Specific New Auditing Standards in SAS 134 for 2020 (Completed)

SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements makes major changes to the form and content of the non-issuing auditor’s report for non-issuing entities. This course will address specific changes to the standards for the auditor’s responsibility in forming an opinion. Further, changes have been made so users will benefit by having the auditor’s report format changed and the presentation will address the format change and the content changes which were made for added transparency purposes for the auditor’s opinion and auditor and management responsibilities. SAS 134 changes auditor reporting standards including a new AU-C Section 701, Communicating Key Audit Matters in the Independent Auditor’s Report. SAS 134 also replaces three AU-C Sections. These sections will be dealt with in the course:
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

This course will also examine the SAS 134 amendments to SAS 122 Sections as follows:
Section 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards
Section 210, Teems of Engagement
Section 220, Quality Control for an Engagement Conducted in Accordance with
GAAS
Section 230, Audit Documentation
Other Sections as considered necessary

Who Should Attend
The course is intended to be for any professional that is responsible for an 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
• Modifications to Opinions
• New inclusions in the audit report for independence and professional ethics
• New inclusions regarding the "Going Concern" concept
• New requirements for management responsibilities for the audited entity
• New requirements for auditor responsibilities for the audited entity
• New Emphasis of Matter paragraphs and Other Matter paragraphs in the auditor's report
• New issues on Engagement Letters and terms of engagements
• Audit Documentation
• Consideration of Fraud

Learning Objectives

• Identify 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