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Fair Value Measurements of Financial Instruments: Audit Considerations
CPE Self-study

Fair Value Measurements of Financial Instruments: Audit Considerations

Covers the development of tests of controls and substantive tests for financial instruments.

$79 - $99
Do you have an AICPA membership? Log in to apply your member discount.

Format

Online

NASBA Field of Study

Auditing

Level

Basic

CPE Credits

4

Author(s)

Dereck Barr-Pulliam

Availability

1 year

Learning Outcomes
  • Identify the significant risks and relevant assertions in assessing the risk of material misstatement of financial instruments included in the financial statements.
  • Identify the key concepts of professional skepticism to the audit of financial instruments.
  • Indicate whether it is appropriate to engage or rely on an employed valuation specialist during a financial statement audit that includes financial instruments.
  • Identify key elements in understanding the entity that will assist in evaluating the appropriateness of the entity's segregation of duties and the effectiveness of management's valuation approach.
  • Identify activities that can be performed by the internal audit function related to the valuation of and control procedures for financial instruments.
  • Identify considerations management should apply when relying on third-party pricing specialists and other valuation specialists.
  • Recall the audit requirements for assessing the appropriateness of impairment loses related to financial instruments and reasonableness of management's reported fair value measurement.
Key Topics
  • Definition of financial instruments
  • Planning considerations when auditing financial instruments
  • Testing of financial instruments in audit
  • Risk-based auditing and valuation of financial instruments
Product Details

View financial instruments on multiple dimensions.

This CPE course will assist you in developing tests of controls and substantive tests for financial instruments with an emphasis on viewing financial instruments on multiple dimensions. You will examine how the differences in those dimensions affect financial reporting and review examples of control objectives, related controls, and illustrative tests of controls for financial instruments. This course also covers:

  • General auditing considerations
  • Internal controls related to financial instruments
  • Risk-based auditing
  • Valuation of financial instruments
  • Concluding and reporting
Pricing
Do you have an AICPA membership? Log in to apply your member discount.
Nonmembers
Online
$99.00
AICPA Members
Online
$79.00

Looking for group pricing?

We can help with group discounts. Call us at 1-800-634-6780 (option 1) or email us at salessupport@aicpa.org

Contact us
Credit Info
CPE Credits
Online
4
NASBA Field of Study
Auditing
Level
Basic
Prerequisites
None
Access
Online
This is a digital product. You will have access to the content for 1 year after purchase date.
Instructors
Dereck Barr-Pulliam
PhD, CPA, CIA
Dereck Barr-Pulliam is an Assistant Professor in the Accounting & Information Systems Department within the Wisconsin School of Business. He earned a PhD from the University of Mississippi in 2014. He is a certified public accountant and a certified internal auditor. He spent six years in practice as a senior internal auditor for Federal Express in both its domestic and international operations. Dereck's research focuses on two primary areas: expertise with a specific emphasis on internal and external auditors as experts and their use of others' expertise and the strategic interaction between auditors and managers. He uses psychology and economics-based theories and both experimental and archival data to examine various topics within these two primary areas.
Accessibility

The Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association's website, educational materials, products, and services. The Association is committed to making professional learning accessible to all. This commitment is maintained in accordance with applicable law. For additional information, please refer to the Association's Website Accessibility Policy. For accommodation requests, please contact adaaccessibility@aicpa-cima.com and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately.

Fair Value Measurements of Financial Instruments: Audit Considerations
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Online
$99.00
Nonmember Price
$99.00
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