Course Description

The introduction of Sarbanes-Oxley (SOX) Act law fueled rapid growth in the organizational importance of internal control systems. Appropriate interpretation and implementation of the internal control framework is vital for every organization. This course incorporates and reflects up-to-date guidance from the PCAOB, the AICPA, the ACFE, and the principles of 2013 COSO Framework. The course not only addresses the theoretical concept of the internal control systems but also provides readers with the practical guidance they need to assume a role in the design, implementation, maintenance and evaluation of a comprehensive framework of internal controls for their organizations.

Specifically, the course presents the principles of internal control to help readers understand the nature and context of control, such as limitations of internal controls, the most recognized controls frameworks (e.g. COSO Framework, Green Book), and some common and important control procedures. It also includes steps on how to identify risks and controls, advice on how to assess the adequacy of controls, a discussion of how to reach a fair assessment, and documentation requirements for evidences of effective controls. In addition, the course discusses requirements related to performing an integrated audit: SAS 130 and AS No. 2201.  Although these auditing rules are mandatory for external auditors and not for management, management should give consideration to following the approach described in these requirements.

No discussion of internal controls would be complete without an examination of fraud prevention and detection. All organizations are subject to fraud risks. Fraud is now so common that its occurrence is no longer remarkable, only its scale. The course offers the essential tools for designing and implementing programs and controls to prevent and detect fraud. It focuses on the causes of fraud, fraud risk factors, some of the more common types of fraud, fraud symptoms, and fraud preventive and detective techniques, along with some recent cases in corporate fraud. It explains the differences between forensic accounting and auditing. It also includes the ACFE Fraud Prevention Checkup to help organizations identify major gaps and fix them before it is too late.

This course includes an illustration of potential internal controls weaknesses involving accounting and financial reporting cycles, along with examples of compensating controls. It provides sample audit programs of key processes.  It also incorporates appendixes including: an example of management internal control report, a SOX Section 404 management compliance checklist, financial reporting controls and information systems checklist for each key cycle (e.g. revenue, inventory, financing), and a computer applications checklist.

Field of Study: Auditing

Level of Knowledge: Overview

Prerequisite: None

Advanced Preparation: None

Revision Date: 11/7/24

Click Here For Courses Objectives

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Microsoft Excel provides some easy to use tools that can greatly enhance and expedite the fraud audit process. With all detective work, you want to be able to sift through a large volume of data and utilize a tool that is adequately flexible for you to perform immediate investigations of anything questionable. Excel provides a number of different tools however we are going to focus on a couple of extremely useful ones: Auto filter, Arrays as well as a couple of extremely useful functions that include WEEKDAY and MOD.

Another tool used in fraud audits that does not necessarily require Excel, but can be used in conjunction with Excel, is Benford’s Law. Benford’s law is based on an observation that in certain large data sets, certain digits appear more frequently than others. By comparing the distribution of first digits in some accounting data, this tool can assist you in determining where more investigation is necessary by helping to pinpoint where data may have been contrived through fraud.

This course provides step by step instruction and Excel practice exercises as well as answer files.

Two tools for fraud detection are discussed in this course; Benford’s Law and the Beneish M Score.  Benford’s Law predicts the probability of the distribution of first digits in a set of accounting numbers.   For the first digit, one is the most likely occurrence, followed by two, etc.  In a large population of accounting transactions, by comparing the actual occurrence of first digits in accounting numbers to the Benford distribution, areas of concern are highlighted for further analysis and evaluation. 

The Beneish M Score quantifies the possibility of financial manipulation occurring in financial statements.  If the M Score is greater than (or less negative than) -2.22, it is likely that there is some manipulation of the financial results. 

Both of these are powerful tools in the detection of fraud.  Benford’s Law assists in the detection of transactional fraud while the Beneish M Score assists in the detection of fraud in financial reporting.

Learning Objectives

Upon completion of this course, you should be able to:

·         Describe how to use Benford’s Law to detect potential fraud

·         Define situations where Benford’s Law is and is not applicable

·         Describe the Beneish M Score and its components

Prerequisites: None

Level: Overview

Revision Date: 3/10/2025

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Course Description:
Simple fraud schemes that use social engineering techniques are gaining popularity in the United States.  These schemes rely on trickery to persuade an unsuspecting employee to divert cash or sensitive information to the fraudster.  This course examines techniques being employed such as email spoofing, phishingand vishingusing actual recent cases and discusses techniques to minimize the possibility of this type of fraud in your organization.

Learning Objectives

Upon completion of this course, you should be able to:

• Describe email spoofingschemes such as CEO fraud
• Describe phishingand related schemes
• Recognize techniques to prevent social engineering schemes

Prerequisites: None
Level:Overview

NASBACategory: Auditing
Recommended CPE:1 Hour

Revision Date:  9/4/2024

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Spreadsheet Controls Under Sarbanes-Oxley Section 404

CourseDescription:
Spreadsheets have become pervasive in most companies and have many uses.Those that are used in the financial reporting process are of most concern to the assessment of the effectiveness of internal controls over financial reporting mandated by Sarbanes-Oxley. This course discusses how to evaluate spreadsheets under the rules of Section 404 and AS 2201as well as what specific compensating spreadsheet controls are supported by Excel 2007, Excel 2010, Excel 2013and Excel 2016.This course has been writtenfor Excel 2007.  Steps that differ in Excel 2010, 2013and 2016have been noted in gray shadow boxes for the few instances where there is a difference.

