In a perfect world, your client would hand you a set of full financial statements, including an accurate and complete set of disclosures, when you walk in the door the first day to start audit fieldwork. The client would have a system in place to prepare the financial statements, providing for adequate segregation of duties, and a review process. These individuals would, of course, have the technical skills to understand the nuances of financial statements and related footnotes. Well, as we all know, the world is far from perfect.
This CPE module will review the necessary components of financial statements prepared under generally accepted accounting principles (GAAP), and the risk assessment process as applied to financial statement presentation and disclosure. This will include the types of controls that you might encounter if the client self-prepares the financial statement or if the financial statements are prepared by the auditor. Finally, the effect of special purpose frameworks when encountered will be reviewed.
Delivery Method: Self Study
CPE Credit: Auditing
Program Level: Intermediate