New Audit Reporting Standards: SAS Nos. 134-139Code: 21-AUDSAS

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Course Details


233 pages

 

Content: 

The objective of this course is to address the new auditor reporting standards issued by the Auditing Standards Board as SAS No.  134-139. 


Topics include an overview of the new auditorís report found in SAS No. 134ís AU-C 700A, including the new reportís format, positioning of sections within the report, title, headings, and expanded language; amendments made to various reporting standards by SAS No. 135; a review of THE new ERISA plan audit standard found in SAS No. 136, AU-C 703, including the format of the new ERISA-plan auditorís report, positioning of sections of that report, the new ERISA Section 103(a)(3)(C) audit (formerly a limited-scope audit) and the auditorís report thereon, expanded audit procedures and communications required by auditors of ERISA-plan financial statements; changes made by SAS No. 137 to the auditorís procedures and reporting on other information, changes made to the definition of materiality by SAS No. 138, and changes made to special reports by SAS No, 139, and more.  


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


  • Identify the types of audit reports that can be issued under new AU-C 700A

  • Identify the definition of a written report

  • Recognize an acceptable title for an auditorís report

  • Recognize the order in which certain sections of the new auditorís report should be presented inAU-C 700A

  • Recall how an auditor should report when conducting an audit in accordance with PCAOBstandards

  • Recognize the requirements and limitations with respect to communicating on key audit mattersin accordance with new AU-C 701

  • Identify examples of acceptable and unacceptable headings to use in modified reports under newASU-C 705A

  • Recognize the order in which certain sections of a modified opinion should be presented in thenew auditorís report in AU-C 705A

  • Recognize examples of modified opinions as defined in AU-C 705A

  • Identify examples of situations in which an auditor must or may include an emphasis-of-matteror other-matter paragraph as required by new AU-C 706A

  • Recall examples of fraud risk factors expanded by SAS No. 135

  • Identify expanded procedures auditors of ERISA-plan financial statements must perform innewly issued SAS No. 136, including a review of the draft Form 5500

  • Identify the new ERISA Section 103(a)(3)(C) audit in SAS No. 136

  • Recognize the scope of the terms ďother informationĒ and ďannual reportĒ as used in the newlyissued SAS No. 137 pertaining to auditing and reporting other information, and

  • Recall how an auditor should label other information in the auditorís report.

  • Recognize the new definition of materiality found in SAS No. 138

  • Identify certain paragraphs in the new auditorís report on a special purpose framework.


Delivery 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

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