Learning Objectives:
The objectives of this course are:
Recognize fundamental aspects ofSection 404 of the Sarbanes-OxleyAct and Public Accounting Oversight Board AS 2201
Recognizethe process for evaluating spreadsheets under the rules of Section 404 and AS 2201
Identifyspecific compensating spreadsheet controls supported by Microsoft Excel

NASBA Category:Audit (1 Hour)/ Computer Science (1 Hour)
Level:Basic/Overview(See Prerequisites)
Prerequisites: Excel 2007/ Excel 2010/ Excel 2013/ Excel 2016 is needed.

Revision Date:  4/8/2017

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Course Description:

This course is based on two recent financial statement fraud cases; Dewey & LeBouef and ContinuityX.  Dewey & LeBouef was a high-profile law firm that, at its peak, had over 3,000 employees and over 1,400 lawyers.  It is alleged that personnel at Dewey & LeBouef made inappropriate financial adjustments starting in 2008 to meet its bank lending covenants and planned to conceal these adjustments from its “clueless auditor”.  Dewey & LeBouef declared bankruptcy in 2012.  

ContinuityX was an internet services reseller that, according to an SEC complaint, fabricated 99% of its revenue.  It was audited by a firm that was fined and disciplined by the SEC and the partner responsible for the audit was also fined and permanently suspended from practicing before the SEC.  ContinuityX declared bankruptcy in 2013.

Both cases involve financial statement fraud, auditor deception and some lessons to be learned. 

Learning Objectives

Upon completion of this course, you should be able to:

·         Recognize the primary elements of financial statement fraud in the Dewy & LeBouef and ContinuityX cases

·         Associate the primary elements of financial statement fraud in the cases in this course with audit procedures that may have detected the fraud

Revision Date: 8/27/2024

Prerequisites: None

Level: Overview

NASBA Category: Auditing

Recommended CPE:  1 Hour

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Course Description:
This course uses cases of three recent accounting frauds to demonstrate the importance of internal controls, management oversight by the board of directorsand an organizational emphasis on ethics in the prevention of fraud.  It also examines the CPAauditor’s responsibility for internal controls and the prevention and detection of fraudas part of its work.  The case studies utilized relate to Koss Corporation, Fair Finance Company and Diamond Foods.

Learning Objectives:

• After completing this course, you will be able to:
• Recognizethe auditor responsibility for internal controlsand fraud detectionas part of its audit
• Associate fraud with inadequate internal controls
• Recognize the importance of independent board of director and audit committeeoversight in the prevention of fraud

Revision Date:  8/27/24

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Course Description:  This course covers how to create a custom function (sometimes called a user-defined function) in Excel.  A custom function is a calculation that the user creates and names. This custom function is then stored in Excel and can recalled when it is needed. In this course we will be using the Visual Basic Editor and using a couple of VBA keywords; however this is NOT a VBA or programming course.  You will create a couple of different custom functions and then see how to create an ADD-IN file so that these functions can be used in all your workbooks.

Course Objectives:

·         Recognize how to find and access the Visual Basic Editor  

·         Identify the components of custom functions and how to use them

·         Recognize how to create, save and remove custom functions

·         Recognize the implications of creating custom functions and how they work

Category: Computer Science/Specialized Knowledge

Level: Intermediate to Advanced Excel user

Prerequisites: Excel 2007 through Excel 2016.  Should have a basic understanding of an IF statement.

Revision Date: 11/28/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

The Generally Accepted Governmental Auditing Standards, also known as the Yellow Book, provides a comprehensive framework for conducting governmental audits with a focus on high quality, integrity, competence, independence, and objectivity. The Yellow Book is used by auditors of government organizations, entities that receive government awards, and any other audit organization performing Yellow Book audits. The Yellow Book outlines all requirements for governmental audit reports, professional qualifications for auditors, and audit organization quality control.

This course will describe when the Yellow Book standards must be applied. This course will identify the types of auditors and audit organizations that may employ GAGAS to conduct their work. This course will identify the categories of requirements that GAGAS uses to describe the degree of responsibility imposed on auditors and audit organizations. Finally, this course will identify the ethical principles that guide the work of auditors who conduct engagements in accordance with GAGAS.

CPE Credit: 4 CPE for CPAs

Level: Intermediate

Instructional Method: Self-Study

NASBA Field of Study: Auditing

Program Prerequisites: Basic understanding of the auditing process.

Advanced Preparation: None

Revision Date: 12/15/25

Click Here For Courses Objectives

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Course Description:

The Generally Accepted Governmental Auditing Standards, also known as the Yellow Book, provides a comprehensive framework for conducting governmental audits with a focus on high quality, integrity, competence, independence, and objectivity. The Yellow Book is used by auditors of government organizations, entities that receive government awards, and any other audit organization performing Yellow Book audits. The Yellow Book outlines all requirements for governmental audit reports, professional qualifications for auditors, and audit organization quality control.
This course will identify the general planning requirements for an audit that must comply with all of the applicable requirements for a review of financial statements conducted in accordance with GAGAS. Finally, this course will describe what must be included and what must be excluded from an audit report.


Learning Objectives:
Identify the general planning requirements for an audit that must comply with all of the applicable requirements for a review of financial statements conducted in accordance with GAGAS.
Recognize the five components of internal control.
Identify conditions that indicate a heightened risk of fraud.

