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New Audit Reporting Standards - SAS Nos. 134-137 (Course Id 1578)

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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 1578

Description :
The objective of this course is to address the new auditor reporting standards issued by the Auditing Standards Board as SAS No. 134-137.
 
Topics include an overview of the new  auditor’s report found in new SAS No. 134’s AU-C 700A including the new report’s format, positioning of sections within the report, title, headings, and expanded language;  amendments made to various reporting standards by SAS No. 135; a review of new ERISA -plan audit standard found in SAS No. 136, AU-C 703, including the format of the new ERISA-plan auditor’s report, positioning of sections of that report, the new ERISA Section 103(a)(3)(C) audit  (formerly a limited-scope audit) and the auditor’s report thereon, expanded audit procedures and communications required by auditors of ERISA-plan financial statements;  changes made by SAS No. 137 to the auditor’s procedures and reporting on other information, and more. 
Usage Rank : 0
Release : 2020
Version : 1.0
Prerequisites : General understanding of U.S. auditing standards.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 08-Oct-2019
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 - 1578

Keywords : Auditing, New, Audit, Reporting, Standards, SAS, Nos, 134-137, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After reading SAS No. 134 of the course material, you will be able to:
  • Identify the types of audit reports that can be issued under new AU-C 700A.
  • Identify the definition of a written report.
  • Recognize an acceptable title for an auditors report
  • Recognize the order in which certain sections of the new auditors report should be presented in AU-C 700A
  • Recall how an auditor should report when conducting an audit in accordance with PCAOB standards
  • Recognize the requirements and limitations with respect to communicating on key audit matters in accordance with new AU-C 701
  • Identify examples of acceptable and unacceptable headings to use in modified reports under new ASU 706-A
  • Recognize the order in which certain sections of a modified opinion should be presented in the new auditors report in AU-C 705A
  • Recognize examples of modified opinions as defined in AU-C 705A
  • Identify examples of situations in which an auditor must or may include an emphasis-or-matter or other-matter paragraph as required by new AU-C 706A
After reading SAS No. 135 of the course material, you will be able to:
  • Recall examples of fraud risk factors expanded by SAS No. 135
After reading SAS No. 136 of the course material, you will be able to:
  • Identify expanded procedures auditors of ERISA-plan financial statements must perform in newly issued SAS No. 136 including a review of the draft Form 5500
  • Identify the new ERISA Section 103(a)(3)(C) audit in SAS No. 136
After reading SAS No. 137 of the course material, you will be able to:
  • Recognize the scope of the term other information and annual report as used in the newly issued SAS No. 137 pertaining to auditing and reporting other information, and
  • Recall how an auditor should label other information in the auditors report.
Course Contents :

Chapter 1 - New Audit Reporting Standards - SAS Nos. 134-137

I.    Overview of SAS No. 134-137

II.   SAS No. 134: Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements

A.  Overview of SAS No. 134

SAS No.  134s New AU-C 700A:  Forming an Opinion and Reporting on Financial Statements

A.  Introduction

B.  Scope of New AU-C 700A

C.  Definitions

D.  Requirements of New AU-C 700A

E.   Detailed Sections of the New Audit Report  in AU-C 700A:

F.   Examples of Auditors Reports on Financial Statements

G.  Other Reporting Issues- AU-C 700A

H.  SAS No. 134 Amendments to Other Sections of SAS No. 122 and SAS No. 132

Review Questions

 

SAS No.  134s New AU-C Section 701:  Communicating Key Audit Matters in the Independent Auditors Report

A.  Objectives

B.  Introduction

C.  Scope of AU-C 701

D.  Definitions used in AU-C 701

E.   Requirements of AU-C 701

F.   Examples- Key Audit Matter Paragraphs in the Auditors Report

G.  Other Reporting Issues- Key Audit Matters

Review Questions

 

SAS No.  134s New AU-C 705A:  Modifications to the Opinion in the Independent Auditors Report

A.  Objective of AU-C 705A

B.  Scope of New AU-C 705A

C.  Types of Modified Opinions

D.  Definitions

E.   Requirements of New AU-C 705A

F.   Form and Content of the Auditors Report When the Opinion Is Modified

G.  Examples of Auditors Reports from AU-C 705A

Review Questions

 

SAS No.  134s New AU-C 706A:  Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditors Report

A.  Objective of AU-C 706A

B.  Scope of AU-C 706A

C.  Definitions Used in AU-C 706A

D.  Requirements of AU-C 706A

E.   Example Reports- AU-C 706A, as modified by the Author

Review Questions

 

III. SAS No. 135: Omnibus Statement on Auditing Standards2019

A.  Introduction

B.  Amendments Made by SAS No. 135

Review Questions

 

IV. SAS No. 136: Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA

A.  Objectives

B.  Introduction

C.  Scope of AU-C 703 (SAS No. 136)

D.  Requirements- ERISA Audit per AU-C 703

E.   Considerations Relating to Form 5500 Filing

F.   Auditors Report on ERISA Plan Financial Statements

G.  The New ERISA Section 103(a)(3)(C) Audit

H.  Illustrations of Auditors Reports on Financial Statements of Employee Benefit Plans Subject to ERISA

Review Questions

 

V.  SAS No. 137: The Auditors Responsibilities Relating to Other Information Included in Annual Reports

A.  Objectives of SAS No. 137

B.  Introduction

C.  Scope of SAS No. 137

D.  Definitions used in SAS No. 137

E.   Requirements of SAS No. 137

F.   Exhibits: Other Information Sections to Be Included in Auditors Reports Relating to Other Information Included in the Annual Report

Review Questions

 

Glossary

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