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
Instructor
Salvatore Collemi
Salvatore A. Collemi, CPA is the Managing Member and Founder of Collemi Consulting and Advisory Services, LLC where he relies on over two decades of global business experience to guide U.S. and International public accounting firms, litigation attorneys, valuation experts, the C-suite and related institutions that support the profession in order to promote and enhance audit quality.
His practice provides outsourced high-level strategic and technical accounting & auditing guidance. Services include a full range of U.S. and International accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review & PCAOB Inspection preparation, perform internal inspections, customized CPE training, independence & ethics consultations, etc. Salvatore is also a keynote speaker at company retreats and conferences. His past work experience at the U.S. Securities and Exchange Commission and the AICPA, combined with his previous roles as external auditor and technical partner to both national and international public accounting firms, gives him a keen understanding into the mindset of both regulators and standard-setters that he shares with his clients.
As a recognized subject matter expert on International Financial Reporting Standards (IFRS), Salvatore was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014. Salvatore also served as AICPA liaison to the International Federation of Accountants (IFAC) Transnational Auditors Committee and Global Peer Review Subcommittee to assist in the development of their international quality assurance review program.
For more information about Salvatore, visit Collemi Consulting & Advisory Services, LLC and LinkedIn.