All publicly-traded and many privately-held, nonprofit and other types of entities are subject to independent audits as a means of providing financial report users with reasonable assurance that the financial statements and related disclosures are not materially misstated due to fraud or error. This course assists financial statement preparers with understanding how to pre-identify and proactively avoid potential audit issues, by thinking like an auditor when preparing and fairly presenting financial statement information.

What you learn in this course should result in multiple benefits, such as:

  • On-time financial statement issuance
  • Lower audit fees
  • Improved reliability of financial reports
  • An enhanced ability to manage enterprise-wide risk.      
SKU *: crs-1625991
Sell price $: 0.00
Course Author: Jennifer Louis
Authored on: 2016-09-26 08:49:58 -0700
Course Preview:

<iframe src="//player.vimeo.com/video/182422326?autoplay=1" allowfullscreen="" frameborder="0" height="357" mozallowfullscreen="" webkitallowfullscreen="" width="635"></iframe>

Course Short Description: This course assists financial statement preparers with understanding how to pre-identify and proactively avoid potential audit issues.
Compliance Deep Tag: - None -
Credit Hours: 1.5
CPE Credits Awarded *: 1.5
Approval Status: - None -
Course is for: ** Main Course Library **
Course Duration: 1.5
Complexity of Content: Advanced
Suppress in lists: No
Last Updated/Reviewed Date: March 4, 2024
Course Topic: Audit, Audit Preparedness
Prerequisitses:

No advanced preparation or prerequisites are required for this course. 

Learning Objective:
  • Discover the concept of materiality that is built into the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), Public Company Accounting Oversight Board (PCAOB), and Generally Accepted Audit Standards (GAAS).
  • Discover tips for identifying and evaluating where the most probable risk of material misstatement exists in the financial statements and related disclosures.
  • Explore how to proactively avoid potential financial statement audit issues. 
Course Functional Titles: Accountant - CPA, Controller
Learning Tags:

Audit Risk Assessment, ERM, FASB, Technical Accounting

Course Type: CPE Course
crs_type:

CPE Course

Format: on_demand
format_crs:

on_demand

Audit & Accounting: Yes
Careers: No
Ethics (NASBA): No
Excel: No
Finance: No
Human Resources (HR): No
Internal Audit: No
Leadership & Management: No
Marketing: No
Operations: No
Productivity & Tech: No
Risk Management: No
Sales: No
Tax: No
Free Trail: Yes
Other: No
Field of Study: Auditing
crs cat:

Audit & Accounting, Free Trail

CPA: No
CPD-IES8: No
CMA: No
CFE: No
Yellow Book: No
CGFM: No
CIA: No
CRMA: No
CPP: No
FPC: No
CTP: No
FP&A: No
CISM: No
CRISC: No
CISA: No
CIST: No
CRFS: No
SHRM-CP: No
SHRM-SCP: No
PHR: No
SPHR: No
GPHR: No
aPHR: No
PHRca: No
PHRi: No
SPHRi: No
Enable/Disable: No
CPE Credits CPA: 1.5
Field of Study CPA: Auditing
CPE Delivery Method CPA: QAS Self-Study
Program Location CPA:

Online

*Program Level: Basic
*Prerequisites:

No advanced preparation or prerequisites are required for this course.

Description:
cpe/qas logo
Illumeo is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

NASBA Sponsor Number: 109504
State of New York Sponsor Number: 002746
State of Texas Sponsor Number: 009890
In accordance with the standards of the National Registry of CPE Sponsors, CPE credits have been granted based on a 50-minute hour.
Enable/Disable: No
Hours CPD-IES8: 1.5
Field of Study CPD-IES8: Auditing
CPE Delivery Method CPD-IES8: QAS Self-Study
Program Location CPD-IES8:

Online

Description:
Your specific provider of Continuing Professional Development accreditation has final authority on the acceptance of individual courses for CPD-IES8 credit.
Enable/Disable: No
CPE Credits CMA: 1.5
Field of Study CMA: Auditing
CPE Delivery Method CMA: QAS Self-Study
Program Location CMA:

Online

*Program Level: Basic
*Prerequisites:

No advanced preparation or prerequisites are required for this course.

