Accounting for the New Lease Standard-2021 ASU 2016-02 and Other AmendmentsCode: 22-LEASESTD

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Course Details

232 pages

Objectives: The objective of this course is to address the new auditor reporting standards issued by the Auditing Standards Board as SAS No.  134-141. 

Topics include: An overview of the new  auditor's report found in  SAS No. 134's AU-C 700A, including the new report's 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 auditor's report, positioning of sections of that report, the new ERISA Section 103(a)(3)(C) audit (formerly a limited-scope audit) and the auditor's report thereon, expanded audit procedures and communications required by auditors of ERISA-plan financial statements;  changes made by SAS No. 137 to the auditor's procedures and reporting on other information, changes made to the definition of materiality by SAS No. 138,  changes made to special reports by SAS No, 139, and amendments made by SAS No. 140 to supplementary information, required supplementary information,  compliance audits,  interim financial information, and audits of internal control over financial reporting. 

After reading the 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 auditor's report
  • Recognize the order in which certain sections of the new auditor’'ccordance with PCAOB standards
  • Recognize the requirements and limitations with respect to communicating on key audit matters in accordance with new AU-C 701
  • Identify examples of acceptable and unacceptable headings to use in modified reports under new ASU-C 705A
  • Recognize the order in which certain sections of a modified opinion should be presented in the new auditor's 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-matter or 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 in newly 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 "other information"  and "annual report" as used in the newly issued SAS No. 137 pertaining to auditing and reporting other information.
  • Recall how an auditor should label other information in the auditor's report.
  • Recognize the new definition of materiality found in SAS No. 138
  • Identify certain paragraphs in the new auditor's report on a special purpose framework.
  • Recognize how an auditor should present required supplementary information under SAS No. 140's amendment of AU-C 730

Presentation Method:  QASSelf-Study

Category: Accounting

CPE credit:  8 Hours

Program Level:  Overview

Prerequisites:  Basic understanding of GAAP

Advance Preparation:  None

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


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