CPE Credit: 3 CPE for CPAs
Level: Intermediate
Instructional Method: Self-Study
NASBA Field of Study: Auditing
Program Prerequisites: Basic understanding of the auditing process.
Advanced Preparation: None
 

Revision Date:  12/15/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Introduction

 The Generally Accepted Governmental Auditing Standards, also known as the Yellow Book, provides a comprehensive framework for conducting governmental audits with a focus on high quality, integrity, competence, independence, and objectivity. The Yellow Book is used by auditors of government organizations, entities that receive government awards, and any other audit organization performing Yellow Book audits. The Yellow Book outlines all requirements for governmental audit reports, professional qualifications for auditors, and audit organization quality control.

This course will describe when the Yellow Book standards must be applied. This course will identify the types of auditors and audit organizations that may employ GAGAS to conduct their work. This course will identify the categories of requirements that GAGAS uses to describe the degree of responsibility imposed on auditors and audit organizations.

Learning Objectives:

Recognize when the Yellow Book standards must be applied.

Identify the new organization and format of the 2018 Yellow Book.

Recognize the five areas that changed in the 2018 Yellow Book from the 2011 Yellow Book.

Identify the types of auditors and audit organizations that may employ GAGAS to conduct their work,

Recognize the types of engagements that may be conducted in accordance with GAGAS, and

Identify terminology that is commonly used in GAGAS. 

Identify the categories of requirements that GAGAS uses to describe the degree of responsibility imposed on auditors and audit organization.

CPE Credit: 2 CPE for CPAs

Level: Intermediate

Instructional Method: Self-Study

NASBA Field of Study: Auditing

Program Prerequisites: Basic understanding of the auditing process.

Advanced Preparation: None

·      Revision Date: 12/15/25

Additional Contents : Complete, no additional material needed

Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

The Generally Accepted Governmental Auditing Standards, also known as the Yellow Book, provides a comprehensive framework for conducting governmental audits with a focus on high quality, integrity, competence, independence, and objectivity. The Yellow Book is used by auditors of government organizations, entities that receive government awards, and any other audit organization performing Yellow Book audits. The Yellow Book outlines all requirements for governmental audit reports, professional qualifications for auditors, and audit organization quality control.

This course will identify the types of auditors and audit organizations that may employ GAGAS to conduct their work. This course will identify the categories of requirements that GAGAS uses to describe the degree of responsibility imposed on auditors and audit organizations. This course will identify the requirements for auditor communication. This course will identify the general planning requirements for an audit that must comply with all of the applicable requirements for a review of financial statements conducted in accordance with GAGAS. Finally, this course will describe what must be included and what must be excluded from an audit report.

CPE Credit: 5 CPE for CPAs

Level: Intermediate

Instructional Method: Self-Study

NASBA Field of Study: Auditing

Program Prerequisites: Basic understanding of the auditing process.

Advanced Preparation: None

Revision Date: 12/15/25

Click Here For Courses Objectives

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

The Generally Accepted Governmental Auditing Standards, also known as the Yellow Book, provides a comprehensive framework for conducting governmental audits with a focus on high quality, integrity, competence, independence, and objectivity. The Yellow Book is used by auditors of government organizations, entities that receive government awards, and any other audit organization performing Yellow Book audits. The Yellow Book outlines all requirements for governmental audit reports, professional qualifications for auditors, and audit organization quality control.

This course will describe when the Yellow Book standards must be applied. This course will identify the types of auditors and audit organizations that may employ GAGAS to conduct their work. This course will identify the categories of requirements that GAGAS uses to describe the degree of responsibility imposed on auditors and audit organizations. This course will identify the ethical principles that guide the work of auditors who conduct engagements in accordance with GAGAS. This course will identify the individuals that have a role on an audit engagement. This course will Recognize the methods for selecting individuals of integrity who have the capacity to develop the competence and capabilities necessary to perform the audit organization’s work competently. This course will identify the requirements for auditor communication. This course will identify the three levels of service as identified by the AICPA. This course will identify the general planning requirements for an audit that must comply with all of the applicable requirements for a review of financial statements conducted in accordance with GAGAS. Finally, this course will describe what must be included and what must be excluded from an audit report.

CPE Credit: 3 CPE for CPAs

Level: Intermediate

Instructional Method: Self-Study

NASBA Field of Study: Auditing

Program Prerequisites: Basic understanding of the auditing process.

Advanced Preparation: None

Objectives

At the end of this chapter, the student will be able to:

Recognize when the Yellow Book standards must be applied.

Identify the new organization and format of the 2018 Yellow Book.

Recognize the five areas that changed in the 2018 Yellow Book from the 2011 Yellow Book.

Identify the categories of requirements that GAGAS uses to describe the degree of responsibility imposed on auditors and audit organization.

Identify the ethical principles that guide the work of auditors who conduct engagements in accordance with GAGAS.

Recognize the purpose of applying the GAGAS Conceptual Framework.

Recognize that action that must be taken by auditors if they conclude that the independence of the engagement team or the audit organization is impaired.

 Revision Date:  12/15/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Course Description:

The Generally Accepted Governmental Auditing Standards, also known as the Yellow Book, provides a comprehensive framework for conducting governmental audits with a focus on high quality, integrity, competence, independence, and objectivity. The Yellow Book is used by auditors of government organizations, entities that receive government awards, and any other audit organization performing Yellow Book audits. The Yellow Book outlines all requirements for governmental audit reports, professional qualifications for auditors, and audit organization quality control.

