CPE & Training Solutions Monthly Newsletter |
September 2007 |
In this issue:
- Internal Control Audit Standard Revised by PCAOB
- Live Seminars & Conferences
- Online Learning
- In-House Training
- Self-Study Courses
- Contact Us
INTERNAL CONTROL AUDIT STANDARD REVISED BY PCAOB
The PCAOB had finally responded to the multitude of complaints from corporate auditors about the complexity and undue cost of auditing internal control in compliance with AS 2. On may 24, the PCAOB issued a revised standard AS 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with Audit of Financial Statements. More
From Gear Up:
1040—Gear Up's flagship course!
The frenzy of new tax laws passed late in 2006 is likely to continue during 2007. We will bring you up-to-date on all the changes and give you essential planning tips and tools to navigate through an uncertain future.
For more information, visit trainingcpe.thomson.com/GearUp.
From Bell Learning:
Individual Income Tax Update New!
A must for tax practitioners, and a head start on understanding the current federal tax developments impacting individual tax returns for 2007. Prerequisite: Experience in income tax preparation.
Visit trainingcpe.thomson.com/Bell for all of the Bell Learning seminars in your area.
From PPC:
Audit Risk Assessment Conference
Take advantage of your last chance to attend
PPC's Audit Risk Assessment Conference! Brought back by popular demand, this conference will help your firm integrate the standards into your audit practice. PPC is once again bringing together some of the most highly respected and influential authorities and practitioners—including Harold Monk, CPA, Susan Longo, CPA, Ed Rockman, CPA, and more—to talk to you about the most significant changes in audit literature in years. This conference will not only provide you with an analysis of the standards and their requirements, but will offer practical guidance and tools to help you effectively and efficiently implement the eight new risk assessment auditing standards in your practice. October 1 - 2 in Las Vegas!
Click here for the full conference details!
Online Learning
From MicroMash:
Audit Update: SAS 113 and 144
2 Hours | Auditing
Audit Update: SAS 113 and 114 covers two new Statements on Auditing Standards published in 2006 to help auditor's understand their role in the post-Enron environment. SAS 113 contains revisions of recent standards such as SAS 95, Generally Accepted Accounting Standards, and clarifies terminology used to describe professional standards imposed on auditors. SAS 114, The Auditor's Communication with Those Charged with Governance, gives guidance on auditor responsibilities when performing audits, specifically their communications with those charged with governance and management. If you are involved in public accounting, these standards are important for you to understand and apply to all future audits. The Statement on Standards for Attestation Engagements 14, the SSAE Hierarchy, is also covered.
GAO Standards: Revised Yellow Book, 2007
7 Hours | Auditing - Governmental
If you are doing work under stringent government guidelines, this course is a must. Thorough, comprehensive coverage of the topic is accentuated with easy-to-comprehend explanations of all types of government audits, including AICPA standards, performance audits, and financial audits. This course includes the latest GAO revision to the entire set of standards and the amendments on independence and continuing professional education.
Visit trainingcpe.thomson.com/MicroMash for a complete course listing, containing over 100 cutting-edge CPE courses in nine major areas relevant to the financial professionals.
From PASS Online:
Linking Risk Assessment to Audit Testing: Developing the Detailed Audit Plan from PPC
2 Hours | Accounting & Auditing
This course focuses on (a) assessing the risks identified by the auditor throughout the process of performing the risk assessment procedures and (b) selecting responses that are appropriate to address those risks. The result of the auditor's risk assessment is the preparation of a detailed audit plan describing the nature, timing, and extent of further audit procedures.
Performing Risk Assessment Procedures After Understanding the Entity and Its Internal Controls from PPC
3 Hours | Accounting & Auditing
This course explains how the risk assessment standards affect the planning of an audit of financial statements. The discussion in this course also emphasizes how the risk assessment standards affect practice by changing the way the auditor gathers information about the entity and its environment, including internal controls.
From the Webinar Partnership Series:
Upcoming Webinars:
- Assessing Risk in Small Client Audits 1 CPE | September 24
- Managing Time and Billing: Thrill 'Em and Bill 'Em 1 CPE | September 26
- Assets, Liabilities, Equity & Commitments: Current Accounting Issues 1 CPE | September 27
- Yellow Book Audit Findings From a Government Perspective 1 CPE | October 3
- HUD's Perspective on Multifamily Housing 1 CPE | October 8
- Drafting the Internal Control Communication—SAS 112 1 CPE | October 9
Also Available: Webinar Subscription Packages
This year, you can sign up for packages of webinars in several topic series at a discounted series price or for individual webinars. More information
To view and register for Webinars, visit trainingcpe.thomson.com/Webinars. To register for subscription series and additional individual webinars, please call 800.231.1860.
