myCPE
myCPE

Special Audit Considerations – Comprehending Requirements of Group Audits, Compliance Audits, Using the Work of a Specialist or Others, and More! 2.5 Credits

Mar 18, 2024, 10:00 AM ET

Special Audit Considerations – Comprehending Requirements of Group Audits, Compliance Audits, Using the Work of a Specialist or Others, and More! 2.5 Credits

  • Rating

    4.5
  • Reviewed on

    February, 2024
  • Subject Area

    Auditing

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  • Access the course at your convenience
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Mar 18, 2024, 10:00 AM ET

Learning Objective

  • To discuss the special considerations when performing special audits, such as group or initial audits.
  • To explore and explain factors that influence the auditor's ability to use the work of specialists or others as evidence.
  • To list common variations to the traditional financial statement audit engagement
  • To analyze how to conduct an effective group Financial statement audit.
  • To discuss the additional responsibilities-assuming responsibility for component work.

Course Overview

Sometimes financial statement audits are performed under special circumstances, such as opening a group’s set of financial statements, extending responsibilities to opining on compliance, performing an initial audit, using the work of a valuation expert or internal audit, and more.

  • A group audit involves the audit of group financial statements which are financial statements that include the financial information for more than one component. A component is an entity or business activity for which financial information is separately prepared, and which is included in the group financial statements. 
  • A compliance audit is a comprehensive review of an organization's adherence to regulatory guidelines. Audit reports evaluate the strength and thoroughness of compliance preparations, security policies, user access controls, and risk management procedures throughout a compliance audit.
  • Initial audits are audits that are conducted for the first time by the audit firm (i.e. the financial statements were not audited or were audited in the prior period by a predecessor auditor).
  • The use of the work of specialists continues to increase in both frequency and significance. If a specialist's work is not properly overseen or evaluated by the auditor, there may be a heightened risk that the auditor's work will not be sufficient to detect a material misstatement in accounting estimates.

This CPE course will address key considerations in these Special Audit Conditions and More!

Key Topics Covered: 

  • Internal audit engagements
  • Initial Audit Requirements
  • Opening Balance Audit Procedures and Audit report implications
  • International Audit Standards - Initial Audit Engagements
  • Group Audit of Financial Statements
  • Using the Work of an Internal Audit or Specialist
  • Sarbanes-Oxley Act
  • Critical Audit Matters
  • SAS Requirements – Compliance Audits
  • Government Auditing Standards and OMB Uniform Guidance
  • Auditor’s Involvement in an Exempt Offering

Here is the link to your interests: Accounting & Auditing CPE Courses | CPE Courses for Certified Internal Auditors 


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Podcast Credits

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On Demand Credits

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Additional Information

Credits

2.5

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

Stay Ahead of the Game with Jennifer Louis CPD/CPE Webinars
Jennifer Louis , CPA (US)

President, Emergent Solutions Group LLC

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Jennifer F. Louis, CPA has over 25 years of experience in designing and instructing high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organization success. In 2003, she founded Emergent Solutions Group, LLC, where she focuses her energy on designing and delivering high-quality, practical, and engaging accounting and auditing training. She was most recently Director of Audit Product Development at Surgent Professional Education, and prior to that served as Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly-respected training and audit process consulting firm. Before joining AuditWatch, Jennifer was the Financial/Operational Audit Manager at AARP. At the start of her professional career, Jennifer was an Audit Manager for Deloitte & Touche LLP, where she frequently served as a local and national instructor. Jennifer graduated summa cum laude from Marymount University with a BBA-Accounting. Besides loving life on the lake with her husband in Charlotte, NC, she enjoys hiking with her little dog Frodo Beggins, and savoring any precious moments spent with her two young adult boys.

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.

Reviews and Ratings

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KG

Krystal Gilbert, CPA (US)

An informative session that describes the standards and protocols used during special audit engagements.

EG

Erin Gilbert, CPA (US)

This presentation was excellent! This presenter was wonderful and engaging. The brain breaks were great.

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    Earn continuing education credits with flexibility. Choose from live webinars, on-demand courses, e-books, or podcasts to fit your learning style and schedule.

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    Certifications & Reporting

    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 - fastest in the industry.

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    Our support team is available via live chat, email, and phone from 9 AM to 5 PM ET. We're here to help with any questions or issues, ensuring you have a seamless experience.

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