CCH Learning Center

Description:

Authority for issuing auditing standards of publicly-held companies has been transferred from the American Institute of Certified Public Accountants (AICPA) to the PCAOB. The pronouncements of the Auditing Standards Board (ASB) of AICPA (issued as Statements on Auditing Standards) also have been temporarily adopted by the PCAOB and therefore remain in effect until rescinded by the PCAOB.

The PCAOB has issued several rulings and three auditing standards. This course covers selected portions of Auditing Standard No. 2 (AS2). It focuses on the operational aspects of AS2: performing the fieldwork portion of the audit of internal control. Topics covered include:

• Importance and Applicability of the Standard
• Applying General, Fieldwork, and Reporting Standards
• Evaluating Management’s Assessment Process: Management’s Documentation
• Obtaining an Understanding of ICFR
• Identifying Company-Level Controls
• Evaluating the Effectiveness of the Audit Committee’s Oversight Functions
• Identifying Significant Accounts
• Other Identification Processes
• Performing Walkthroughs and Identifying Controls to Test
• Testing and Evaluating Design and Operating Effectiveness
• Using the Work of Others