In-House Training
New! Practitioners Monthly Video Digest
This new, monthly CPE product is a convenient and cost-effective way for firms to provide timely, leading-edge in-house training. Every month (excluding February and March) your firm will receive a training module that contains a high quality instructional DVD and related course materials including an instructor's guide and participant materials. Members of your firm will meet monthly, view a DVD featuring leading experts addressing new and emerging issues, and participate in related discussions. Firms have a choice of three different subscriptions: The Accounting and Auditing Series, The Taxation Series, and The Practitioners Series. More information
Self-Study Courses
From Gear Up Self-Study CPE
Gear Up has multiple self-study options available for you to complete in your own time frame.
Now Available:
- Compilation and Review Engagements
- Using Forensic Accounting Techniques
- Technology Update—One Day
- Technology Update—Two Days
- Fiduciary Accounting
- Funding of Trusts Created Upon Death
- Generation Skipping Tax
- Managing IRS Audits
- New York Tax Update
- Post-Mortem Administration
For more information, call 800.231.1860 or visit trainingcpe.thomson.com/GearUp.
From Quickfinder | Gear Up Self-Study CPE
How to Prepare Small Business Income Tax Returns
DBTT | Taxes
This course covers many issues involved in tax return preparation for various forms of business entities and gives you the information necessary to handle partnerships and corporations. Includes: business types, accounting methods, financial statements, business income, COGS/inventory, depreciation, Section 179 deduction, and more. Prerequisite: Basic knowledge of federal income tax preparation.
From PPC Self-Study
NEW Online Grading—Now Available!
Access PPC self-study course materials by linking to the courses via the Online Grading option at trainingcpe.thomson.com.
The CPE & Training Solutions Online Grading Center gives you easy access to all book-based course materials and allows you to complete your CPE exams online for immediate results. Plus, the MyCourses feature provides convenient retention and retrieval of your CPE course certificates and completions. Features include:
- Immediate 24/7 Grading: Grading is now available 24-hours per day, every day. Submit your final exam for grading at any time, and you'll get immediate results and certification.
- No Express Grading Fee: There's no additional charge for completing the exam online. You will only be charged the normal course grading fee.
- Convenient Retention and Retrieval of CPE Course Completions: CPE Certifications are available for every print course exam successfully completed in the Online Grading Center.
To view complete course list and information, visit trainingcpe.thomson.com.
INTERNAL CONTROL AUDIT STANDARD REVISED BY PCAOB
continued from above...
The audit approach in AS 5 is aligned (coordinated) with the approach to management's assessment provided in the SEC's interpretive guidance, Management's Report on Internal Control Over Financial Reporting. The SEC guidance allows management to make a top-down, risk-based evaluation that can be scaled and tailored to the company's facts and circumstances. Also, AS5 uses the same definitions of certain terms (such as significant deficiency and material weakness) and indicators of material weaknesses as the SEC guidance for management's assessment. AS 5 also eliminates one of the audit opinions required by AS 2 (the opinion on management's assessment) and requires only an audit opinion on the effectiveness of internal control over financial reporting.
AS 5 clears up complexity and confusion that existed in AS 2 with respect to matters such as:
- Materiality level for planning the internal control audit.
- Extent of walkthroughs the auditor must perform.
- Definitions of a material weakness and indicators of such weaknesses.
- Extent of work required on controls at multiple locations.
- Extent to which the work of internal auditors and others may be used.
- Use that may be made of evidence about controls obtained in prior internal control audits.
AS5 included amendments to existing standards to conform them to AS 5. Issued along with AS 5 is a new rule concerning audit committee pre-approval of non-audit services related to internal control over financial reporting.
Subject to SEC approval, AS 5 is effective for audit of fiscal years ending on or after November 15, 2007. (Auditors of companies with market capitalization of $75 million or less don't have to perform an internal control audit until fiscal years ending on or after December 15, 2008.) Earlier adoption is permitted at any point after SEC approval.
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CPE & Training Solutions Monthly Newsletter from Thomson Tax & Accounting
