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CPE Self-Study
New Staff: Practical Application- Auditing Prepaid and Other Current Assets
NASBA FIELD OF STUDY
Auditing
LEVEL
Basic
CPE CREDITS
Online: 1.0
This CPE course covers processes and procedures to successfully audit prepaid and other current assets. It also covers professional standards and risk assessment steps related to this area.

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CPE On-Demand
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Product details

Who Will Benefit?

  • Recently onboarded staff
  • First-year staff
  • Firms that want consistent training and level setting

Key Topics

  • Relevant professional standards related to auditing prepaid and other current assets
  • Audit objectives and assertions for prepaid and other current assets
  • Risk assessment for prepaid and other current assets
  • Application of guidance and a prepaid and other current assets case study

Learning Objectives

  • Recall the audit objectives and related assertions applicable to prepaid and other current assets.
  • Identify the steps for risk assessment and identify the common risks found in the prepaid and other current assets area.
  • Identify internal controls commonly encountered in the area of prepaid and other current assets.

This CPE course can be purchased individually or as part of the Audit Staff Essentials – New Staff: Practical Application staff training bundle.

Normally smaller accounts on an entity’s balance sheet, prepaid and other current assets represent smaller individual items but may be significant to the entity nonetheless.
Commonly consisting of prepaid expenses that must be recognized on a pro rata basis and other assets such as investments, short-term notes, and industry-specific transactions (for instance, costs in excess of billings), these accounts often require complex estimates.

This CPE course will provide the knowledge necessary for a new staff member to successfully audit prepaid and other current assets.

Ratings and reviews
Author(s)

Lynford Graham, CPA, Ph.D., CFE

Lynford Graham, CPA, Ph.D., CFE is a CPA with more than 35 years of audit practice and policy development experience. He is a visiting professor of accountancy at Bentley University in Waltham MA. Dr. Graham is a member of the AICPA and a past member of the Auditing Standards Board. He chaired the task forces for AICPA Guides Assessing Audit Risk and Audit Sampling. He is also the chair of the Auditing Revenue Task Force for the AICPA Guide on Revenue Recognition.

He was a partner and National Director of Audit Policy for BDO, LLP. Prior to that, Dr. Graham was an associate professor at Rutgers University. Before Rutgers, he was a national accounting and SEC consulting partner at Coopers & Lybrand, responsible for technical issues research, auditing research, and sampling.

A Certified Fraud Examiner, in 2002, he received the Distinguished Service Award from the auditing section of the AAA. He is a co-author of several award-winning academic research papers. Dr. Graham holds an MBA and Ph.D. from the University of Pennsylvania, (Wharton School). He is the editor of Accountants' Handbook, 12th Edition (Wiley, 2012) and Internal Control: Audit and Compliance (Wiley, 2015).

Tom Noce, CPA, CFE

Tom Noce, CPA, CFE is a CPA licensed in California and New Jersey with over 37 years of experience in the field of public accounting, including eight years as a partner in a midsized firm. He is a graduate of Rutgers University. Tom began his independent practice in September 2003. His primary industry focus is in audit, accounting, and taxation services for construction and real estate clients. Tom is also a Certified Fraud Examiner and provides fraud prevention and detection, forensic accounting services, and litigation support to clients in a number of industries.

As an experienced author, instructor, and lecturer, Tom writes and teaches continuing professional education for CPAs. He chaired the 1st and 2nd Annual Fraud Conferences and 1999 and 2000 Audit and Accounting Conferences, sponsored by the California CPA Education Foundation. Since 1999, he has authored and presented more than 15 courses for the California CPA Education Foundation, the AICPA, and other providers. Tom was honored with the California CPA Education Foundation’s Award for Instructor Excellence in 2004 & 2010.

Tom lives and practices in Palm Springs, California. He is an accomplished woodworker and enjoys spending his spare time in his workshop.

Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

Price:
$99.00
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Estimated total:
$99.00
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CREDIT INFO
CPE credits
Online
: 1.0
NASBA Field of Study
Auditing
Level
Basic
Prerequisites
None
ADVANCE PREPARATION
None
Delivery Method
QAS Self-Study
Course acronym
ASE2-PCA
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