Enable/Disable: No
CPE Credits CFE: 1.5
Field of Study CFE: Auditing
CPE Delivery Method CFE: QAS Self-Study
Program Location CFE:

Online

*Program Level: Basic
*Prerequisites:

No advanced preparation or prerequisites are required for this course.

Enable/Disable: No
Program Location CGFM:

Online

*Prerequisites:

No advanced preparation or prerequisites are required for this course.

Enable/Disable: No
CPE Credits YB: 1.5
Field of Study YB: Other
CPE Delivery Method YB: QAS Self-Study
Program Location YB:

Online

Description:
The GAO's Yellow Book, Government Auditing Standards, establishes CPE requirements. Auditors performing work under GAGAS, including planning, directing, performing field work, or reporting on an audit or attestation engagement under GAGAS, need to maintain their professional competence through continuing professional education (CPE). Therefore, each auditor performing work under GAGAS should complete, every two years, at least 80 hours of CPE that directly enhance the auditor's professional proficiency to perform audits and/or attestation engagements. At least 24 of the 80 hours of CPE should be in subjects directly related to government auditing, the government environment, or the specific or unique environment in which the audited entity operates. At least 20 hours of the 80 should be completed in any one year of the two-year period. For details on the Yellow Book CPE requirements go to http://www.gao.gov/ and https://www.gao.gov/assets/700/693136.pdf.
Enable/Disable: No
CPE Credits CIA: 1.5
Field of Study CIA: Auditing and accounting
CPE Delivery Method CIA: QAS Self-Study
Program Location CIA:

Online

*Program Level: Basic
*Prerequisites:

No advanced preparation or prerequisites are required for this course.

Description:
Registry of CPE Providers Seal


Recognized CPE provider, authorized by the Institute of Internal Auditors for use in the Certified Internal Auditor (CIA) CPE program.
Enable/Disable: No
CPE Credits CRMA: 1.5
Field of Study CRMA: Other activities contributing to professional competence
CPE Delivery Method CRMA: QAS Self-Study
Program Location CRMA:

Online

*Program Level: Basic
*Prerequisites:

No advanced preparation or prerequisites are required for this course.

Description:
Registry of CPE Providers Seal

Recognized CPE provider, authorized by the Institute of Internal Auditors for use in the Certified Risk Management Assurance (CRMA) CPE program.
Enable/Disable: No
*Program Location:

Online

*Prerequisites:

No advanced preparation or prerequisites are required for this course.

~Credit Details CPP:
Approved by APAThis activity,   ID No. 19 ILL 000   has been approved for  1.0 Recertification Credit Hour(s) toward CPP recertification through the American Payroll Association (APA). Please make note of the Course Code on your CPP Recertification Log. For more information about certification or recertification, please visit the APA website at   www.americanpayroll.org.
Description:
approved by APA



This program has been approved for 12 Recertification Credit Hour(s) toward CPP recertification through the American Payroll Association (APA). For more information about certification or recertification, please visit the APA homepage at www.americanpayroll.org.
Enable/Disable: No
*Program Location:

Online

*Prerequisites:

No advanced preparation or prerequisites are required for this course.

~Credit Details FPC:
Approved by APA This activity,   ID No. 19 ILL 000   has been approved for  1.0 Recertification Credit Hour(s) toward RCH recertification through the American Payroll Association (APA). Please make note of the Course Code on your FPC Recertification Log. For more information about certification or recertification, please visit the APA website at   www.americanpayroll.org.
Description:
approved by APA



This program has been approved for 12 Recertification Credit Hour(s) toward RCH recertification through the American Payroll Association (APA). For more information about certification or recertification, please visit the APA homepage at www.americanpayroll.org.
Enable/Disable: No
Program Location CTP:

On Demand/Online

*Prerequisites:

No advanced preparation or prerequisites are required for this course.

