Auditor's Reporting Standards
Author: Salvatore Collemi
| CPE Credit: |
2 hours for CPAs |
The Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) completed their project to update the requirements surrounding the auditor’s report. With the issuance of so many new Statements on Auditing Standards (SAS) (Nos. 134 thru 141), effecting the entire AU-C 700 series of Professional Standards, there are more requirements that audit engagement teams will need to know.
This course will walk you through the key areas of those new requirements. The auditor’s report, while maintaining a good amount of the extant language, will be expanded as a result of the new standards!
Publication Date: November 2022
Designed For
Practitioners in public practice who conduct audits of privately-held companies.
Topics Covered
- Introduction
- Overview
- New Auditor's Reporting Standards — SASs 134 - 141
Learning Objectives
- Identify the new requirements of the reporting under the AICPA's Professional Standards
- Recognize the new form and content of the updated auditor's report and when and how to modify it
- Identify the SAS that was issued in May 2019 to improve the transparency and relevance of the communication in the auditor's report
- Identify a characteristic/change with respect to SAS No. 134
- Identify the type of audit that will now be referred to as an "ERISA Section 103 (a)(3)(C)" audit, subsequent to the release of SAS No. 136
- Identify the key auditing concept addressed by SAS No. 138
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
General knowledge of AICPA Professional Standards.
Advance Preparation
None
