Specific New Auditing Standards in SAS 134 for 2020

Author: Pat Patterson

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

Publication Date: January 2020

Designed For
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

• Changes from Revisions to Auditing Standards
• Converge, Converge, Converge
• PCAOB Auditor Reporting Model
• Summary of Significant Changes
• New Standard ” SAS 134 is here!!!
• Specific Changes by Sections
• AU”C Section 700: Forming an Opinion and Reporting on Financial Statements
• Auditor's Report
• Other Matters in SAS 134
• Illustrations of Specific Considerations

Learning Objectives

• Identify how to implement the new and extensive audit report format, disclosures, and procedures
• Differentiate AU-C sections and how they apply to the auditor's responsibilities
• Recognize when the updates to SAS sections by the ASB is effective
• Identify how AU-C sections apply to financial statements
• Differentiate the "Opinion" section of the auditor's report and what is included
• Identify where the auditor's report should name the city and state
• Describe what should be exercised and maintained by the auditor in accordance with GAAS

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
General understanding of auditing standards.

Advance Preparation
None