Generally Accepted Auditing Standards (GAAS) are Standards against which the quality of audits is performed and judged. In the U.S., Standards are promulgated by the Auditing Standards Board (ASB), a division of the American Institute of Certified Public Accountants (AICPA). Since SOX passage, PCAOB has developed standards for publicly traded companies. Sections 103(a)(2)(A) and 404(b) of the SOX Act directed the Board to establish: Professional standards governing the independent auditor's attestation and reporting on management's assessment of the effectiveness of ICFR.
Auditing Standard 2 was the initial standard released to provide public accounting firms guidance regarding the requirements to comply with Sarbanes-Oxley. Due to the many difficulties faced by firms and issuers in the early years of compliance, the PCAOB released AS5 in 2007 which superseded AS2. AS5 was designed to provide clearer guidance and eliminate some of the questions that had plagued firms and companies through the initial years of attestation. AS5 is the auditing standard currently used when complying with SOX.
However, it is important to have an understanding of AS2, it’s expectations and challenges be able to appropriately scope and understand the transition to AS5. This course will provide an outline of both legislations and highlight the challenges and applications of the standards. It is important for professionals to have a strong understanding of the concepts outlined in both auditing standards and the impetus for change that resulted in AS5. This course is designed to provide a strong understand of these concepts.
Major topics covered in this online CPE webinar:
Background and purpose of auditing standards
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Owner, Lynn Fountain Consulting and Training
Lynn Fountain has over 39 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She has successfully executed on several consulting assignments spanning areas of accounting, risk, ERM and internal audit. She is a highly sought-after trainer and international speaker and has produced hundreds of courses delivered through seminars, conferences and on-demand training. She is the author of three separate technical books.
Ms.
Fountain obtained her BSBA from Pittsburg State University and her MBA from
Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.
Course Level
Credits
Instructional Method
Pre-requisites
Advance Preparation
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.
TKC
Nice programme
SB
Good!
AD
There was a lot of excess noise possibly related to bracelets on the wrist near the microphone that were a major distraction.
SP
Good overview.
AH
the quiz question regarding "what was the initial standard" has a wrong correct answer. Very boring, unless you want to hear the history and evolution. No hands-on experience.
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