to Prospective Financial Statements, a unique type of attestation engagement. Learners will explore how agreed-upon procedures are designed when auditors perform specific tasks requested by a client or other stakeholders, with the scope and objectives outlined in advance. The auditor's role is to carry out the procedures and report the findings, without providing an opinion on the subject matter, ensuring that all parties have a clear understanding of the procedures involved.

The course will also cover prospective financial statements, which include forecasts or projections about future financial performance. Students will learn how auditors evaluate the assumptions and methodologies used in preparing these statements, perform agreed-upon procedures to test their reasonableness, and report on the results.

This module focuses on audits of service organizations, specifically Service Organization Control (SOC) reports, which provide assurance on the design and effectiveness of internal controls over outsourced services. Many companies rely on third-party service providers for critical functions such as payroll processing, IT services, and financial transaction processing, making it essential for auditors to assess the risks associated with these outsourced services.

Students will explore the different types of SOC reports (SOC 1, SOC 2, and SOC 3), the auditor’s role in evaluating a service organization's internal controls, and how these reports impact the financial statement audits of user entities. The course also covers the requirements of Statement on Standards for Attestation Engagements (SSAE) No. 18 and how service auditor reports are prepared and used.

Key topics covered in this module include:
Understanding service organizations and their impact on user entities.
Types of SOC reports:
SOC 1 – Reports on controls relevant to financial reporting (for auditors of user entities).
SOC 2 – Reports on controls related to security, availability, processing integrity, confidentiality, and privacy.
SOC 3 – General-use reports for public distribution.
The role of the service auditor in conducting SOC engagements.
Criteria for evaluating and testing controls at a service organization.
User auditor responsibilities when relying on a SOC 1 report.
Differences between Type 1 (design of controls at a point in time) and Type 2 (operating effectiveness over a period) reports.
SSAE No. 18 requirements for service organization reports.
The impact of SOC reports on financial statement audits and risk assessments.
Common deficiencies in service organization controls and their implications for users.
By the end of this module, students will understand how to evaluate and use SOC reports, assess service organization risks, and ensure that internal controls over outsourced services meet professional auditing standards.

This module provides a comprehensive understanding of auditor responsibilities in reporting on compliance, including compliance with laws, regulations, contractual agreements, and grant requirements. Compliance reporting is a critical component of audits, particularly for organizations subject to government oversight, federal funding requirements, and industry regulations.

Students will explore the different types of compliance engagements, including compliance audits, agreed-upon procedures (AUP), and examinations, and learn how to apply the appropriate attestation standards (SSAE) and Government Auditing Standards (GAGAS). The course also covers Single Audits for entities receiving federal funding and the auditor’s role in assessing and reporting on compliance-related matters.

Key topics covered in this module include:
Understanding compliance reporting and its role in financial audits.
Types of compliance engagements:
Examinations – Providing reasonable assurance on compliance.
Reviews and Agreed-Upon Procedures (AUPs) – Limited or specific-scope assurance engagements.
Compliance audits – Assessing adherence to regulatory and grant requirements.
Applicable standards and frameworks:
Government Auditing Standards (Yellow Book) for compliance audits.
Statements on Standards for Attestation Engagements (SSAE) for compliance reporting.
Uniform Guidance (Single Audit Act) for federally funded entities.
Assessing risk and materiality in compliance audits.
Identifying, testing, and documenting compliance controls.
Reporting requirements for compliance audits, including auditor responsibilities for reporting findings.
Common compliance violations and their impact on financial reporting.
The relationship between compliance reporting and internal control deficiencies.
Ethical and professional responsibilities in compliance engagements.
By the end of this module, students will understand how to plan, execute, and report on compliance engagements, ensuring that organizations adhere to applicable laws, regulations, and contractual obligations while maintaining audit quality and integrity.

This course provides an in-depth exploration of the unique principles and practices involved in auditing government entities. It covers the regulatory framework, auditing standards, and key procedures relevant to audits of federal, state, and local governments. Students will gain an understanding of the Government Accountability Office (GAO) standards, including the Yellow Book, and how they impact the audit process. The course also examines the role of government auditors in ensuring accountability, transparency, and the proper use of taxpayer funds. Topics include compliance testing, performance auditing, financial statement audits for government entities, and the challenges of auditing in a government setting. Practical case studies will help students develop the skills needed to conduct thorough government audits while navigating complex public sector regulations.

