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Auditing Complex Investment Types (Audit Skills Training - Level 5) (A5M3)

  • Customer Rating
    Not Yet Rated
  • Field of Study
    Auditing
  • Level
    Advanced
  • Credits
    3
  • Qualifies for

    CPE

Overview

Entities may have more complex investments, such as non-readily marketable securities that trade in an inactive market or use unobservable inputs for fair value determination. This module discusses the key considerations when auditing common complex investment types.

Major Topics:

  • The fair value measurement process, including non-readily marketable securities
  • Auditing fair value measurement and disclosure, including alternative investments and complex derivatives
  • Using a specialist for fair value determination, including Service Organization Control Report considerations
  • Example accounting for complex derivatives, such as put options and embedded derivatives
  • Fair value hierarchy considerations for disclosures related to non-readily marketable investments

Learning Objectives

  • Discuss types of non-readily marketable securities
  • Describe fair value modeling techniques for Level 3 assets
  • Explain the requirements when using the work of a specialist in auditing investments
  • Discuss using Service Organization Control Reports as audit evidence
  • Describe fair value presentation and disclosure for complex investments

Who should take this course:

Designed for:

Accountants who account for or audit more complex or non-readily marketable securities

Prerequisite:

Experience on complex audit engagements

Advanced Preparation:

None

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