Auditing Standards Update for CPAs (Currently Unavailable)

Author: Pat Patterson

CPE Credit:  2 hours for CPAs

This presentation will inform participants of the latest issues from the ASB and the AICPA for private entities. New and revised audit standards and pronouncements will be discussed. The impact of the Auditing Clarity Project and the revised auditing standards will be examined for current application.

Publication Date: February 2016

Designed For
Professionals in public practice, industry, government, and education who deal with nonpublic entities and wish to stay current on professional standards.

Topics Covered

  • New releases from the Auditing Standards Board.
  • New releases from the AICPA regarding private company audits.
  • An advanced look at disclosure and documentation standards will be made for changes required by new ASB standards
  • Further updates that impact on the auditing professional standards including new Quality Control Standards and their requirements.
  • Ethics Interpretation 101-3 will be explored for revisions and updates in attest/nonattest applications as released or considered by the Professional Ethics Executive Committee.
  • Any other matters deemed appropriate and timely
  • Changes in SAS 122-126

Learning Objectives

  • Recognize the auditing pronouncements that may impact private companies that come from the ASB of the AICPA
  • Identify other new audit releases that may affect the non issuing entities
  • Recognize any new auditing standards recently issued and to review some of the Clarified Auditing Standards that are substantive
  • Differentiate the AICPA's Accounting Standards Board (ASB) and what was behind changes involving convergence with international standards, clarity, and codification
  • Identify how to issue audit reports under AU Section 705-C
  • Recognize the goals of the ASB clarity project when it comes to convergence
  • Identify the section superseded by SAS 124
  • Determine which section to reference in order to learn responsibilities in connection with issuing a comfort letter
  • Recognize a special purpose framework under AU-C Section 800
  • Identify which organization would be used as the authoritative source for applying the most current auditing standards at a low cost
  • Recognize which SAS to consult concerning internal control matters in an audit
  • Identify which paragraph would be used while performing an audit using the new format to present content already presented or disclosed by management
  • Recognize when to replace the term "unqualified opinion" when applying the new standard in writing an auditor's report
  • Differentiate where you would identify the client, assert the financial statements have been audited, and present the title, date, and period of each audited financial statement
  • Evaluate the role of a group engagement partner under the updated standards
  • Identify the major concern to focus on when applying SAS 119
  • Determine when to comply with the requirements of SAS 124 when conducting an audit
  • Differentiate the sections where you would find the policies and procedures addressing matters such as the "tone at the top" under SQCS 8

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
Understanding of and Auditing Standards

Advance Preparation
None

">
 Chat — Books Support