Major Changes in Auditing StandardsCode: 19-SAS

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Course Details


240
 pages

 

Objective: To review recent major changes in auditing standards.

This course explains the significant changes made to auditing standards by the Auditing Standards Board’s Clarity Project that resulted in the issuance of SAS Nos. 122-133. The course is written in a format that provides an overview by allowing the reader to review, recall and identify key provisions within auditing standards.  Level:  Update


After reading the course material, you will be able to:

• Recall the structure of the new ASB Clarity Project and how each new standard is segregated

• Identify categories of laws and regulations that are found in AU-C 250

• Identify the scope of communications an auditor should make with respect to noncompliance

with laws and regulations

• Identify some of the different types of deficiencies in internal control found in a financial

statement audit

• Identify the indicators that may suggest there is a material weakness in internal control

• Identify the information that should be included in a communication of certain deficiencies in

internal control

• Recognize the new audit report title

• Identify examples of headings that should be in the new auditor report

• Recall some of the modified opinion headings found in the new audit report

• Identify the new type of paragraph that is permitted in the audit report

• Identify some examples where an emphasis-of-matter paragraph is required in the audit report

• Identify the new group auditor rules including the responsibilities of parties involved, and the

procedures to be performed

• Identify the different types of special purpose frameworks permitted under auditing standards

• Identify some of the elements that are required in the different types of special purpose reports

• Identify the general types of disclosures requires in special purpose framework financial

statements

• Identify how an auditor can evaluate “professional judgment”

• Recognize some of the elements that must be in an engagement letter

• Identify the requirements that a successor auditor must satisfy in an initial audit engagement

involving opening balances

• Identify an instance in which it may be necessary for an auditor to obtain a positive confirmation

• Identify when an auditor may not be required to use external confirmation procedures

• Identify a procedure an external auditor should perform with respect to an internal auditor

• Define the term “reasonable period of time”

• Identify an example of a mitigating plan as used in the evaluation for going concern

• Recognize how an auditor should report on going concern when there is substantial doubt

• Recall an example of a type of exempt offering covered by SAS No. 133


Presentation Method:  Self-Study

 

Category:  Auditing

 

CPE credit:  8 Hours  

Program Level:  Update

Prerequisites:  None

Advance Preparation:  None

Exam expiration date:  Participants must submit exams for grading within one year from the date of purchase

For more information regarding refunds, complaints, or cancellation policies, please contact our offices at 817-477-0222.

American CPE, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.  State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.   Complaints regarding registered sponsors may be addressed to:  National Registry of CPE Sponsors, 150 Fourth Ave. North, Nashville, TN 37219-2417.  Web site:  www.nasba.org

NASBA Sponsor number 108096

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