Description:
cpe/qas logo

Approved for up to 2.4 CTP/CCM recertification credits by the Association for Financial Professionals
Enable/Disable: No
Program Location FP&A:

On Demand/Online

*Prerequisites:

No advanced preparation or prerequisites are required for this course.

Enable/Disable: No
Program Location IRS-EA:

Online

*Prerequisites:

No advanced preparation or prerequisites are required for this course.

~Credit Details IRS-EA:
pre-approved by IRSThis activity,   ID No. XXXXXX has been approved for  #### CPE credit hours toward IRS Enrolled Agent (EA) continuing education requirements. In accordance with the standards set forth in Circular 230 section 10.6, CE credits have been granted based on a 50-minute hour.
Enable/Disable: No
Program Location CISM:

Online

Description:
Your specific provider of Continuing Professional Education accreditation has final authority on the acceptance of individual courses for CPE credit.
Enable/Disable: No
Program Location CRISC:

Online

Description:
Your specific provider of Continuing Professional Education accreditation has final authority on the acceptance of individual courses for CPE credit.
Enable/Disable: No
Program Location CISA:

Online

Description:
Registry of CPE Providers Seal

Recognized CPE provider, authorized by the Institute of Internal Auditors for use in the Certified Risk Management Assurance (CRMA) CPE program.
Enable/Disable: No
Program Location CIST:

Online

Description:
Your specific provider of Continuing Professional Development accreditation has final authority on the acceptance of individual courses for CPD credit.
Enable/Disable: No
Program Location CRFS:

Online

Description:
Your specific provider of Continuing Professional Development accreditation has final authority on the acceptance of individual courses for CPD credit.
Enable/Disable: No
*Program Location:

Online

*Prerequisites:

No advanced preparation or prerequisites are required for this course.

~Credit Details SHRM-CP:

<table width="100%" border="0" cellspacing="0" cellpadding="5"><tbody><tr><td><img src="https://www.illumeo.com/lpfiles/shrmcertseal2017.png" width="80" height="60" alt="pre-approved by SHRM" /></td><td align="left" valign="middle"><span style="font-size:10px;font-weight:normal">This activity, &nbsp; <span style="font-size:12px; font-weight:bold;">ID No. <!-- ONLY THIS PART CHANGES -->XXXXXX<!-- // --></span>&nbsp;has been approved for &nbsp;<!-- ONLY THIS PART CHANGES -->####<!-- // --> recertification credit hours toward SHRM-CP™ and SHRM-SCP™ recertification through the Society of Human Resource Management® (SHRM®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the Society for Human Resource Management website at &nbsp; <a href="https://www.shrm.org/certification">www.shrm.org</a>. </span></td></tr></tbody></table>

Description:
approved by SHRM

Illumeo is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CP℠. This program is valid for 2 PDCs for the SHRM-CP℠. For more information about certification or recertification, please visit www.shrmcertification.org.

Enable/Disable: No
*Program Location:

Online

*Prerequisites:

No advanced preparation or prerequisites are required for this course.

~Credit Details SHRM-SCP:

<table width="100%" border="0" cellspacing="0" cellpadding="5"><tbody><tr><td><img src="https://www.illumeo.com/lpfiles/shrmcertseal2017.png" width="80" height="60" alt="pre-approved by SHRM" /></td><td align="left" valign="middle"><span style="font-size:10px;font-weight:normal">This activity, &nbsp; <span style="font-size:12px; font-weight:bold;">ID No. <!-- ONLY THIS PART CHANGES -->XXXXXX<!-- // --></span>&nbsp;has been approved for &nbsp;<!-- ONLY THIS PART CHANGES -->####<!-- // --> recertification credit hours toward SHRM-CP™ and SHRM-SCP™ recertification through the Society of Human Resource Management® (SHRM®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the Society for Human Resource Management website at &nbsp; <a href="https://www.shrm.org/certification">www.shrm.org</a>. </span></td></tr></tbody></table>

Description:
approved by SHRM

Illumeo is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-SCP℠. This program is valid for 2 PDCs for the SHRM-SCP℠. For more information about certification or recertification, please visit www.shrmcertification.org.
Enable/Disable: No
*Program Location:

Online

*Prerequisites:

No advanced preparation or prerequisites are required for this course.

