Each set of financial statements and auditor's report thereon must properly address the unique circumstances of the specific reporting entity's circumstances. This module provides guidance for properly altering financial statements and audit reports for certain complex transactions and events.
Both public and private CPAs must be up-to-date on changes to various potentially relevant standards, including: U.S. GAAP, audits of nonissuers, compilations and reviews. This module provides recent and proposed changes to relevant professional and regulatory standards.
Surgent’s Performing Effective and Efficient Compilations and Reviews (Audit Skills Training – Level 2) (A2M1) (SSAA008/20)
CPAs perform various attest and non-attest services for clients. This includes bookkeeping, preparing financial statements, compilations and reviews. This module will focus on managing the accountant's risks associated with performing various non-audit services.
Surgent’s Special Audit Engagements Requiring Contractual or Regulatory Reporting (Audit Skills Training – Level 5) (A5M7) (SSAA065/20)
There are many situations in which a financial statement auditor is also asked to report on compliance. Some compliance audits are required by law, regulation, contract or agreements. Other reports are requested to provide negative assurance about financial information, such as compliance with debt covenants in a loan agreement. In addition, an auditor may be asked to provide comfort to requesting parties in relation to financial information included in registration statements filed in accordance with The Securities Act of 1933.
Many small- and mid-size entities hold less complex investments, including 'plain vanilla' derivatives (such as interest rate swaps). This module will provide an overview for evaluating the proper recognition, measurement and disclosure of common investments types.
Specifically tailored for practitioners who do not perform audits, but provide other attest and non-attest services to small and medium-sized businesses, this course is a comprehensive update covering recently issued accounting, compilation, and review standards, as well as other professional guidance impacting small and medium- sized business accountants. The course uses practical examples and illustrations to help you understand and apply the material in practice.
Surgent’s Enhancing Audit Quality: Best Practices in Documenting and Reviewing Your Work (SWLD) (SSAA025/20)
Reviewing workpapers is a critical internal quality control safeguard that ensures issued audit reports are appropriate given the specific engagement's circumstances. There is a presumption that more experienced engagement team members should review work performed by less experienced staff. But, even sole practitioners must be concerned about complying with quality control standards and proper ethical conduct. This course will provide tips and techniques for effective and efficient review of audit workpapers, the success of which heavily depends on an auditor's proper application of critical financial statement audit concepts such as assessing audit risk, applying strong substantive analytical procedures, and evaluating areas of estimates and uncertainty.
Surgent’s IA Module 2: Strategic Roles, Positioning, and Attributes of High Impact Audit Groups (IAM2) (SSAA037/20)
A highly effective internal audit group's value to an organization is directly related to its independence and competence in fulfilling its charter. To function optimally, an internal audit group needs unrestricted access to the subject matter it is reviewing, a clear reporting path to an independent overseer, and must possess the essential skills and capabilities required of this ever demanding and evolving profession. In this course, we'll review the optimal structure(s) of high performance internal audit departments, including the major roles and responsibilities of the group and its key members, as well as, its critical reporting authority within an organization. The course will also address how an internal audit group's charter, other governing documents, and practices, define the nature of its value adding services, and establish a sound administrative framework to support its ongoing functional activities and growth, including but not limited to, all level personnel training and development.
Surgent’s Properly Identifying, Evaluating and Documenting Results of Presumed Risk Assessment Audit Procedures (IEDC) (SSAA122/20)
Recent auditing standards have emphasized the initial information gathered and important conclusions reached during risk assessment procedures to identify and evaluate risk of material misstatement in a financial statement audit. These important procedures provide the basis for determining how much effort will be invested in evaluating the design and implementation of internal controls. In addition, these procedures provide the rationale for effectively and efficiently designing the nature, timing and extent of further audit procedures (which includes tests of controls for operating effectiveness and substantive audit procedures).
Practitioners who provide non-audit services must strike the right balance between complying with relevant professional and regulatory standards while mitigating litigation and other practice management risks. This course contains many best practices for managing the accounting, reporting, and performance issues associated with the attest services of compilations and reviews where reports are issued, as well as the SSARS preparation of financial statements nonattest service.
