PCAOB Standards and Issues

PCAOB's Risk-Based Audit Approach

Course Overview
This course describes the Public Company Accounting Oversight Board's (PCAOB) Risk Assessment Auditing Standards used in its risk-based audit approach. These standards are organized in the following audit sections:

  • AS 1101 - Audit Risk
  • AS 1105 - Audit Evidence
  • AS 2101 - Audit Planning
  • AS 2105 - Consideration of Materiality in Planning and Performing the Audit
  • AS 2110 - Identifying and Assessing Risk of Material Misstatement
  • AS 2301 - The Auditor's Responses to the Risks of Material Misstatement
  • AS 2810 - Evaluating Audit Results



    Learning Objectives:

    Upon successful completion of this segment, you should be able to:

    • Identify the purpose and use of the risk-based audit approach when conducting effective audits
    • Identify and assess the risks of material misstatement, due to error or fraud
    • Recognize why understanding the entity and its environment, including the entity's internal control, is essential to the performance of an effective audit
    • Develop a basis for designing and implementing responses to the assessed risks of material misstatement
    • Design and perform audit procedures to obtain sufficient appropriate audit evidence leading to the audit opinion

    Content Partner:

    SmartPros Ltd.

    SmartPros Ltd. is a leader in online and offline continuing education for
    accounting, finance and engineering professionals. With over 2,000 hours of
    content, SmartPros has been providing mandatory continuing education
    products since 1981. SmartPros provides services and content to its
    professional and corporate clients, in a variety of media including Web, CD
    ROM, and video. In the accounting market, SmartPros also has a predominant
    news and information portal which receives 200,000+ visits per month and
    provides services to over 100,000 subscribers. SmartPros' customers include
    50% of the Fortune 500, as well as the major firms and associations in each
    of its professional markets.


    Prerequisites/Advanced Preparation:

    Basic knowledge of auditing

    Speaker / Author:

    John M. Fleming, CPA, MBA, is currently the Director, Content Development for SmartPros LTD, a division of Kaplan Professional Education. SmartPros is an international educational and training company specializing in accounting, finance and ethics educational programs. John previously served as President and Director of Accounting and Auditing for LOSCALZO ASSOCIATES, a division of SmartPros for twenty-eight years. John retired as President of Loscalzo Associates on January 1, 2014.

    John’s prior practice experience includes audit, tax, consulting, office management, and human resource responsibilities with Deloitte LLP, Richard Eisner & Company LLP, and Ernst & Young LLP. John is a graduate of LaSalle and Drexel Universities with degrees in accounting and finance.

    John, a Pennsylvania CPA, served as the 1999/2000 President of the 8,300 member Greater Philadelphia Chapter of the Pennsylvania Institute of Certified Public Accountants (PICPA) and currently serves as a member of the Institute’s Accounting and Auditing Technical Committee. In 2006, the PICPA recognized John as a Joseph E. Sterrett Fellow for his contributions to the accounting profession and in 2007, the Philadelphia Chapter recognized John with their Champion Award for his contributions to the PICPA, Chapter, profession and community. John has also served as the 2002/2003 President of the American Accounting Association’s Mid-Atlantic Region.

    John and his wife Marge live in Medford, New Jersey.

    Software & Hardware Requirements:

    • 56k or Greater Internet Connection
    • Adobe Acrobat® Reader for the .pdf files
    • Modern DHTML Compatible Browser
    • Ram: 256 MB minimum
    • Windows or Mac OS

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    Price (USD)

    Standard Rate: $24.95

    Details

    Course Code : 99FLE50-tx

    Release Date : 05/31/2019
    Expire Date : 05/31/2021
    Credits :
    CPE 1.00
    QAS 1.00

    Course Level : Basic
    Course Type : Self-Study
    Length : 50min
    Passing Grade : 70%
    Field Of Study : Auditing
    Theme : PCAOB Standards and Issues

    Format Type : eLearning
    Mobile Compatible

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