New Auditing Standards: SAS Nos. 142-143

  • Credits: 2
  • Format: Self-Study eBook
  • Field of Study: Auditing
  • Author/Speaker: Steven C. Fustolo, CPA
Course ID: Advanced Preparation: Experience Level:
SF-325 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© April 2021 General understanding of Accounting, Financial Reporting, Auditing, and Compilation and Review standards Self-Study eBook
COURSE 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 the 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. This course uses materials entitled New Auditing Standards- SAS Nos. 142-143, authored by Steven C. Fustolo, CPA.

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

Who Should Attend:
  • All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA