Proposed NEW SAS & Auditor Reporting (Completed)

Date: Tuesday, September 25, 2018
Instructor: Pat Patterson
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs

Significant Changes to Auditor's Reports for Audits of Non-Issuers
Learn about the new professional standard of Statements on Auditing Standards – Auditor Reporting Financial. This change in the standards represents significant changes in authoritative professional standards concerning audit reporting in the area of forming an opinion and reporting on financial statements. The proposed SAS is intended to converge with ISA 700 (Revised) and, if issued as final, would change the form and content for all auditor’s reports issued for audits of non-issuers.

Consistency with PCAOB Auditor Reporting Model
These changes would be consistent with the changes to the auditor’s report resulting from the IAASB’s new and revised ISAs, and would be consistent with the new PCAOB auditor reporting model with respect to the positioning of the sections “Opinion” and “Basis for Opinion.” The existing requirements relating to forming an opinion on the financial statements, and the form of the opinion, generally would remain unchanged. Included are areas of Communicating Key Audit Matters in the Independent Auditor’s Report, Modifications to the Opinion in the Independent Auditor’s Report, Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor’s Report These subjects are explained and discussed.

Who Should Attend
Professionals in public practice, business, industry, government, and education who deal with nonpublic entities and need a course on how to handle the new major auditing issues of auditor reporting.

Topics Covered

  • Communicating Key Audit Matters
  • Modifications to the Opinion
  • Transition to the new standard and effective dates
  • Section 210, Terms of Engagement
  • Section 220, Quality Control for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards, as amended
  • Section 230, Audit Documentation, as amended
  • Section 260, The Auditor's Communication With Those Charged With Governance, as amended
  • Section 510, Opening Balances—Initial Audit Engagements, Including Reaudit Engagements
  • Section 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
  • Section 600, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors), as amended

Learning Objectives

  • Identify recently issued new Statements on Auditing Standards — Auditor Reporting
  • Describe key audit matters in the independent auditor's report
  • Recognize the new form and content of modifications to the opinion in the Independent Auditor's Report
  • Identify new meanings of the Emphasis of Matter Paragraphs and Other Matter Paragraphs
  • Differentiate opening balances—Initial Audit Engagements, Including Reaudit Engagements
  • Identify effective dates, reporting requirements, disclosure requirements, and related matters as deemed appropriate

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
General knowledge of generally accepted auditing standards.

Advance Preparation
None

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