New Audit Reporting Standards: SAS Nos. 134-139

  • Credits: 10
  • Format: Self-Study eBook
  • Field of Study: Auditing
  • Author/Speaker: Steven Fustolo
Available Formats:
Advanced Preparation: None
Experience Level: Overview
Program Prerequisites: General understanding of U.S. auditing standards
Course ID: SF-312
Published Date: © April 2020
COURSE DESCRIPTION

The objective of this course is to address the new auditor reporting standards issued by the Auditing Standards Board as SAS No. 134-139.

Topics include:
  • Overview of the new auditor’s report found in SAS No. 134’s AU-C 700A
  • A review of THE new ERISA plan audit standard found in SAS No. 136
  • AU-C 703, including the format of the new ERISA-plan auditor’s report, positioning of sections of that report
  • ERISA Section 103(a)(3)(C) audit (formerly a limited-scope audit) and the auditor’s report thereon)
  • Changes made to the definition of materiality by SAS No. 138, and changes made to special reports by SAS No, 139, and more.

Learning Objectives:

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

  • Identify the types of audit reports that can be issued under the new AU-C 700A
  • Identify the definition of a written report
  • Recognize an acceptable title for an auditor’s report
  • Recognize the order in which certain sections of the new auditor’s report should be presented in AU-C 700A
  • Recall how an auditor should report when conducting an audit in accordance with PCAOB standards
  • Recognize the requirements and limitations with respect to communicating on key audit matters in accordance with the new AU-C 701
  • Identify examples of acceptable and unacceptable headings to use in modified reports under the new ASU-C 705A
  • Recognize the order in which certain sections of a modified opinion should be presented in the new auditor’s report in AU-C 705A
  • Recognize examples of modified opinions as defined in AU-C 705A
  • Identify examples of situations in which an auditor must or may include an emphasis-of-matter or other-matter paragraph as required by new AU-C 706A
  • Recall examples of fraud risk factors expanded by SAS No. 135
  • Identify expanded procedures auditors of ERISA-plan financial statements must perform in newly issued SAS No. 136, including a review of the draft Form 5500
  • Identify the new ERISA Section 103(a)(3)(C) audit in SAS No. 136
  • Recognize the scope of the terms “other information” and “annual report” as used in the newly issued SAS No. 137 pertaining to auditing and reporting other information, and
  • Recall how an auditor should label other information in the auditor’s report.
  • Recognize the new definition of materiality found in SAS No. 138
  • Identify certain paragraphs in the new auditor’s report on a special purpose framework.

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

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