This course will describe when the Yellow Book standards must be applied. This course will identify the types of auditors and audit organizations that may employ GAGAS to conduct their work. This course will identify the categories of requirements that GAGAS uses to describe the degree of responsibility imposed on auditors and audit organizations. This course will identify the ethical principles that guide the work of auditors who conduct engagements in accordance with GAGAS. This course will identify the individuals that have a role on an audit engagement. This course will Recognize the methods for selecting individuals of integrity who have the capacity to develop the competence and capabilities necessary to perform the audit organization’s work competently. This course will identify the requirements for auditor communication. This course will identify the three levels of service as identified by the AICPA. This course will identify the general planning requirements for an audit that must comply with all of the applicable requirements for a review of financial statements conducted in accordance with GAGAS. Finally, this course will describe what must be included and what must be excluded from an audit report.

Learning Objectives:

·       Recognize when the Yellow Book standards must be applied.

·       Identify the new organization and format of the 2018 Yellow Book.

 Recognize the five areas that changed in the 2018 Yellow Book from the 2011 Yellow Book.

Revision Date: 12/15/25

CPE Credit: 12 CPE for CPAs

Level: Intermediate

Instructional Method: Self-Study

NASBA Field of Study: Auditing

Program Prerequisites: Basic understanding of the auditing process.

Advanced Preparation: None

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancelation and record retention policies

Course Description:

The Generally Accepted Governmental Auditing Standards, also known as the Yellow Book, provides a comprehensive framework for conducting governmental audits with a focus on high quality, integrity, competence, independence, and objectivity. The Yellow Book is used by auditors of government organizations, entities that receive government awards, and any other audit organization performing Yellow Book audits. The Yellow Book outlines all requirements for governmental audit reports, professional qualifications for auditors, and audit organization quality control.

This course will describe when the Yellow Book standards must be applied. This course will identify the new organization and format of the 2018 Yellow Book. Finally, this course will recognize the five areas that changed in the 2018 Yellow Book from the 2011 Yellow Book.

Learning Objectives:

   At the end of this course, the student will be able to:

·        Recognize when the Yellow Book standards must be applied.

·        Identify the new organization and format of the 2018 Yellow Book.

·        Recognize the five areas that changed in the 2018 Yellow Book from the 2011 Yellow Book.

Revision Date: 12/15/25

CPE Credit: 1 CPE for CPAs

Level: Intermediate

Instructional Method: Self-Study

NASBA Field of Study: Auditing

Program Prerequisites: Basic understanding of the auditing process.

Advanced Preparation: None

Revision Date:  4/17/2024

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

The Generally Accepted Governmental Auditing Standards, also known as the Yellow Book, provides a comprehensive framework for conducting governmental audits with a focus on high quality, integrity, competence, independence, and objectivity. The Yellow Book is used by auditors of government organizations, entities that receive government awards, and any other audit organization performing Yellow Book audits. The Yellow Book outlines all requirements for governmental audit reports, professional qualifications for auditors, and audit organization quality control.

This course will describe when the Yellow Book standards must be applied. This course will identify the requirements for auditor communication. Finally, this course will identify the three levels of service as identified by the AICPA.

CPE Credit: 3 CPE for CPAs

Level: Intermediate

Instructional Method: Self-Study

NASBA Field of Study: Auditing

Program Prerequisites: Basic understanding of the auditing process.

Advanced Preparation: None

Learning Objectives:

After completing this course, you should be able to:

·  Recognize when the Yellow Book standards must be applied.

·  Identify the new organization and format of the 2018 Yellow Book.

·  Recognize the five areas that changed in the 2018 Yellow Book from the 2011 Yellow Book.

·  Identify the requirements for auditor communication.

·  Recognize the items that an auditor should include in report on internal control and compliance.

·  Identify what an auditor must do if certain information is prohibited from public disclosure or is excluded from a report because of its confidential or sensitive nature.

·  Recognize what an auditor must do when Obtaining and Reporting the Views of Responsible Officials.

·  Identify the three levels of service as defined by the AICPA.

·  Recognize what an auditor must do related to issues of noncompliance with provisions of laws, regulations, contracts, and grant agreements.

·  Identify what should be done by the auditor when the audit complies with all of the applicable requirements for a review of financial statements conducted in accordance with GAGAS.

Revision Date 12/15/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Bernard Madoff Investment Securities LLC was the source of the largest financial fraud in US history. Madoff perpetrated a simple Ponzi scheme whereby older investors were paid with newer investor funds, thus providing the impression of actual investment returns. The extent of the losses related to Madoff's Ponzi scheme have been estimated at $50 - $65 billion.
Many are astounded to hear that Bernard Madoff Investment Securities LLC was audited by a CPA. Unfortunately, Madoff's CPA apparently did not subscribe to the AICPA Code of Conduct as most of the rules contained in the code were ignored. What follows is a case study examining the conduct of Friehling & Horowitz CPA's P.C., the CPA firm that audited Bernard Madoff Investment Securities LLC, within the context of the AICPA Code of Professional Conduct.

Recommended CPE Credits: 2.0
Category: Ethics
Level: Overview.
Prerequisites: None
Advanced Preparation: None
Author:  Joseph Helstrom
Format: Self Study

Learning objectives:
    Recognize professional conduct expected of a certified public accountant and consequences of misconduct under AICPA guidelines.
    Recognize key components of the AICPA Code of Professional Conduct with regard to independence.
    Recognize the AICPA Code of Professional Conduct rules on confidential information and acts discreditable .
    Identify ethical safeguards as outlined by the AICPA.
    Recognize the AICPA Joint Ethics Enforcement Program and its disciplinary actions

Revision Date:  11/28/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Course Description
Who knew how easy it is to steal? This course uses five recent employee theft cases to demonstrate the importance of internal controls and management oversight in the prevention of employee theft. A recurring theme in each of these cases is a lack of appropriate internal controls and a lack of management oversight.


Learning Objectives
After completing this course, you will be able to
•    Associate employee theft with inadequate internal controls
•    Recognize the importance of management oversight in the prevention of fraud


Recommended Field of Study: Audit/ Fraud
Recommended CPE : 1 Hour

Revision Date:  8/29/24

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Course Description
In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Fraud auditing is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets. This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditor’s responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

Learning Objectives
At the end of this course, students will be able to:
Identify the three types of fraud.
Identify the SAS that provides guidance to auditors in assessing the risk of fraud
Recognize the three elements identified by the AICPA to prevent, deter, and detect fraud.
Recognize who is responsible for identifying and measuring fraud risks and taking steps to mitigate identified risks.
Identify the procedures to address the risk of management overriding internal controls that are otherwise operating effectively.
Recognize the characteristics of different types of fraud.

CPE Credit: 2
Level: Intermediate
Instructional Method: Self-Study
NASBA Field of Study: Auditing
Program Prerequisites: None
Advanced Preparation: None

Revision Date: 8/18/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Course Description

Auditing and assurance services are important services provided by CPAs. Auditing and Other Assurance Services is a course that will describe auditing and assurance services. This course will identify the different types of audits and the different types of assurance services. This course will define the importance of ethics in the CPA and auditing professions. This course will describe the different organizations that create and enforce ethical guidelines. Finally, this course will describe the importance of independence for auditors.

Learning Objectives

At the end of this course, students will be able to:
Identify the purpose of performing audit services.
Identify the purpose of assurance services.
Recognize the different types of assurance services.
Recognize the different types of audits.
Identify the organizations that provide ethical standards and guidelines.
Recognize the different areas of the principles of professional conduct.

CPE Credit: 4 CPE
Level: Intermediate
Instructional Method: Self Study
NASBA Field of Study: Auditing
Program Prerequisites: None
Advanced Preparation: None

Revision Date: 8/18/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Course Description
The auditor uses four phases to meet the overall objective of the audit, which is to express an opinion on the fairness with which the financial statements present fairly. Every audit requires planning, which occurs during the first of the four audit phases. Audit planning is a course that will review the audit planning process. This course will discuss the important of evaluating materiality and risk, which will impact the auditor's planned audit evidence. This course will describe how to develop a preliminary judgment about materiality and consider the most appropriate risks for each engagement. This course will review the eight steps involved in creating the audit plan.

Learning Objectives
At the end of this course, students will be able to:
    Identify the purpose of internal controls.
    Recognize the internal control framework used by most companies based in the United States.
    Identify the interrelated components for an effective internal control system.
    Recognize the purpose of identifying audit risk.
    Recognize the difference between control deficiency, significant deficiency and material weakness.
    Identify why materiality is important for an audit of financial statements.
    Make a preliminary judgment about what amounts to consider material.
    Identify the audit risk model and its components.
    Recognize the impact of engagement risk on acceptable audit risk.
    Recognize the relationship of risks to audit evidence.
    Identify the three types of fraud.
    Identify the SAS that provides guidance to auditors in assessing the risk of fraud
    Recognize the three elements identified by the AICPA to prevent, deter, and detect fraud.
    Recognize who is responsible for identifying and measuring fraud risks and taking steps to mitigate identified risks.
    Identify the procedures to address the risk of management overriding internal controls that are otherwise operating effectively.
    Recognize the characteristics of different types of fraud.

CPE Credit: 10
Level: Intermediate
Instructional Method: Self-Study
NASBA Field of Study: Auditing
Program Prerequisites: None
Advanced Preparation: None

Revision Date: 8/18/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Introduction

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components for an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant difiency and material weakness.

Learning Objectives

At the end of this course, students will be able to:

    Identify the purpose of internal controls.
    Identify the purpose of an audit committee.
    Recognize the goals for internal controls.
    Recognize the internal control framework used by most companies based in the United States.
    Identify the interrelated components for an effective internal control system.
    Recognize the purpose of identifying audit risk.
    Recognize the difference between control deficiency, significant difiency and material weakness.


CPE Credit: 3
Level: Intermediate
Instructional Method: Self-Study
NASBA Field of Study: Auditing
Program Prerequisites: None
Advanced Preparation: None
 

Revision Date:  8/18/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Course Description

Every audit requires planning. Audit planning requires evaluating materiality and risk. Both materiality and risk evaluation require judgement from the auditor because both concepts directly impact the auditor's planned audit evidence. Materiality is important because the auditor provides assurance to financial statement users that the financial statements are free of material misstatements. This requires the auditor to develop a preliminary judgment about materiality when planning the audit, which will provide the basis for that important assurance. In addition, the auditor must consider risk to effectively address the most appropriate risks for each engagement. The auditor's understanding of the entity and its environment, including its internal control, provide a basis for the auditor's assessment of the risk of material misstatement. Using the audit risk model and tolerable misstatement for each account, the auditor determines the audit evidence needed to achieve an acceptable level of audit risk for the engagement.

Learning Objectives

At the end of this course, students will be able to:
    Identify why materiality is important for an audit of financial statements.
    Make a preliminary judgment about what amounts to consider material.
    Identify the audit risk model and its components.
    Recognize the impact of engagement risk on acceptable audit risk.
    Recognize the relationship of risks to audit evidence.