~Credit Details PHR:

<table width="100%" border="0" cellspacing="0" cellpadding="5"><tbody><tr><td><img src="https://www.illumeo.com/lpfiles/hrci_ap_preapprovedseal_2016_150x.png" width="80" height="80" alt="pre-approved by HRCI" /></td><td align="left" valign="middle"><span style="font-size:10px;font-weight:normal">This activity, &nbsp; <span style="font-size:12px; font-weight:bold;">ID No. <!-- ONLY THIS PART CHANGES -->000000<!-- // --></span> has been approved for &nbsp;<!-- ONLY THIS PART CHANGES -->1.0<!-- // --> <!-- ONLY THIS PART CHANGES -->HR (General)<!-- // --> recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at &nbsp; <a href="https://www.hrci.org">www.hrci.org</a>. </span></td></tr></tbody></table>

Description:
pre-approved by HRCI
This program has been approved for 2 Business aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification credit hours through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute homepage at www.hrci.org.
The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.
Enable/Disable: No
*Program Location:

Online

*Prerequisites:

No advanced preparation or prerequisites are required for this course.

~Credit Details SPHR:

<table width="100%" border="0" cellspacing="0" cellpadding="5"><tbody><tr><td><img src="https://www.illumeo.com/lpfiles/hrci_ap_preapprovedseal_2016_150x.png" width="80" height="80" alt="pre-approved by HRCI" /></td><td align="left" valign="middle"><span style="font-size:10px;font-weight:normal">This activity, &nbsp; <span style="font-size:12px; font-weight:bold;">ID No. <!-- ONLY THIS PART CHANGES -->000000<!-- // --></span> has been approved for &nbsp;<!-- ONLY THIS PART CHANGES -->1.0<!-- // --> <!-- ONLY THIS PART CHANGES -->HR (General)<!-- // --> recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at &nbsp; <a href="https://www.hrci.org">www.hrci.org</a>. </span></td></tr></tbody></table>

Description:
pre-approved by HRCI
This program has been approved for 2 Business aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification credit hours through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute homepage at www.hrci.org.
The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.
Enable/Disable: No
*Program Location:

Online

*Prerequisites:

No advanced preparation or prerequisites are required for this course.

~Credit Details GPHR:

<table width="100%" border="0" cellspacing="0" cellpadding="5"><tbody><tr><td><img src="https://www.illumeo.com/lpfiles/hrci_ap_preapprovedseal_2016_150x.png" width="80" height="80" alt="pre-approved by HRCI" /></td><td align="left" valign="middle"><span style="font-size:10px;font-weight:normal">This activity, &nbsp; <span style="font-size:12px; font-weight:bold;">ID No. <!-- ONLY THIS PART CHANGES -->000000<!-- // --></span> has been approved for &nbsp;<!-- ONLY THIS PART CHANGES -->1.0<!-- // --> <!-- ONLY THIS PART CHANGES -->HR (General)<!-- // --> recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at &nbsp; <a href="https://www.hrci.org">www.hrci.org</a>. </span></td></tr></tbody></table>

Description:
pre-approved by HRCI
This program has been approved for 2 Business aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification credit hours through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute homepage at www.hrci.org.
The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.
Enable/Disable: No
*Program Location:

Online

*Prerequisites:

No advanced preparation or prerequisites are required for this course.

