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New Auditing Standards - SAS Nos. 142-145 (Course Id 2003)

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Author : Steven C Fustolo, CPA, MBA
Course Length : Pages: 63 ||| Word Count: 27,009 ||| Review Questions: 21 ||| Final Exam Questions: 20
CPE Credits : 4.0
IRS Credits : 0
Price : $35.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Auditing - Auditing for Course Id 2003

Description :

The objective of this course is to address the new auditing standards issued by the Auditing Standards Board as SAS Nos.  142-145.

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 detailed 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.

The third segment consists of a review of SAS No. 144’s changes to auditing standards in connection with use of specialists (management and auditor specialists) and use of price information obtained from external sources.

The final section addresses significant changes made by SAS No. 145 to the auditor’s understanding of an entity and its environment and the assessment of  risks of material misstatement. 

Usage Rank : 0
Release : 2022
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 : 24-May-2022
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 - 2003

Keywords : Auditing, New, Auditing, Standards, SAS, Nos, 142-145
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 risks 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
  • Recall one of the amendments made to AU-C 501 by SAS No. 145 in connection with using the work of an external inventory-taking firm
  • Identify some instances in which an auditor may conclude that a specialists work is not adequate
  • Identify a type of risk assessment procedure that an auditor can use in accordance with SAS No. 145
  • Recall examples of risk assessment procedures that an auditor may perform in SAS No. 145
  • Recognize how to perform risk assessment procedures when relying on information obtained from previous experience with an entity
  • Identify examples of risk assessment procedures to obtain audit evidence in accordance with SAS No. 145
  • Recognize a new requirement made by SAS No. 145 in connection with assessing inherent risk and control risk in an audit, and
  • Identify how an auditor should respond if the auditor does not plan to test the operating effectiveness of an entitys controls.
Course Contents :

Chapter 1 - New Auditing Standards - SAS Nos. 142-145

SAS No. 142: Audit Evidence

I.     Objective

II.    Introduction

A.    Overview

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  in Obtaining Audit Evidence

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 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

SAS No. 144: Amendments to AU-C 501, 540, and 620 Related to the Use of   Specialists and Use of Pricing Information Obtained From External Information Sources

I.     Objective

II.    Introduction

A.    General

III.   Definitions of SAS No. 144

IV.   Requirements of SAS No. 144

A.   Amendments to AU-C 501, Audit Evidence - Specific Considerations for Selected           Items

B.     Amendments to AU-C 540, Audit Accounting Estimates and Related Disclosures

C.     Amendments to AU-C 620, Using the Work of an Auditors Specialist

Review Questions

SAS No. 145: Understanding the Entity, Its Environment and Assessing the Risks of Material Misstatement

I.     Objective

II.    Introduction

III.   Definitions of SAS No. 145

IV.  Requirements of SAS No. 145

A.    Risk Assessment Procedures and Related Activities

B.    Obtaining an Understanding of the Entity, Its Environment, the Applicable Financial   Reporting Framework, and the Entitys System of Internal Control

C.    Identifying and Assessing the Risks of Material Misstatement

D.    Evaluating the Audit Evidence Obtained From the Risk Assessment Procedures

E.    Classes of Transactions, Account Balances, and Disclosures That Are Not Significant but are    Material (The Stand-Back Provision)

F.    Revision of Risk Assessment

G.    Documentation

H.    Appendices

Review Questions

Glossary

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