CPE Credit: 2
Level: Intermediate
Instructional Method: Self-Study
NASBA Field of Study: Auditing
Program Prerequisites: None
Advanced Preparation: None
 

Revision Date:8/18/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Please note this course is a chapter from the larger 8 credit course "AI Essentials for CPAs - Exploring Cutting Edge Technology" . You cannot get credit for both courses.

AI Series Module 1- Audit & Compliance

Course Overview
This course provides an overview of how AI is used in audits and compliance tasks.  It discusses how AI helps auditors identify risks by analyzing large amounts of data and setting materiality thresholds based on historical data and industry standards.  It also addresses how AI tools can be also automate audit procedures like data analysis and testing and how AI can detect anomalies and fraud by spotting unusual patterns in financial data and transactional records.  

Learning Objectives
Upon completion of this course, you will be able to:
* Recognize AI's role in audit planning and risk assessment
* Identify how AI can automate audit procedures
* Recognize AI techniques for detecting anomalies and fraud during audits
* Identify AI's application in compliance monitoring

Revision Date: 3/27/24

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Course Description:

The Coronavirus pandemic of 2020 has created a new business environment for many, if not most, businesses.  Business processes have changed as more employees are working from home and there are greater operational and financial risks as economic health diminishes and overall unemployment increases in both the USA and the world.  These factors create new challenges for the internal audit function.
Risk challenges faced by the internal audit function in these uncertain times and discussed in this course include computer connectivity, information technology controls, financial controls, supply chain and workforce risks, liquidity and customer credit risks, insurance issues and brand risks.  


Learning Objectives

Upon completion of this course, you should be able to:
* Recognize added information technology, operational, financial and financial control risks to businesses caused by a pandemic
* Recognize techniques to reduce risks added by a pandemic

New Course 8/8/2024

Prerequisites: None
Level: Overview
NASBA Category: Audit
Recommended CPE:  1 Hour

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Audit Red Flags: Navigating Financial, Behavioral, and Control Risks in Auditing


Course Overview
This course covers the key red flags auditors should watch for during audits. It explores risks in financial reporting, revenue recognition, internal controls, and compliance. The course helps auditors identify warning signs of potential fraud, misstatements, and issues like weak internal controls or suspicious audit evidence. It also addresses red flags in management behavior, cybersecurity, and going-concern evaluations.  

Learning Objectives

       Identify red flags in financial statements that suggest potential misstatements or fraud
       Recognize common issues in revenue recognition practices that could indicate improper reporting
       Distinguish between normal financial reporting practices and warning signs of manipulation
       Recognize behavioral red flags that may indicate fraudulent or unethical conduct
       Identify management-related risks in estimates and representations that could affect audit outcomes
       Determine when changes in management behavior require further investigation
       Identify weaknesses in internal controls that may expose the organization to risk
      Select the appropriate response when suspicious or incomplete audit evidence is found
      Distinguish between valid and questionable audit evidence during the audit process
      Recognize red flags in compliance audits that suggest potential violations or regulatory risks
      Identify cybersecurity risks and indicators of inadequate protection measures
      Determine when going-concern issues require further assessment or disclosure

Revision Date: NEW 1/24/2025

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Identifying Audit Risks - Behavioral and Management Cues

Course Overview
This course focuses on behavioral cues and management-related red flags that auditors should be aware of. It highlights changes in employee or management behavior that might indicate potential fraud or unethical conduct. This course also examines risks associated with management estimates and representations, particularly in areas like fair value measurements and impairment testing. Auditors will learn how to assess these red flags and determine when further investigation is needed to prevent or detect fraudulent activities.  

Learning Objectives
Upon completion of this course, you will be able to:
•    Recognize behavioral red flags that may indicate fraudulent or unethical conduct
•    Identify management-related risks in estimates and representations that could affect audit outcomes
•    Determine when changes in management behavior require further investigation
 

Revision Date:  NEW 1/24/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Identifying Audit Risks - Compliance and Going-Concern Issues

Course Overview
This course addresses red flags auditors should be mindful of in compliance audits, cybersecurity evaluations, and going-concern assessments. Topics include how to spot violations of legal and regulatory requirements, signs of inadequate cybersecurity measures, and how to evaluate the going-concern assumption in light of financial difficulties or operational risks. The course also discusses how auditors can respond to these red flags and ensure that potential issues are identified early, protecting both the organization and its stakeholders from future risks.  

Learning Objectives
Upon completion of this course, you will be able to:
•    Recognize red flags in compliance audits that suggest potential violations or regulatory risks
•    Identify cybersecurity risks and indicators of inadequate protection measures
•    Determine when going-concern issues require further assessment or disclosure
 

Revision Date:  NEW 1/24/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Identifying Audit Risks - Financial Reporting and Revenue Recognition

Course Overview
This course explores common red flags found in financial reporting and revenue recognition that auditors should watch for during an audit. Key topics include identifying unusual patterns in financial statements, such as irregular revenue or expense recognition, discrepancies in accounts, and indicators of financial manipulation. The course also covers red flags in revenue recognition practices, focusing on the application of ASC 606 and the warning signs that suggest improper revenue reporting. This course emphasizes how auditors can detect financial misstatements early and respond effectively.  

