Last fall we did a project for a top 30 accounting firm where we developed and facilitated a series of audit training webinars we dubbed The Cornerstones of Audit. This curriculum consisted of the following 5 webinars:

1. Assessing and responding to risk – the risk assessment process
2. Understanding the entity and its environment, including its system of internal control
3. Analytical procedures
4. Audit sampling
5. Auditing estimates and related disclosures, including the use of specialists

Due to the success of the webinars and the fact that many of our other clients were requesting audit training, we made a stretch goal for 2023 to launch our own audit eLearning library. And I’m excited to announce that today that goal has become a reality!

Well sort of. As of today, we have two courses that have been launched. However, I can confirm that by next week we will have the following eight courses, in two course collections, available to learners (applicable auditing guidance covered in parenthesis):

Introduction to Audit (collection)

1. Introduction to the audit and the independent auditor (AU-C Section 200 / AS 1001, AS 1005, AS 1010, AS 1015, and AS 1101) – 1.0 CPE
2. Audit planning and materiality (AU-C Sections 300 and 320 / AS 2101 and AS 2105) – 1.0 CPE
3. Audit evidence (AU-C Section 500 / AS 1105) – 1.0 CPE
4. Supervision, audit documentation, and review (AU-C Sections 220 and 230 / AS 1201, AS 1215, and AS 1220) – 1.0 CPE

Notice that our audit training courses cover both U.S. GAAP (AU-C) and PCAOB Auditing Standards (AS)! In addition, the Auditing Standards Board (ASB) believes that its redrafted standards, as part of its Clarity Project, have converged U.S. GAAS with International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB), so our international audit firm clients are also covered!

Internal Controls – The Essentials (collection)

5. Understanding the entity, including its system of internal control (AU-C Section 315 / AS 2110) – 1.5 CPE
6. Evaluating the design and implementation of identified controls (AU-C Section 315 / AS 2110) – 1.5 CPE
7. Testing the operating effectiveness of internal controls (AU-C Section 330 / AS 2201) – 1.0 CPE
8. Evaluating control deficiencies and communicating with management (AU-C Section 265 / AS 1305) – 1.0 CPE

As auditors, I’m sure you’re aware that SAS 145 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement is effective for audits of financial statements for periods ending on or after December 15, 2023…so this year! Although this standard does not fundamentally change the key concepts underpinning audit risk, the guidance will nonetheless have a significant impact on many accounting firms, which is why our clients have requested training on it. Luckily, the first two courses in the above collection have you covered!

Also, if you’re on a PCAOB engagement, there are additional considerations for performing an integrated audit, so we are planning an additional course, Considerations for an integrated audit under AS 2201 (1.5 CPE), that is scheduled to be released by the end of the month.

And with GAAP Dynamics you know it’s going to be fun! Check out the introductory video for our Understanding the Entity, including its System of Internal Control course where the theme was Scooby Doo!

Obviously, I was the narrator, but can you guess who the voice talent was for Daphne, Shaggy, and Scooby? Check out our audit eLearning library for more videos and themes as the courses are released throughout the summer.

Speaking of summer, we have a special summer offer for you! In celebration of our launch, we’re offering extended subscriptions to our audit eLearning library for a discounted price of $500 per person. Upon registering for the subscription, you’ll get access to all the existing and soon-to-be-released audit training courses in the library throughout the term of your subscription period which ends on December 31, 2024.

If you’re an accounting firm with 10 or people looking for audit training, we can also offer you a free branded site for your people to access the training or, for an additional fee, we can even put the training on your LMS!

But hurry, this offer expires when summer is over (September 21, 2023)! To take advantage of this offer, contact us directly.

In a future post, we’ll update you on the release dates of the remaining audit training courses within our audit eLearning library, but you can also check out our progress here. Realization of this goal has truly been a team effort and I would personally like to thank all the professionals at GAAP Dynamics for their hard work on this initiative. We did it!

About GAAP Dynamics  

We’re a DIFFERENT type of accounting training firm. We don’t think of training as a “tick the box” exercise, but rather an opportunity to empower your people to help them make the right decisions at the right time. Whether it’s U.S. GAAP training, IFRS training, or audit training, we’ve helped thousands of professionals since 2001. Our clients include some of the largest accounting firms and companies in the world. As lifelong learners, we believe training is important. As CPAs, we believe great training is vital to doing your job well and maintaining the public trust. We want to help you understand complex accounting matters and we believe you deserve the best training in the world, regardless of whether you work for a large, multinational company or a small, regional accounting firm. We passionately create high-quality training that we would want to take. This means it is accurate, relevant, engaging, visually appealing, and fun. That’s our brand promise. Want to learn more about how GAAP Dynamics can help you? Let’s talk!

Disclaimer  

This post is published to spread the love of GAAP and provided for informational purposes only. Although we are CPAs and have made every effort to ensure the factual accuracy of the post as of the date it was published, we are not responsible for your ultimate compliance with accounting or auditing standards and you agree not to hold us responsible for such. In addition, we take no responsibility for updating old posts, but may do so from time to time.