Learning Objectives:

Understand the standards and regulations governing government audits, including GAO and Yellow Book standards.
Gain expertise in financial and performance audits for government entities.
Learn how to evaluate government programs and projects for compliance and effectiveness.
Develop skills in identifying risks and addressing audit challenges specific to government operations.
Analyze case studies to apply government audit principles in real-world scenarios.
Target Audience: This course is designed for accounting professionals preparing for the CPA exam, auditors interested in government auditing, and individuals seeking a deeper understanding of auditing public sector entities.

This course provides an in-depth exploration of the unique principles and practices involved in auditing government entities. It covers the regulatory framework, auditing standards, and key procedures relevant to audits of federal, state, and local governments. Students will gain an understanding of the Government Accountability Office (GAO) standards, including the Yellow Book, and how they impact the audit process. The course also examines the role of government auditors in ensuring accountability, transparency, and the proper use of taxpayer funds. Topics include compliance testing, performance auditing, financial statement audits for government entities, and the challenges of auditing in a government setting. Practical case studies will help students develop the skills needed to conduct thorough government audits while navigating complex public sector regulations.

Learning Objectives:

Understand the standards and regulations governing government audits, including GAO and Yellow Book standards.
Gain expertise in financial and performance audits for government entities.
Learn how to evaluate government programs and projects for compliance and effectiveness.
Develop skills in identifying risks and addressing audit challenges specific to government operations.
Analyze case studies to apply government audit principles in real-world scenarios.
Target Audience: This course is designed for accounting professionals preparing for the CPA exam, auditors interested in government auditing, and individuals seeking a deeper understanding of auditing public sector entities.

This course is designed to provide a comprehensive understanding of Single Audits, with a focus on audits of entities that receive federal funds. The course will cover the specific requirements of the Single Audit Act, including compliance with the Uniform Guidance (2 CFR Part 200), and the audit procedures that must be followed when auditing federal awards. Students will learn about the planning, execution, and reporting stages of a Single Audit, including the identification of major programs, testing of compliance, and evaluating internal controls. The course will also address the auditor's responsibility for assessing risk, understanding the compliance requirements of federal programs, and providing recommendations for improvement. Real-world examples and case studies will help students apply theoretical knowledge to practical audit scenarios, ensuring a strong foundation in performing Single Audits effectively and efficiently.

Learning Objectives:

Understand the principles and requirements of Single Audits under the Uniform Guidance and the Single Audit Act.
Learn how to identify and assess major federal programs in a Single Audit.
Develop skills in testing compliance with federal program requirements and evaluating internal controls.
Gain expertise in preparing the Single Audit report, including the audit opinion and findings.
Explore common challenges in conducting Single Audits and strategies to address them.
Target Audience: This course is ideal for accounting professionals preparing for the CPA exam, auditors working with nonprofit organizations, state and local governments, or entities receiving federal funding, and individuals seeking to specialize in Single Audits.

This course is designed to provide a comprehensive understanding of Single Audits, with a focus on audits of entities that receive federal funds. The course will cover the specific requirements of the Single Audit Act, including compliance with the Uniform Guidance (2 CFR Part 200), and the audit procedures that must be followed when auditing federal awards. Students will learn about the planning, execution, and reporting stages of a Single Audit, including the identification of major programs, testing of compliance, and evaluating internal controls. The course will also address the auditor's responsibility for assessing risk, understanding the compliance requirements of federal programs, and providing recommendations for improvement. Real-world examples and case studies will help students apply theoretical knowledge to practical audit scenarios, ensuring a strong foundation in performing Single Audits effectively and efficiently.

Learning Objectives:

Understand the principles and requirements of Single Audits under the Uniform Guidance and the Single Audit Act.
Learn how to identify and assess major federal programs in a Single Audit.
Develop skills in testing compliance with federal program requirements and evaluating internal controls.
Gain expertise in preparing the Single Audit report, including the audit opinion and findings.
Explore common challenges in conducting Single Audits and strategies to address them.
Target Audience: This course is ideal for accounting professionals preparing for the CPA exam, auditors working with nonprofit organizations, state and local governments, or entities receiving federal funding, and individuals seeking to specialize in Single Audits.