Learning Objectives
Upon completion of this course, you will be able to:
•    Identify red flags in financial statements that suggest potential misstatements or fraud
•    Recognize common issues in revenue recognition practices that could indicate improper reporting
Distinguish between normal financial reporting practices and warning signs of manipulation
 

Revision Date:  NEW 1/24/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Identifying Audit Risks - Internal Controls and Audit Evidence
Course Overview
This course focuses on red flags related to internal controls and audit evidence. This course covers weaknesses in internal controls that could indicate potential financial mismanagement, fraud, or operational inefficiencies, such as inadequate segregation of duties, lack of oversight, or unexplained adjustments. It also examines how auditors can detect suspicious audit evidence, including inconsistent or incomplete documentation, and what steps to take when such evidence is found. This course provides auditors with practical tools to strengthen their audit approach and ensure the integrity of their findings.  

Learning Objectives
Upon completion of this course, you will be able to:
•    Identify weaknesses in internal controls that may expose the organization to risk
•    Select the appropriate response when suspicious or incomplete audit evidence is found
•    Distinguish between valid and questionable audit evidence during the audit process
 

Revision Date:  NEW 1/24/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Unraveling Fraud Risks in Financial Statements

Course Overview
This course provides an overview of fraud risks and responsibilities, focusing on the conditions that enable fraud, management's role, and the ethical and legal considerations auditors face. Participants will explore key topics, including fraudulent financial reporting, misappropriation of assets, and management override of controls, along with the behavioral and cultural drivers that contribute to fraud. This course emphasizes fraud prevention, detection, and the importance of ethical decision-making in upholding financial integrity.  

Learning Objectives
Upon completion of this course, you will be able to:
•    Recognize the conditions that enable fraud, including incentive, opportunity, and rationalization
•    Identify fraudulent activities such as fraudulent financial reporting and misappropriation of assets
•    Distinguish between the behavioral and cultural drivers that contribute to fraudulent actions
•    Recall the ethical and legal responsibilities of auditors when addressing fraud risks
•    Determine how management override of controls creates opportunities for fraud

Revision Date:  NEW 1/24/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Audit Fraud Detection: Red Flags and Risk Areas in Financial Reporting

Course Overview

This course equips auditors with the knowledge to identify key red flags and potential fraud in financial reporting. It explores risks related to revenue recognition, internal controls, and compliance, helping auditors spot warning signs of misstatements, weak controls, and suspicious audit evidence. The course also covers various forms of financial fraud, including tactics used to inflate revenue, understate liabilities, mismanage assets, and misreport disclosures.  

Learning Objectives

• Identify red flags in financial statements that suggest potential misstatements or fraud

• Recognize common issues in revenue recognition practices that could indicate improper reporting

• Distinguish between normal financial reporting practices and warning signs of manipulation

• Recognize behavioral red flags that may indicate fraudulent or unethical conduct

• Identify management-related risks in estimates and representations that could affect audit outcomes

• Determine when changes in management behavior require further investigation

• Identify weaknesses in internal controls that may expose the organization to risk

• Select the appropriate response when suspicious or incomplete audit evidence is found

• Distinguish between valid and questionable audit evidence during the audit process

• Recognize red flags in compliance audits that suggest potential violations or regulatory risks

• Identify cybersecurity risks and indicators of inadequate protection measures

• Determine when going concern issues require further assessment or disclosure

• Identify common methods of manipulating revenue and earnings in financial statements

• Recognize indicators of inflating earnings with non-recurring items and overstating deferred revenue

• Distinguish between legitimate and fraudulent journal entries 

• Recognize indicators of backdating transactions and how they can impact financial reporting

• Identify fraudulent activities that involve understating expenses and liabilities in financial statements

• Recognize common schemes for misclassifying financial statement items and manipulating reserves

• Distinguish between legitimate and fraudulent lease classifications under accounting standards

• Identify fraud schemes that involve overstating assets and manipulating equity 

• Recognize fraud indicators related to depreciation, amortization, and stock option accounting

• Differentiate between legitimate and fraudulent related party transactions

• Identify indicators of misleading disclosures and misreporting of foreign currency transactions

• Recognize red flags indicating failure to disclose contingent liabilities

• Distinguish between legitimate and fraudulent consolidation practices

Revision Date 10/6/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Detecting Financial Statement Fraud: Asset, Equity, and Reporting Mismanagement

Course Overview

This course covers fraudulent activities involving asset and equity mismanagement, as well as deceptive reporting practices. It highlights how companies may misstate asset values, manipulate equity, and misreport financial disclosures to mislead stakeholders. By learning to recognize these schemes, auditors can enhance their ability to detect fraud and ensure greater transparency and trust in financial statements.

Revision Date: NEW 10/6/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Detecting Financial Statement Fraud: Revenue, Earnings, and Expense Manipulation

Course Overview

This course provides an overview of common fraudulent practices aimed at inflating revenue and earnings, as well as manipulating expenses. It examines the tactics used by some companies to misstate revenue, manage earnings artificially, and underreport or misclassify expenses. Understanding these fraudulent schemes allows auditors to better identify signs of manipulation.

Revision Date: New 10/27/25

Types of Financial Statement Fraud: Key Schemes and How They Are Carried Out

Course Overview

This course provides an overview of the various forms of financial fraud and manipulation that can distort financial statements and mislead stakeholders. It addresses tactics used by some companies to artificially inflate revenue, understate liabilities, mismanage assets, and misreport disclosures. By understanding these fraudulent practices, auditors can better identify these types of frauds and ensure more accurate and transparent financial reporting for stakeholders.

