Course Details
Author: Steven C. Fustolo, CPA
Mr. Fustolo is a partner with the Boston CPA firm of James J. Fox & Company and Director of the National Tax Institute, Inc. He is a frequent lecturer and author of numerous tax and accounting issues affecting closely held businesses. An AICPA author, Mr. Fustolo’s articles are regularly featured in The Practical Accountant and other publications. He is the author of Practice Issues: Compilation and Review, Accounting and Auditing Reference Guide, Everything You Never Wanted to Know About GAAP, Enron: Fraud, Deception and the Aftermath, FASB Review for Industry, and FASB, SSARS and SAS Update and Review and numerous other books and manuals that have been published by Practitioners Publishing Company (PPC) and Commerce Clearing House (CCH). He is the recipient of several Outstanding Discussion Leader awards from many professional organizations including the New York and Florida Societies of CPAs. Mr. Fustolo’s course entitled FASB, SSARS and SAS Update and Review continues to receive accolades and is regarded as one of the top live CPE programs in the country today with ratings that average 4.91 on a scale of 5.0. He speaks regularly for professional groups including being a guest lecturer at the AICPA Advanced Accounting and Auditing Technical Symposium. Mr. Fustolo is the recipient of the Elijah Watts Sells Award (AICPA) and Silver Medal (Massachusetts) for scores received on the CPA Examination.
Publication/Revision Date: 2/9/2026
Course Exam Questions (online): 80 (multiple-choice)
Program Delivery Method: NASBA QAS Self-Study
Available Formats of Course Text: PDF or PDF plus printed copy sent in the mail
Course Level, Prerequisites, and Advance Preparation Requirements
| License | Course Level | Prerequisites | Advance Preparation Requirements |
|---|
| CPA | Overview | None | None |
* This program is appropriate for professionals at all organizational levels.
Sponsor ID Numbers
National Registry of CPE Sponsors I.D.: 107615
State CPA Board Sponsor ID Numbers (where applicable)
Florida Division of Certified Public Accounting: 0004761
Hawaii Board of Public Accountancy: 14003
New York State Board for Public Accountancy: 002146
Ohio Accountancy Board: CPE .51 PSR
Pennsylvania State Board of Accountancy: PX178025
Texas State Board of Public Accountancy: 009349
Learning Objectives
As a result of studying the course material, you should be able to meet the objectives listed below:
Section 1- Review the method used to estimate credit losses under ASU 2016-13
- Recognize the two elections ASU 2025-05 requires if an entity wishes to use subsequent collections to measure the year end allowance account for accounts receivable
- Identify how to account for the PTE tax on company financial statements
- Identify a scenario in which it would be impracticable for an auditor to attend a physical inventory
- Recognize an advantage of remote auditing
- Recognize a behavioral trait of most occupational fraudsters
- Recognize the difference between fraud and an error
- Recall the three conditions of the fraud triangle
- Identify common types of financial statement fraud noted by the FBI
- Recognize an example of a misappropriation of assets
- Identify an additional procedure required to deal with the risk of management override of internal controls
- Recognize a factor to consider in evaluating going concern of an entity
- Recall how an investment in equity security should be accounted for under GAAP
- Recognize the new sales tax rules in the wake of the Wayfair decision
- Recognize an example of a coverage ratio
- Recall the timeframe within which most lawsuits against auditors occur, and
- Identify a recommendation to tighten up auditor workpapers.
Section 2- Identify a suggestion for an auditor reducing time and increasing audit efficiency
- Recognize when negative accounts receivable confirmations should not be used
- Identify the form of a comfort letter that would be appropriate for an accountant to make to a lender
- Recall the rule for an auditor presenting his or her city and state on the audit report
- Identify the rules for an auditor communicating deficiencies found in an audit
- Recognize an example of a result that can occur if there is a problem with a DOL employee benefit plan audit
- Identify a type of fraudster
- Identify how inherent and control risk should be assessed under the SAS No. 143 requirements
- Recall the three approaches that an auditor can use to perform further audit procedures required by SAS No. 143
- Identify some instances in which an auditor may conclude that a specialist's work is not adequate
- Identify a type of risk assessment procedure that an auditor can use in accordance with SAS No. 145
- Recall examples of risk assessment procedures that an auditor may perform in SAS No. 145
- Recognize how to perform risk assessment procedures when relying on information obtained from previous experience with an entity
- Identify examples of risk assessment procedures to obtain audit evidence in accordance with SAS No. 145
- Recognize a new requirement made by SAS No. 145 in connection with assessing inherent risk and control risk in an audit
- Identify how an auditor should respond if the auditor does not plan to test the operating effectiveness of an entity's controls
- Recall the date by which an engagement partner must take responsibility for determining that ethical requirements are fulfilled
- Identify certain requirements an engagement partner must satisfy in performing an audit engagement
- Recognize examples of resources assigned or made available by a firm to support performance of an audit engagement
- Identify a type of unconscious bias defined in SAS No. 146
- Recall a possible action that an engagement team may take to mitigate impediments to exercise professional skepticism
- Identify when a successor auditor should request management to authorize a predecessor auditor's response to the successor auditor's inquiry
- Recognize one of the new inquiries a successor auditor should make of a predecessor auditor by SAS No. 147
- Recall the extent of a predecessor auditor's response to a successor auditor's inquiries when there are certain restrictions on the predecessor auditor.
- Identify an example of a recently issued auditing standard that SAS No. 148 incorporates into amendments to AU-C 935, Compliance Audits
- Recognize one of the five components of a system of internal control identified in SAS No. 145 and incorporated into Au-C 935 by SAS No. 148 amendments
- Recall examples of inherent risk factors related to identifying and assessing risks of material misstatement in a compliance audit, and
- Identify the party required to take overall responsibility for the quality on a group audit engagement in accordance with SAS No. 149.
