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3.0 Credits

Many small- and mid-size entities hold less complex investments, including 'plain vanilla' derivatives (such as interest rate swaps). This module will provide an overview for evaluating the proper recognition, measurement and disclosure of common investments types.


  • Explain typical audit risks associated with auditing common investments
  • Discuss how to tailor the audit plan to assessed risks of material misstatement
  • Describe accounting for common derivatives
  • Explain fair value presentation and disclosure requirements

Major Topics

  • Overview of common investment types
  • Typical audit risks and related audit procedures
  • Investments in other entities
  • Understanding common 'plain vanilla' derivatives, like interest rate swaps
  • Fair value disclosure, including applying the fair value hierarchy

Designed For

Accountants responsible for accounting for or auditing less complex investments, including 'plain vanilla' derivatives


Familiarity with SASs and FASBs