Revision Date: NEW 10/27/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
Click here to view cancellation and record retention policies

Engineered Transactions and the Illusion of Strong Cash Flow

Course Overview

This course looks at how companies can structure transactions to make operating cash flow appear stronger without actually changing the underlying business results. It covers techniques like contract design, milestone or staged payments, third-party and related-party arrangements, prepayments, and structured settlements. You'll see how these engineered transactions can temporarily boost reported liquidity and learn what to look for to tell when cash inflows come from transaction design rather than true operational activity.

Learning Objectives

Upon completion of this course, you will be able to:

• Identify transactions designed to create the appearance of higher operating cash flow

• Recognize how contract structuring, third-party arrangements, and staged payments affect reported liquidity

• Determine when prepayments, deposits, or settlements may distort operating cash flow

• Differentiate legitimate transaction design from engineered arrangements intended to manipulate liquidity

Fraud Exposed - From Statement Tricks to Cash Flow Manipulation

Course Overview

This course explores how companies can manipulate financial statements and cash flow to mislead stakeholders. It covers schemes such as inflating revenue, understating liabilities, mismanaging assets, and misreporting disclosures. Participants will also learn how cash flow can be distorted through classification and timing tactics, transaction structuring, prepayments, and other arrangements. The course highlights disclosure and presentation strategies, including selective narratives and non-GAAP measures, helping auditors recognize red flags and improve transparency in financial reporting.

How Cash Flow Classification Can Mislead Financial Statement Users

Course Overview

This course walks through common ways companies can influence reported cash flow through classification decisions. It focuses on practices such as presenting financing inflows as operating cash flows, factoring receivables, and using supplier finance programs. Along the way, it shows how these choices can change reported operating cash flow and liquidity measures, and why those changes matter when analyzing the financial statements. 

Learning Objectives

Upon completion of this course, you will be able to:

• Identify ways cash flows can be misclassified to inflate operating cash flow

• Recognize the impact of reclassifying financing activities on liquidity metrics

• Differentiate between legitimate and manipulative classification of receivables and supplier finance

• Determine how classification choices affect financial statement analysis

How Disclosure Choices Can Hide Cash Flow Weaknesses

Course Overview

This course looks at how the way companies present and disclose information can hide cash flow issues. It covers things like narrative disclosures, combining line items, and using non-GAAP liquidity measures. As you work through the course, you'll see how these choices can shape how investors, analysts, and other financial statement users perceive a company's cash flow and overall liquidity.

Learning Objectives

Upon completion of this course, you will be able to:

• Identify disclosure practices that obscure cash flow trends

• Recognize aggregation and line-item presentation choices affecting liquidity

• Determine the impact of non-GAAP measures on interpretation

• Distinguish presentation from techniques that conceal cash flow issues

Identifying Timing Based Cash Flow Management Strategies

Course Overview

This course looks at how the timing of cash coming in and going out can affect reported liquidity. It covers common tactics like speeding up collections, slowing down payments, and using short-term window dressing near period end. As you work through the material, you will see how these timing choices can make cash flow look stronger in the short run, while often leading to swings in future periods.

Learning Objectives

Upon completion of this course, you will be able to:

• Identify methods for accelerating inflows and delaying outflows

• Recognize short-term window dressing techniques

• Determine potential long-term effects of timing-based strategies

• Distinguish routine cash management from timing-based manipulation

Spotting Trouble: How Auditors Address Illegal Acts

Course Overview

This course outlines the responsibilities auditors have when addressing possible illegal acts during an audit. It covers the definition of illegal acts in the audit context, how such acts may affect financial statements, and the practical limits of what auditors can detect. Major topics include recognizing signs of violations, evaluating their impact, responding appropriately when issues arise, and communicating with management and the audit committee. Learners will understand how to apply professional judgment, document findings, and follow procedures that align with auditing standards, including guidance from PCAOB AS 2405 and Auditing Interpretation AI 13. The course also discusses the intersection of internal controls and legal compliance, providing practical examples to illustrate key concepts. 

Learning Objectives

Upon completion of this chapter, you will be able to:

• Identify types of illegal acts auditors may encounter and their impact on financial statements

• Recognize signs that may indicate possible illegal acts in audit evidence

• Distinguish illegal acts from changes in accounting principles, estimates, and error corrections

• Determine appropriate responses when a possible or detected illegal act arises

• Select proper methods for communicating findings to management and the audit committee

• Recall key guidance from PCAOB AS 2405 and Auditing Interpretation AI 13

Understanding Cash Flow Games Companies Play

Course Overview

This course looks at the ways companies can influence operating cash flow and make liquidity appear stronger than it really is. It covers common methods, including reclassifying activities, factoring receivables, and using supplier finance programs. Timing-based tactics, such as accelerating collections or delaying payments, are also reviewed. The course examines how transaction structures, prepayments, and other arrangements can affect cash flow. Finally, it highlights disclosure and presentation practices that can hide liquidity issues, including selective narrative disclosures and the use of non-GAAP measures.  

Learning Objectives

Upon completion of this course, you will be able to:

• Identify ways cash flow can be misclassified or timed to make liquidity appear stronger

• Recognize the impact of reclassifying activities, factoring, and supplier finance on operating cash flow

• Differentiate routine cash management from strategies designed to manipulate liquidity

• Determine how transaction structuring, prepayments, and staged arrangements can affect reported cash flow

• Identify disclosure and presentation practices that can obscure cash flow trends

• Recognize the effect of aggregation and non-GAAP measures on interpreting liquidity

• Distinguish legitimate financial reporting choices from techniques intended to mislead