In January of 2022, the CPA Audit exam will begin testing the new audit report for a non-issuer under SAS 134. This is considered a major change to the audit report. The CPA Audit exam requires a candidate to know something about audit reports when the financial statements are prepared using a GAAP framework as well as a special purpose framework such as cash basis, income tax basis, contractual basis, or regulatory basis. Audit reporting can be asked by the AICPA in multiple choice and simulation. The audit report for an issuer under PCAOB and an audit report for a non-issuer under SAS are now almost identical. Know when emphasis of matter paragraphs and other matters paragraphs are needed. Know which section of the report contains the opinion. Other popular audit reporting questions could come from compilation, reviews, preparations under SSARS, review and examination under SSAE, agreed upon procedures under SSAE, pro forma under SSAE, projections and forecasts under SSAE. Other audit terms that are commonly tested include materiality, performance materiality, inherent risk, control risk, detection risk, fraud risk, sampling risk, non-sampling risk, ratios, adjusting journal entries, assertions, transaction cycles, controls within the cycles, substantive tests, vouching, tracing, tests of controls, analytical procedures, sampling, tolerable misstatement, risk assessment, planning, internal control, evidence gathering, revenue, expenses, interim, control environment, monitoring, control activities, attestation, assurance, financial statements, expenditures cycle, revenue cycle, cash cycle, fixed asset cycle, payroll cycle, investments cycle, internal auditor, specialist, objectivity, independence, attest client, non-audit services, information technology, generally accepted auditing standards, communication with governance, integrated audit, single audit, threats and safeguards, dual dating, completeness, existence, rights and obligations, presentation and disclosure, classification and understandability, valuation and allocation, accuracy and valuation, assets, liabilities, subsequent events, contingencies, positive assurance, negative assurance, limited assurance, disclaimer, qualified and unqualified opinion, unmodified opinion, adverse opinion, general ledger, source document, accounts receivable roll-forward, sub-ledger, compliance, non-compliance, predecessor auditor, documentation, working papers, partner, recurring, lead schedule, working trial balance, bank reconciliation, component auditor, service auditor, SOC 1, SOC 2, analytics, data, visualization, bank transfer schedule, kiting, lapping, bank confirmation, receivable confirmation, loan, covenant, bookkeeping, outsourcing, business combinations, equity method, stockholders’ equity, working capital, discount, premium, cash flow, accrual, accrued, losses, gains, bonds, leases, employee benefits, deposit in transit, outstanding checks, material misstatement, accounts payable, interest expense, line of credit, Sarbanes Oxley, deviation, further audit procedures, reporting framework, segregation of duties, inquire, observation, test counts, inventory, FOB shipping point, consignment, human resources, credit memo, debit memo, entity level controls, top down approach, centralized processing, decentralized processing, AICPA Code of Professional Conduct, member in practice, other member, member in business, conceptual framework, SEC, GAO, DOL, General controls, application controls, input controls, key audit matters, critical audit matters, scope limitation, misstatement, consistency, MD&A, supplementary information, required supplementary information, annual report, interim reporting, alert, summary financial information, special purpose framework, specific elements, FASB, GASB, user auditor, service auditor, compliance, control deficiency, significant deficiency, material weakness.
Most Popular Posts Today
In this Free Excel course, an industry expert provides a practical understanding of the fundamental aspects related to Excel. First, the video discusses basic Excel functions. Then, it moves on to explain cell referencing and named ranges, name manager, and array formula. Lastly, the course covers how to work with charts in Excel. The detailed coverage of the basic concepts makes it an ideal course for beginners who wish to develop knowledge of Excel. Timestamps: 0:00:01-0:00:49 Introduction 0:00:49-0:12:13 Basic Excel Functions 0:12:13-0:27:29 Cell Referencing and Named Ranges 0:27:09-0:36:05 Name Manager 0:36:05-0:51:36 Array Formula 0:51:36-1:15:21 Working with Charts Get all important Excel functions here: https://www.wallstreetmojo.com/excel-functions/?utm_source=YouTube&utm_medium=Social&utm_campaign=Description
20 Business Ideas to Start With Little or No Money #shorts
Most Popular This Week
When a lessor accounts for a finance lease under IFRS 16, the lessor must derecognize the asset from its statement of financial position and record a lease receivable upon commencement of the lease. If the lessor is a manufacturer or dealer, then the lessor must also record sales revenue and cost of goods sold upon commencement of the lease. Both the sales revenue and cost of goods sold must be reduced by the present value of the unguaranteed residual value.The lessor will then recognize interest revenue throughout the lease term. At the end of the lease, the lessor will restore the asset to its statement of financial position. If the actual residual value turns out to be less than the unguaranteed residual value, the lessor records a loss for the difference.— Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people.— SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS* http://eepurl.com/dIaa5z— LISTEN TO THE SCHEME PODCAST* Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725* Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc* Website: https://www.edspira.com/podcast-2/ — CONNECT WITH EDSPIRA* Website: https://www.edspira.com* Blog: https://www.edspira.com/blog/ * Facebook page: https://www.facebook.com/Edspira* Facebook group: https://www.facebook.com/groups/561316587899818//* Reddit: https://www.reddit.com/r/edspira* LinkedIn: https://www.linkedin.com/company/edspira— CONNECT WITH MICHAEL* Website: http://www.MichaelMcLaughlin.com* LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin * Twitter: https://www.twitter.com/Prof_McLaughlin* Facebook: https://www.facebook.com/prof.michael.mclaughlin* Snapchat: https://www.snapchat.com/add/prof_mclaughlin*Twitch: https://twitch.tv/prof_mclaughlin * Instagram: https://www.instagram.com/prof_mclaughlin*TikTok: https://www.tiktok.com/@prof_mclaughlin
When a lessor accounts for a finance lease under IFRS 16, the lessor must derecognize the asset from its statement of financial position and record a lease receivable upon commencement of the lease. If the lessor is a manufacturer or dealer, then the lessor must also record sales revenue and cost of goods sold upon commencement of the lease. The lessor will then recognize interest revenue throughout the lease term. At the end of the lease, the lessor will restore the asset to its statement of financial position. If the actual residual value turns out to be less than the guaranteed residual value, the lessor will receive cash from the lessee to cover the shortfall. — Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people.— SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS* http://eepurl.com/dIaa5z— LISTEN TO THE SCHEME PODCAST* Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725* Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc* Website: https://www.edspira.com/podcast-2/ — CONNECT WITH EDSPIRA* Website: https://www.edspira.com* Blog: https://www.edspira.com/blog/ * Facebook page: https://www.facebook.com/Edspira* Facebook group: https://www.facebook.com/groups/561316587899818//* Reddit: https://www.reddit.com/r/edspira* LinkedIn: https://www.linkedin.com/company/edspira— CONNECT WITH MICHAEL* Website: http://www.MichaelMcLaughlin.com* LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin * Twitter: https://www.twitter.com/Prof_McLaughlin* Facebook: https://www.facebook.com/prof.michael.mclaughlin* Snapchat: https://www.snapchat.com/add/prof_mclaughlin*Twitch: https://twitch.tv/prof_mclaughlin * Instagram: https://www.instagram.com/prof_mclaughlin*TikTok: https://www.tiktok.com/@prof_mclaughlin