New Audit StandardsCode: 22-AUDSTD

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Course Details

69 pages

Objectives: The objective of this course is to address the new auditing standards issued by the Auditing Standards Board as SAS Nos.  142-143.  

The first segment of the course addresses SAS No. 142ís expanded guidance on what comprises audit evidence in a financial statement audit. Topics include: evaluating audit evidence; testing audit evidence; relevance and reliability of audit evidence including its source; susceptibility to management bias; corroborative or contradictory information; evaluating whether information is sufficiently precise and detailed for the auditorís purposes; and use of automated tools and techniques. 

The second segment is a review of SAS No. 143ís guidance on  accounting estimates including the degree of estimation uncertainty; risk assessment procedures related to accounting estimates; identifying and assessing the risks of material misstatement including responses to the assessment; indicators of possible management bias, and more. 

Presentation Method:  Self-Study

Category:  Auditing

CPE credit:  2

Program Level:  Overview

Prerequisites:  General understanding of  U.S. auditing standards

Advance Preparation:  None

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

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