~Credit Details aPHR:

<table width="100%" border="0" cellspacing="0" cellpadding="5"><tbody><tr><td><img src="https://www.illumeo.com/lpfiles/hrci_ap_preapprovedseal_2016_150x.png" width="80" height="80" alt="pre-approved by HRCI" /></td><td align="left" valign="middle"><span style="font-size:10px;font-weight:normal">This activity, &nbsp; <span style="font-size:12px; font-weight:bold;">ID No. <!-- ONLY THIS PART CHANGES -->000000<!-- // --></span> has been approved for &nbsp;<!-- ONLY THIS PART CHANGES -->1.0<!-- // --> <!-- ONLY THIS PART CHANGES -->HR (General)<!-- // --> recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at &nbsp; <a href="https://www.hrci.org">www.hrci.org</a>. </span></td></tr></tbody></table>

Description:
pre-approved by HRCI
This program has been approved for 2 Business aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification credit hours through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute homepage at www.hrci.org.
The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.
Enable/Disable: No
*Program Location:

Online

*Prerequisites:

No advanced preparation or prerequisites are required for this course.

~Credit Details PHRca:

<table width="100%" border="0" cellspacing="0" cellpadding="5"><tbody><tr><td><img src="https://www.illumeo.com/lpfiles/hrci_ap_preapprovedseal_2016_150x.png" width="80" height="80" alt="pre-approved by HRCI" /></td><td align="left" valign="middle"><span style="font-size:10px;font-weight:normal">This activity, &nbsp; <span style="font-size:12px; font-weight:bold;">ID No. <!-- ONLY THIS PART CHANGES -->000000<!-- // --></span> has been approved for &nbsp;<!-- ONLY THIS PART CHANGES -->1.0<!-- // --> <!-- ONLY THIS PART CHANGES -->HR (General)<!-- // --> recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at &nbsp; <a href="https://www.hrci.org">www.hrci.org</a>. </span></td></tr></tbody></table>

Description:
pre-approved by HRCI
This program has been approved for 2 Business aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification credit hours through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute homepage at www.hrci.org.
The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.
Enable/Disable: No
*Program Location:

Online

*Prerequisites:

No advanced preparation or prerequisites are required for this course.

~Credit Details PHRi:

<table width="100%" border="0" cellspacing="0" cellpadding="5"><tbody><tr><td><img src="https://www.illumeo.com/lpfiles/hrci_ap_preapprovedseal_2016_150x.png" width="80" height="80" alt="pre-approved by HRCI" /></td><td align="left" valign="middle"><span style="font-size:10px;font-weight:normal">This activity, &nbsp; <span style="font-size:12px; font-weight:bold;">ID No. <!-- ONLY THIS PART CHANGES -->000000<!-- // --></span> has been approved for &nbsp;<!-- ONLY THIS PART CHANGES -->1.0<!-- // --> <!-- ONLY THIS PART CHANGES -->HR (General)<!-- // --> recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at &nbsp; <a href="https://www.hrci.org">www.hrci.org</a>. </span></td></tr></tbody></table>

Description:
pre-approved by HRCI
This program has been approved for 2 Business aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification credit hours through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute homepage at www.hrci.org.
The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.
Enable/Disable: No
*Program Location:

Online

*Prerequisites:

No advanced preparation or prerequisites are required for this course.

~Credit Details SPHRi:

<table width="100%" border="0" cellspacing="0" cellpadding="5"><tbody><tr><td><img src="https://www.illumeo.com/lpfiles/hrci_ap_preapprovedseal_2016_150x.png" width="80" height="80" alt="pre-approved by HRCI" /></td><td align="left" valign="middle"><span style="font-size:10px;font-weight:normal">This activity, &nbsp; <span style="font-size:12px; font-weight:bold;">ID No. <!-- ONLY THIS PART CHANGES -->000000<!-- // --></span> has been approved for &nbsp;<!-- ONLY THIS PART CHANGES -->1.0<!-- // --> <!-- ONLY THIS PART CHANGES -->HR (General)<!-- // --> recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at &nbsp; <a href="https://www.hrci.org">www.hrci.org</a>. </span></td></tr></tbody></table>

Description:
pre-approved by HRCI
This program has been approved for 2 Business aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification credit hours through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute homepage at www.hrci.org.
The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.
Enable/Disable: Yes
Hours: 1.5
Free Marketing Course: No
Sponser: Illumeo
Participation: Solo
Instructor: Recorded
Presence: Remote