Surgent’s Advanced Concepts in SSARS and Nonattest Services: Are You Certain You Are in Compliance? (SS21) (SSAA022/20)
Practitioners that provide non-audit services must strike the right balance between complying with relevant professional and regulatory standards, providing value- added client service, and mitigating litigation and other practice management risks. This course contains many case studies to reinforce best practices for managing the accounting, reporting, and performance issues associated with the attest services of compilations and reviews where reports are issued, as well as the SSARS preparation of financial statements service and other nonattest engagements.
Surgent’s Accounting, Audit, and Attest Update for Practitioners with Small-Business Clients (SMBP) (SSAA018/20)
Specifically tailored for practitioners who do not perform audits, but provide other attest and non-attest services to small and medium-sized businesses, this course is a comprehensive update covering recently issued accounting, compilation, and review standards, as well as other professional guidance impacting small and medium-sized business accountants. The course uses practical examples and illustrations to help you understand and apply the material in practice.
Surgent’s Auditing Contingencies and Going Concern (Audit Skills Training – Level 5) (A5M5) (SSAA063/20)
Financial statements may contain significant uncertainties requiring special audit consideration for evaluating proper treatment in accordance with generally accepted accounting principles and relevant auditing standards. This module provides tips and techniques for obtaining sufficient appropriate audit evidence to support conclusions.
One of the ways to perform a more effective and efficient audit is to maximize the use of substantive analytic procedures in the detailed audit plan. This module will provide the tips and techniques for strengthening substantive analytic procedures.
Designed for accounting and attestation practitioners at all levels in both public accounting and business and industry, this course provides an overview of recent accounting, compilation, preparation, review, and attestation matters including: recently issued Accounting Standards Updates (ASUs); the FASB's comprehensive new Revenue Recognition standard - Topic 606; Lease Accounting - Topic 842; Financial Instruments; SSARS No. 21, Clarification and Recodification and other new standards issued by the ARSC; recent AICPA and PCAOB releases; and other important A&A practice matters you should be aware of.
Properly designing, documenting and evaluating results of analytic review procedures is critical for performing an effective and efficient audit engagement. This module will provide the tips and techniques necessary to gather sufficient appropriate audit evidence to support conclusions using analytic procedures.
Surgent’s Assessing Fraud Risk in a Financial Statement Audit (Audit Skills Training – Level 3) (A3M2) (SSAA045/20)
The financial statement auditor's overall responsibility is to obtain sufficient appropriate audit evidence to obtain reasonable assurance as to whether the financial statements are materially misstated due to fraud or error. The difficulty is that there are inherent limitations related to detecting fraud due to deliberate schemes to conceal the intent to deceive, such as collusion. This module will highlight the audit procedures most effective in identifying, assessing and responding to fraud risk.
Designed for all tax practitioners, including those who prepare tax basis financial statements for their clients, this course will replenish your accounting and reporting tank with an update of recent standard setting activities at the PCC, FASB, ASB, and ARSC, including the new revenue recognition, lease and financial instruments accounting standards, including their effects on income tax accounting. The course will also review the income tax effects of other recent FASB updates. We will also review the authoritative standards and guidance for performing and reporting on engagements found in SSARS No. 21, Clarification and Recodification and other recently issued SSARS. The course will focus on any changes to common book-tax temporary differences which will result from applying this new guidance and will utilize plenty of hands-on examples and illustrations to increase your overall understanding and application of the material.
Surgent’s Identifying and Evaluating Audit Risk (Audit Skills Training – Level 3) (A3M3) (SSAA046/20)
Properly identifying, assessing and responding to risk through a detailed audit plan is critical to an effective and efficient financial statement audit. This module will emphasize the key concepts that drive the risk-based audit process.
Surgent’s Auditing A/P, Accrued Expenses, and Debt (Audit Skills Training – Level 2) (A2M5) (SSAA032/20)
The completeness and proper classification of liabilities are the typical higher audit risks. The complexity of the debt financing arrangements may create a significant risk requiring special audit consideration. This module will discuss tips and techniques for auditing accounts payable, accrued expenses and common debt arrangements.