Self-Study
10
Basic
Auditing (Govmnt)
There are no prerequisites.

Course Description

Government audits are unusually complex. In this lighthearted and easy to follow course, Leita Hart-Fanta will guide you through every step of conducting an audit. She'll cover the nuances of a financial audit, a performance audit, and a compliance audit, addressing assessing risk, refining the audit objective, choosing methodologies, and documenting your work. In addition, you'll learn about an auditor's responsibilities for fraud, useful interviewing tips, and the elements of a finding. Using her trademark humor, Leita provides case studies, references to audit standards, and stories of audit failures and successes.



Instructor

Leita Hart-Fanta, CPA, CGAP, CGFM

Leita Hart-Fanta, CPA, CGAP, CGFM, converts the complex topics of accounting, finance, auditing, and strategic planning into information that professionals can absorb and use. She’s the author of Accounting Demystified, 2nd Edition; The Four Principles of Happy Cash Flow; and STEP-by-STEP: Building a Persuasive Audit Report.

Leita is an experienced facilitator, having led over 1,200 full or multiday seminars. She has also keynoted numerous conferences and developed over 25 distinct CPE courses, including self-study courses for Western CPE. She was named an Outstanding Presenter by the Institute of Internal Auditors (IIA) in 2014.

Leita worked 5 years with the Texas State Auditor’s Office as both an auditor and a communications specialist. She has owned and operated AuditSkills, a training and professional development company, since 1995. Her clients include EDS, Dell Computer, First Data Corporation, Joseph Eves CPAs, the Texas State Auditor’s Office, among many others.

She’s a graduate of the University of Texas at Austin with a bachelor’s in business administration. Leita serves on the government conference planning committee of the Texas Society of CPAs (TSCPA) and is a member of the AICPA, TSCPA, IIA, and the Association of Government Accountants (AGA).



Course Specifics

Auditing (Govmnt)
Jun 1, 2017
There are no prerequisites.
SS5173299
238
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Define an audit objective and scope, noting their purpose in an audit
  • Specify the deliverables that auditors create for an audit project, noting the basic questions that auditors seek to answer for each part of an audit

Chapter 2

  • Recognize the different standard-setting bodies, noting their role in audits and the auditing standards sources issued by each
  • Identify the different types of audits, noting examples of audit objectives for each

Chapter 3

  • Identify the steps involved in conducting an audit, noting the order of the steps, applicable benchmarks, and what an auditor might encounter or perform during each step
  • Note the different phases of auditing and the estimated time it takes to complete each phase, citing the phase in which each step of conducting an audit occurs

Chapter 4

  • Recognize the components in the funnel concept of auditing, noting the importance of completing audit steps, common problems associated with failing to perform audit steps, and the options available when faced with unexpected risks
  • Identify common deliverables on an audit and the role supervisors play in the audit deliverable process

Chapter 5

  • Recognize the requirements under AU-C 315 for gaining an understanding of an audit subject as well as the five areas under the Yellow Book where auditors are required to gain an understanding of the nature of the program under audit
  • Specify the general requirements of the team meeting regarding risk
  • Cite the main reason why an auditor must gain an understanding of an entity as well as the estimated amount of time that should be budgeted to each phase

Chapter 6

  • Recognize the importance of good audit criteria, noting the types of criteria needed for each type of audit as well as common issues associated with faulty criteria
  • Specify applicable guidance on criteria for audits found in SSAEs and the Yellow Book
  • Cite a reason why auditors may choose weak criteria

Chapter 7

  • Identify the two main steps of performing a risk assessment, noting reasons for failure and why it may be difficult to assess risk in an entity

Chapter 8

  • Note the different types of inherent risk and specify the type of risk given a set of circumstances

Chapter 9

  • Identify elements and components contained in the COSO model of controls
  • Note the design and implementation aspects of a control and reasons why an auditor relates these procedures to the COSO model

Chapter 10

  • Identify the inherent and control risk levels for an ideal subject area for an audit, noting applicable safeguards to reduce levels of risk
  • Determine levels of types of audit risk based on a given set of circumstances

Chapter 11

  • Define terminology used in risk assessment for a financial audit

Chapter 12

  • Identify the type of audit risk in a performance audit given a set of circumstances
  • Specify an inherent risk related to a purchasing card process

Chapter 13

  • Note the two basic steps for breaking down information related to conducting a risk assessment for a compliance audit

Chapter 14

  • Recognize the elements that comprise a good audit objective as well as the purpose behind creating a clear audit objective
  • Identify a clear objective, a workable objective, and a vague audit objective

Chapter 15

  • Specify the characteristics of a good audit methodology, noting what an auditor should consider when creating their own program
  • Recognize potential weak and vague audit methodologies, noting why an audit supervisor might not approve a planned methodology given a set of circumstances

Chapter 16

  • Determine the type of evidence given a set of circumstances, noting preferred ways to obtain or solicit for evidence
  • Recognize what constitutes 'sufficient' evidence and 'appropriate' evidence
  • Note what the standards say must be included in a written audit plan

Chapter 17

  • Identify best practices for interviewing and sources for credibility
  • Recognize the steps involved in conducting an interview, noting their preferred order

Chapter 18

  • Identify the elements of a working paper, noting which element is missing given a set of circumstances
  • Specify the standards for working paper documentation, noting what provides the principle support for the auditor's report

Chapter 19

  • Identify the elements of a finding, noting which element is missing given a set of circumstances
  • Determine whether a finding follows the simple rules of logical organization of a finding

Chapter 20

  • Note elements or issues an auditor should reconsider prior to concluding an audit
  • Cite an example of a self-reflective question an auditor should ask when concluding an audit


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hard copy
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Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

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