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Course Details

SAS Nos. 146-149: Recently Issued Auditing Standards (Course Id 2261)

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Author : Steven C Fustolo, CPA, MBA
Course Length : Pages: 37 ||| Word Count: 14,760 ||| Review Questions: 13 ||| Final Exam Questions: 10
CPE Credits : 2.0
IRS Credits : 0
Price : $17.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry
Technical Designation: Technical
Primary Subject-Field Of Study:

Auditing - Auditing for Course Id 2261

Description :

The objective of this course is to review four recently issued auditing standards: SAS Nos. 146-149. 

The first section reviews the requirements found in SAS No. 146 related to quality management of an audit engagement.  This section identifies the key elements of quality management, the important role and responsibilities of the engagement partner in managing the audit, the importance of quality to all members of the audit engagement team.

The section informs the reader of the various changes made to AU-C 210, Terms of Engagement, by SAS No. 147 in connection with fraud and noncompliance with laws and regulations.  Topics including clarifying requirements and guidance related to a successor auditor’s inquiries of a predecessor auditor,  responsibilities of the predecessor auditor to respond to successor auditor inquiries when authorized by management,  and more.

The course addresses amendments made to AU-C 935, Compliance Audits, by SAS No. 148, to reflect changes made by recently issued auditing standards SAS No. 142 and 145.  Topics include identifying the specific amendments made to AU-C 935 that are part of AU-C 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. The course also identifies amendments to the appendix to AU-C 935 that identifies AU-C sections that are specific excluded from application to compliance audits.

Finally, SAS No. 149 addresses special considerations that apply to a group audit, including in circumstances in which component auditors are involved or when the group auditor makes reference to the audit of a referred-to auditor.

Usage Rank : 20000
Release : 2024
Version : 1.0
Prerequisites : General understanding of compilation and review and auditing 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 : 04-Apr-2024
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 - NASBA Registry - 2261

Keywords : Auditing, SAS, Nos. 146-149, Recently, Issued, Auditing, Standards, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After reading the course material on SAS No. 146, you will be able to:
  • Recall the date by which an engagement partner must take responsibility for determining that ethical requirements are fulfilled
  • Identify certain requirements an engagement partner must satisfy in performing an audit engagement
  • Recognize examples of resources assigned or made available by a firm to support performance of an audit engagement
  • Identify a type of unconscious bias defined in SAS No. 146
After reading the course material on SAS No. 147, you will be able to:
  • Identify when a successor auditor should request management to authorize a predecessor auditorís response to the successor auditorís inquiry
  • Recognize one of the new inquiries a successor auditor should make of a predecessor auditor by SAS No. 147
  • Recall the extent of a predecessor auditorís response to a successor auditorís inquiries when there are certain restrictions on the predecessor auditor.
After reading the course material on SAS No. 148 and SAS No. 149, you will be able to:
  • Identify an example of a recently issued auditing standard that SAS No. 148 incorporates into amendments to AU-C 935, Compliance Audits.
  • Recall examples of inherent risk factors related to identifying and assessing risks of material misstatement in a compliance audit.
  • Identify the party required to take overall responsibility for the quality on a group audit engagement in accordance with SAS No. 149.
Course Contents :

Chapter 1 - SAS Nos. 146-149: Recently Issued Auditing Standards


SAS No. 146: Quality Management for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards

I.  Objective  of SAS No. 146

II. Background

A. General

III. Overview of SAS No. 146

A. General

B. The Firmís System of Quality Management and the Role of Engagement Teams

C. The Engagement Partnerís Responsibilities

D. Amendments to Other SASs by SAS No. 146

IV. Scope of SAS No. 146

A. General Scope

V. Definitions

VI. Requirements of SAS No. 146

A. Leadership Responsibilities for Managing and Achieving Quality on Audits

B. Relevant Ethical Requirements, Including Those Related to Independence

C. Acceptance and Continuance of Client Relationships and Audit Engagements

D. Engagement Resources

E. Engagement Performance

F. Monitoring and Remediation

G. Taking Overall Responsibility for Managing and Achieving Quality

H. Documentation

I. Scalability Issues

J. Engagement Partner Communicating Professional Skepticism

Review Questions

SAS No. 147: Inquiries of the Predecessor Auditor Regarding Fraud and Noncompliance With Laws and Regulations

I.  Objective  of SAS No. 147

II. Background

A. General

III. Definitions

IV. Requirements of SAS No. 147

A. Amendments to AU-C 210, Terms of Engagement

V. Flowchart from SAS No. 147

Review Questions

SAS No. 148: Amendment to AU-C Section 935

I.  Objective  of SAS No. 148

II. Background

A. General

B. General Amendments to AU-C 935 Appendix Arising from SAS No. 142

C. General Amendments to AU-C 935 Appendix Arising from SAS No. 145

D. Other Revisions

III. Requirements of SAS No. 148

A. Amendments to AU-C 935, Compliance Audits

B. Amendments to Appendix to AU-C 935

C. Amendments to Illustrate Report on Internal Control

SAS No. 149: Special Considerations ó Audits of Group Financial Statements (Including the Work of Component Auditors and Audits of Referred-to Auditors)

I.   Objective  of SAS No. 149

II.  Overview of SAS No. 149

III. Requirements and Key Changes made by SAS No. 149

A. Scope and Applicability of the Standard

B. Risk-Based Approach

C. New Terminology to Describe Reporting Options

D. New Terms and Definitions

E. Managing and Achieving Audit Quality in a Group Audit- Engagement Partner

F. Equity Method Investments

G. Scalability

H. Professional Skepticism

I.  Communications Between the Group Auditor and Component Auditors

J.  Restrictions on Access to Information

K. Documentation Requirements

L. Auditorís Report

M. Group Audit Scenarios and Relevant Requirements

Review Questions


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