What is an Audit?

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Overview

2.0 Credits
ONLINE

This CPE course fully explains what an audit is for new staff. After a discussion of the overall objectives of an audit, the learner will go over common issues that are important to new staff who have little to no firm experience. Additional topics discussed include the following: who an auditor actually works for; what types and levels of service firms provide; standards auditors follow and who sets those standards; and the AICPA Code of Professional Conduct, the ethical rules auditors work under.

Objectives

Recognize the general concept of an audit, its importance, and what an auditor does and does not do when performing an audit Recall the definitions of attest and assurance services and distinguish between the two Identify the various levels of service and the related levels of assurance available for the preparation of and the reporting on financial statements Recognize the various standard setters and the professional standards they promulgate Recognize threats and implement safeguards, specifically in the areas of independence and professional skepticism Recall the Principles of Professional Conduct and their application to common scenarios

Major Topics

Overall objectives of the audit Who does an auditor work for
  • Attest and assurance services and levels of service Professional standard setters Independence and professional skepticism Overview of the AICPA Code of Professional Conduct

Designed For

Recently onboarded staff First-year staff Firms that want consistent training and level setting
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