Major Changes to Auditing Standards: SAS #122-133

Price: $76.00

CPE Credits: 8.0

Category:

Course Number: AUSTANSF

auditing standards cpe SAS 122-133

Description:

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 the new standards.  Table of Contents 

Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: General understanding of auditing standards

Advanced Preparation: None

Author: Steven Fustolo, CPA

Publication: January 2016
Update: April 2018

Format: PDF
Pages: 257

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should 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

Description:

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 the new standards.  Table of Contents 

Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: General understanding of auditing standards

Advanced Preparation: None

Author: Steven Fustolo, CPA

Publication: January 2016
Update: April 2018

Format: PDF
Pages: 257

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should 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
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