Major Changes to Auditing Standards: Auditing Standards Board Clarity Project - SAS Nos. 122-133

  • Credits: 8
  • Format: Self-Study eBook
  • Field of Study: Auditing
  • Author/Speaker: Steven C. Fustolo, CPA
Available Formats:  
Advanced Preparation: None
Experience Level: Overview
Program Prerequisites: General Understanding of Auditing Standards
Course ID: SF-205.21
Published Date: © April 2020

COURSE DESCRIPTION

This course explains the significant changes made to auditing standards by the Auditing Standards Board’s Clarity Project that resulted in the issuance of SAS Nos. 122-133. The course is written in a format that provides an overview by allowing the reader to review, recall, and identify key provisions within the new standards.

Topics Covered:
  • ASB’s Clarity Project
  • Replacement SASs with Substantive Changes
  • Other Selected New SASs- Clarifying Changes Only
  • SAS Nos. 128-133

Learning Objectives:

After reading the course material, you will be able to:

  • Recall the structure of the new ASB Clarity Project and how each new standard is segregated
  • Identify categories of laws and regulations that are found in AU-C 250
  • Identify the scope of communications an auditor should make concerning noncompliance with laws and regulations
  • Identify some of the different types of deficiencies in internal control found in a financial statement audit
  • Identify the indicators that may suggest there is a material weakness in internal control
  • Identify the information that should be included in communication of certain deficiencies in internal control
  • Recognize the new audit report title
  • Identify examples of headings that should be in the new auditor report
  • Recall some of the modified opinion headings found in the new audit report
  • Identify the new type of paragraph that is permitted in the audit report
  • Identify some examples where an emphasis-of-matter paragraph is required in the audit report
  • Identify the new group auditor rules including the responsibilities of parties involved, and the procedures to be performed
  • Identify the different types of special-purpose frameworks permitted under auditing standards
  • Identify some of the elements that are required in the different types of special-purpose reports
  • Identify the general types of disclosures requires in special purpose framework financial statements
  • Identify how an auditor can evaluate “professional judgment”
  • Recognize some of the elements that must be in an engagement letter
  • Identify the requirements that a successor auditor must satisfy in an initial audit engagement involving opening balances
  • Identify an instance in which it may be necessary for an auditor to obtain a positive confirmation
  • Identify when an auditor may not be required to use external confirmation procedures
  • Identify a procedure an external auditor should perform concerning an internal auditor
  • Define the term “reasonable period of time”
  • Identify an example of a mitigating plan as used in the evaluation for going concerned
  • Recognize how an auditor should report ongoing concern when there is substantial doubt
  • Recall an example of a type of exempt offering covered by SAS No. 133

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

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