Major Changes to Auditing Standards: SAS #122-131

Price: $76.00

CPE Credits: 8.0

Category:

Course Number: AUSTANSF

auditing standards cpe

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. 122-131. 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 2017

Format: PDF
Pages: 246

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 ASB Clarity Project and how each 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 revised 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 revised audit report
  • Identify the new type of paragraph that is permitted in the audit report
  • Identify some examples of 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 the new 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
  • Recognize the definition of fraud
  • Recognize some of the procedures an auditor should design and perform to identify litigation, claims and assessment
  • Identify at least one procedure an external auditor should perform with respect to internal auditors

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. 122-131. 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 2017

Format: PDF
Pages: 246

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 ASB Clarity Project and how each 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 revised 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 revised audit report
  • Identify the new type of paragraph that is permitted in the audit report
  • Identify some examples of 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 the new 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
  • Recognize the definition of fraud
  • Recognize some of the procedures an auditor should design and perform to identify litigation, claims and assessment
  • Identify at least one procedure an external auditor should perform with respect to internal auditors
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