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New Auditing Standards - SAS Nos. 142-143 (Course Id 1823)

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Author : Steven C Fustolo, CPA, MBA
Status : Production
CPE Credits : 2.0
IRS Credits : 0
Price : $17.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Auditing - Auditing for Course Id 1823

Description :

The objective of this course is to address the new auditing standards issued by the Auditing Standards Board as SAS No. 142-143.

The first segment of the course addresses SAS No. 142’s expanded guidance on what comprises audit evidence in a financial statement audit. Topics include evaluating audit evidence, testing audit evidence; relevance and reliability of audit evidence, including its source; susceptibility to management bias; corroborative or contradictory information; evaluating whether information is sufficiently precise and details for the auditor’s purposes; and use of automated tools and techniques.

The second segment is a review of SAS No. 143’s guidance on  accounting estimates including the degree of estimation uncertainty; risk assessment procedures related to accounting estimates;  identifying and assessing the risks of material misstatement including responses to the assessment; indicators of possible management bias, and more.

Usage Rank : 0
Release : 2021
Version : 1.0
Prerequisites : General understanding of accounting, financial reporting, auditing and compilation and review standards.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 07-Apr-2021
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 - Text - Technical - NASBA Registry - 1823

Keywords : New, Auditing, Standards, SAS, Nos, 142-143
Learning Objectives :

Course Learning Objectives

After reading the course material, you will be able to:
  • Identify an example of an attribute of information obtained as audit evidence
  • Recognize actions an auditor should perform in evaluating information used as audit evidence
  • Recognize attributes of information to be used as audit evidence
  • Identify an attribute that affects the reliability of information used as audit evidence
  • Recall functions on which an auditor can use automated tools and techniques
  • Identify an example of an accounting estimate related to classes of transactions, account balances and disclosures identified in SAS No. 143
  • Recognize how inherent and control risk should be assessed in accordance with SAS No. 143
  • Recognize an example of an inherent risk factor
  • Identify examples of the approaches that can be performed in assessing the risks of material misstatement from accounting estimates
Course Contents :

Chapter 1 - New Auditing Standards - SAS Nos. 142-143

SAS No. 142: Audit Evidence

I.     Objective

II.    Introduction

A.    Overview

B.    Issuance of SAS No. 142

III.   Scope of SAS No. 142

A.    General

IV.   Definitions

V.    Requirements of SAS No. 142

A.    General

B.    Evaluating Information to be Used as Audit Evidence

C.    Basis for Concluding on the Sufficiency and Appropriateness of Audit Evidence

D.    Use of Automated Tools and Techniques

E.    Inconsistencies in, or Doubts About the Reliability of, Audit Evidence

EXHIBIT A

Review Questions

SAS No. 143: Auditing Accounting Estimates and Related Disclosures

I.     Objective

II.    Introduction

A.    General

III.   Overview of SAS No. 143

A.    General

B.    Degree of Estimation Uncertainty

C.    Key Concepts Found in SAS No. 143

IV.    Scope of SAS No. 143

A.    General

V.    Definitions Used in SAS No. 143

VI.   Requirements of SAS No. 143

A.    Risk Assessment Procedures and Related Activities

B.    Identifying and Assessing the Risks of Material Misstatement

C.    Auditor Responses to the Assessed Risks of Material Misstatement

D.    Evaluating Indicators of Possible Management Bias

E.    Perform an Overall Evaluation Based on Audit Procedures Performed

F.    Communication With Those Charged With Governance, Management, or Other Relevant Parties

G.    Audit Documentation

H.    Changes to Management Representation Letter

EXHIBIT A- The Revised Management Representation Letter

EXHIBIT B- Communications With Those Charged With Governance

EXHIBIT C- Understanding the Entitys Internal

Review Questions

Glossary

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