Bold New Auditing Standards for 2020 in SAS 135 (Completed)

SAS 135,Omnibus Statement on Auditing Standards –2019, makes bold changes by more closely aligning the Standards of the ASB for non-issuing entities with those of the PCAOB and issuing entities. SAS 135amends the following AU-C Sections:

AU-C section 260, Communications with Those Charged with Governance
AU-C section 550, Related Parties
AU-C section 240, Consideration of Fraud in a Financial Statement Audit

In addition to the changes made in SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, which replaced:

Section 700, Forming an Opinion and Reporting on Financial Statements
Section 705, Modifications to the Opinion in the Independent Auditor’s Report
Section 706, Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor’s Report

SAS 135eliminated unnecessary differences between the ASB guidance and PCAOB standards. Therefore, auditors who perform audits under both sets of auditing standards will experience more consistency between the guidance and standards thereby enhancing audit quality.

Who Should Attend
The course is intended to be for any professional that is responsible for a non-issuing entity having an audit, is the auditor of an entity, or is the user of the auditor’s report on an entity.

Topics Covered

• The form of an auditor's report
• New inclusions in the audit report for independence and professional ethics, inclusions regarding the "Going Concern" concept
• New requirements for management and auditor responsibilities for the audited entity
• New Emphasis of Matter paragraphs and Other Matter paragraphs in the auditor's report
• Related parties
• Special considerations
• Communication with those charged with governance

Learning Objectives

• Recognize how to implement the new and extensive audit report format, disclosures, and procedures

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
General understanding of auditing standards.

Advance Preparation
None