Project Integration Mngt

Why should decision makers trust financial statements?

USD 10.00
instructor
Instructor
Alan Fata
Category
Strat. & Busn. Mngt
Difficulty
Easy
START COURSE
Learning Objectives:
  1. Understand the reasons that financial statements might not be fairly presented.
  2. Describe the mission of the Securities and Exchange Commission (SEC).
  3. Explain the purpose of the EDGAR (Electronic Data Gathering and Retrieval) system.
  4. Discuss the times when state laws apply to corporate securities rather than the rules and regulations of the SEC.
  5. Explain the relationship of the SEC and the Financial Accounting Standards Board (FASB).
  6. Understand the purpose of an independent audit.
  7. List the two primary components of an independent audit.
  8. Explain the function of an independent audit firm.
  9. Describe the steps required to become a Certified Public Accountant (CPA).
  10. List the various services provided by many public accounting firms.
  11. Discuss the necessity for the creation of the Public Company Accounting Oversight Board (PCAOB) and describe its function.
  12. Describe the goal of an auditor in examining an account balance.
  13. List audit tests that might be performed on an account receivable total.
  14. Understand the reason that an independent auditor only provides reasonable assurance and not absolute assurance.
  15. Define “internal control.”
  16. Explain a company’s need for internal control policies and procedures.
  17. Describe the effect that a company’s internal control has on the work of the independent auditor.
  18. Describe the purpose of the independent auditor’s report.
  19. Identify the intended beneficiaries of an independent auditor’s report.
  20. Discuss the contents of the introductory, scope, and opinion paragraphs in an independent auditor’s report.
  21. List problems that might impact the contents of an independent auditor ’s report.
  22. Indicate the method used by decision makers to determine whether an independent auditor has been unable to issue an unqualified opinion.

Other course details:
  1. This is an introductory course that does not require any prerequisite.
  2. This course can be taken on a standalone basis.
  3. This course is chapter 6 in the book titled "Financial Accounting".
  4. It provides 2 PDUs (Technical Skills) towards your PMP professional development education.
Course Features
Credits:
2 PDU
Skill Section:
Strategic & Business Management
Access:
Lifetime
Test Questions:
15