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Course Details

Major Changes to Auditing Standards: Auditing Standards Board Clarity Project - SAS Nos. 122-133 - v08 (Course Id 1380)

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Author : Steven C Fustolo, CPA, MBA
Status : Production
CPE Credits : 8.0
IRS Credits : 0
Price : $71.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Auditing - Auditing for Course Id 1380

Description :

This course explains the significant changes made to auditing standards by the Auditing Standards Boards Clarity Project that resulted in the issuance of SAS Nos. 122-133. The course is written in a format that provides an overview by allowing the reader to review, recall and identify key provisions within the new standards.

Usage Rank : 0
Release : 2018
Version : 1.0
Prerequisites : General understanding of auditing standards.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 09-May-2018
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 1380

Keywords : Auditing, Major, Changes, Auditing, Standards, Auditing, Standards, Board, Clarity, Project, SAS, Nos., 122-133, v08, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After reading the course material, you will be able to:
  • Recall the structure of the new ASB Clarity Project and how each new standard is segregated
  • Identify categories of laws and regulations that are found in AU-C 250
  • Identify the scope of communications an auditor should make with respect to noncompliance with laws and regulations
  • Identify some of the different types of deficiencies in internal control found in a financial statement audit
  • Identify the indicators that may suggest there is a material weakness in internal control
  • Identify the information that should be included in a communication of certain deficiencies in internal control
  • Recognize the new audit report title
  • Identify examples of headings that should be in the new auditor report
  • Recall some of the modified opinion headings found in the new audit report
  • Identify the new type of paragraph that is permitted in the audit report
  • Identify some examples where an emphasis-of-matter paragraph is required in the audit report
  • Identify the new group auditor rules including the responsibilities of parties involved, and the procedures to be performed
  • Identify the different types of special purpose frameworks permitted under auditing standards
  • Identify some of the elements that are required in the different types of special purpose reports
  • Identify the general types of disclosures requires in special purpose framework financial statements
  • Identify how an auditor can evaluate professional judgment
  • Recognize some of the elements that must be in an engagement letter
  • Identify the requirements that a successor auditor must satisfy in an initial audit engagement involving opening balances
  • Identify an instance in which it may be necessary for an auditor to obtain a positive confirmation
  • Identify when an auditor may not be required to use external confirmation procedures
  • Identify a procedure an external auditor should perform with respect to an internal auditor
  • Define the term reasonable period of time
  • Identify an example of a mitigating plan as used in the evaluation for going concern
  • Recognize how an auditor should report on going concern when there is substantial doubt
  • Recall an example of a type of exempt offering covered by SAS No. 133

Chapter I
ASBs Clarity Project

After reading the Chapter I course material, you will be able to:
  • Recall the structure of the new ASB Clarity Project and how each new standard is segregated

Chapter II
Replacement SASs with Substantive Changes

After reading the Chapter II course material, you will be able to:
  • Identify categories of laws and regulations that are found in AU-C 250
  • Identify the scope of communications an auditor should make with respect to noncompliance with laws and regulations
  • Identify some of the different types of deficiencies in internal control found in a financial statement audit
  • Identify the indicators that may suggest there is a material weakness in internal control
  • Identify the information that should be included in a communication of certain deficiencies in internal control
  • Recognize the new audit report title
  • Identify examples of headings that should be in the new auditor report
  • Recall some of the modified opinion headings found in the new audit report
  • Identify the new type of paragraph that is permitted in the audit report
  • Identify some examples of where an emphasis of matter paragraph is required in the audit report
  • Identify the new group auditor rules including the responsibilities of parties involved, and the procedures to be performed
  • Identify the different types of special purpose frameworks permitted under the new auditing standards
  • Identify some of the elements that are required in the different types of special purpose reports
  • Identify the general types of disclosures requires in special purpose framework financial statements

Chapter III
Other Selected New SASs- Clarifying Changes Only

After reading the Chapter III course material, you will be able to:
  • Identify how an auditor can evaluate professional judgment
  • Recognize some of the elements that must be in an engagement letter
  • Identify the requirements that a successor auditor must satisfy in an initial audit engagement involving opening balances
  • Identify an instance in which it may be necessary for an auditor to obtain a positive confirmation
  • Identify when an auditor may not be required to use external confirmation procedures

Chapter IV
SAS Nos. 128-133

After reading the Chapter IV course material, you will be able to:
  • Identify a procedure an external auditor should perform with respect to an internal auditor
  • Define the term reasonable period of time
  • Identify an example of a mitigating plan as used in the evaluation for going concern
  • Recognize how an auditor should report on going concern when there is substantial doubt
  • Recall an example of a type of exempt offering covered by SAS No. 133
Course Contents :

Chapter I - ASBs Clarity Project

Objectives

Introduction

Mapping of Old SASs to Replacement Standards

 

Chapter II - Replacement SASs with Substantive Changes

AU-C Section 250: Consideration of Laws and Regulations in an Audit of Financial Statements

Review Questions and Suggested Solutions

 

AU-C Section 265: Communicating Internal Control Related Matters Identified in an Audit

Review Questions and Suggested Solutions

 

AU-C Section 700: Forming an Opinion and Reporting on Financial Statements

AU-C Section 705: Modifications to the Opinion in the Independent Auditors Report

Review Questions and Suggested Solutions

 

AU-C Section 706: Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditors Report

Review Questions and Suggested Solutions

 

AU-C Section 600: Special Considerations- Audits of Group Financial Statements (Including the Work of Component Auditors)

AU-C Section 800: Special Considerations- Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks

Review Questions and Suggested Solutions

 

Chapter III - Other Selected New SASs- Clarifying Changes Only

AU-C Section 200: Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards

AU-C Section 210: Terms of Engagement

AU-C Section 220: Quality Control for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards

AU-C Section 510: Opening Balances-Initial Audit Engagements, Including Reaudit Engagements

AU-C Section 580: Written Representations

AU-C Section 805:Special Considerations- Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement

AU-C Section 505: External Confirmations

Review Questions and Suggested Solutions

 

Chapter IV - SAS Nos. 128-133

SAS No. 128: AU-C Section 610: Using the Work of Internal Auditors

SAS No. 129: Amendment to Statement on Auditing Standards No. 122 Section
Letters for Underwriters and Certain Other Requesting Parties, as Amended

SAS No. 130: An Audit of Internal Control Over Financial Reporting That Integrates with an Audit of Financial Statements

SAS No. 131: Amendment to Statement on Auditing Standards No. 122 Section 700, Forming an Opinion and Reporting on Financial Statements

SAS No. 132: The Auditor's Consideration of an Entitys Ability to Continue as a Going Concern

SAS No. 133: Auditor Involvement with Exempt Offering Documents

Review Questions and Suggested Solutions

 

Glossary

CPE Auditing Course: https://www.cpethink.com/auditing-cpa-courses
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