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myCPE

How to Complete a GAAS Audit – An In-Depth Review of the Seven Facets 2 Credits

Nov 22, 2024, 03:00 PM ET

How to Complete a GAAS Audit – An In-Depth Review of the Seven Facets 2 Credits

  • Rating

    4.7
  • Reviewed on

    February, 2024
  • Subject Area

    Auditing

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Nov 22, 2024, 03:00 PM ET

Learning Objective

  • To identify the necessary qualifications and characteristics of auditors and their role in guiding the conduct of the audit.
  • To recognize the purpose of Generally Accepted Auditing Standards (GAAS) in obtaining reasonable assurance about the absence of material misstatements in financial statements and reporting the auditor's findings.
  • To review how the number of transactions or components examined influences the sufficiency of the evidence.
  • To determine the appropriate evidence based on quality and to grasp the factors related to the quality of evidence.
  • To explain the recent updates and amendments in auditing standards by studying and comprehending the changes introduced in SAS and related standards.

Course Overview

The formula for a successful audit today consists of many elements. Some of those elements require more thoughtfulness and caution in their application than others.

With an in-depth examination of an audit's seven (7) elements and any pertinent modifications to the standards, the objective of this course is to provide you with a refresher on the audit process from beginning to end. By the end of the course, you ought to be able to apply these policies and procedures in the real world and have a general understanding of how a GAAS audit is carried out, what main components are necessary, the significance of risk assessment, and how to apply these policies and procedures without having to read the nearly 1,000 pages of the Generally Accepted Auditing Standards.

Major topics covered in this CPE Auditing Webinar:

  • Today’s GAAS audit can be organized into seven (7) different facets: Principles and Responsibilities; Risk Assessment and Response; Audit Evidence – How to Gather and Interpret Relevant Data; Using the Work of Others (i.e.: internal auditors, specialists); Conclusions and Reporting; Special Considerations; Special Considerations in the United States; Relevant requirements, considerations, determinations, and key terminology utilized throughout each of the seven (7) facets
  • The Role of Fraud in an Audit
  • Auditor Responsibilities vs. Management Responsibilities
  • Audit Theory vs. Real-World Application
  • Recent Changes/Updates in the Statements on Auditing Standards

This CPE webinar offers a valuable opportunity for both seasoned auditors and those new to the field to refresh their understanding of the audit process, stay updated with auditing standards, gain practical insights, and enhance their auditing skills, providing relevant and valuable information to further their professional development.

Podcast Credits

Short Video Credits

On Demand Credits

Live Credits

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Additional Information

Credits

2

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

Laura Thessin
Laura Thessin

Educator and Consultant, Laura Thessin

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Laura Thessin, CPA, MBA is an accomplished finance and accounting professional with a wealth of experience spanning over 12 years. She has established herself as a prominent figure in the field, excelling in various roles and demonstrating a progressive career trajectory.

After serving as a Commercial Loan Officer at an esteemed community bank, Laura transitioned to The Engineering Groupe, Inc., where she currently holds an executive position. In her role as Vice President, Corporate Services, she is responsible for managing the day-to-day financial operations of the organization. Additionally, Laura plays a pivotal role in coordinating all financial strategic planning efforts, ensuring the company's financial health and growth.

Recognized for her expertise in auditing, Laura also shares her knowledge and passion for the subject with aspiring professionals. She serves as an Adjunct Professor of Auditing at the University of Mary Washington, where she teaches a senior-level auditing course to undergraduate students. Her dedication to education extends beyond the university, as she also creates content and delivers speeches for continuing education providers.

Laura is a Certified Public Accountant (CPA) licensed by the Virginia Board of Accountancy (VBOA), solidifying her expertise and commitment to maintaining the highest professional standards. Her credentials and extensive experience make her a trusted advisor and a valuable asset to the organizations she serves.

In her current position as the head of the Corporate Services department at The Engineering Groupe, Inc., a small privately owned Civil Engineering and Land Survey Firm, Laura oversees critical functions such as accounting, human resources, administrative staff, and IT. With her well-rounded skill set and strategic mindset, she ensures the efficient and smooth functioning of these departments, contributing to the overall success of the organization.

Laura Thessin's career trajectory and multifaceted expertise exemplify her strong leadership qualities and dedication to the fields of finance, accounting, and education. Her ability to navigate complex financial landscapes and manage diverse teams makes her an invaluable asset in both academic and corporate settings.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Ratings and Review

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LD

Louis Demarchis, CPA (US)

Excellent presentation and useful handouts. Very informative and interesting presentation. Highly recommended.

JD

Jonathan Dicrisantis, CPA (US)

This was very thorough and a good reminder of the different elements to an audit, with good visual aids.

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