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 auditing standards.
Course Publication Date:
April 27, 2019
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$80.00!
| Author: | Steven Fustolo |
| Course No: | AUD-SAS122133-6079 |
| Recommended CPE: | 8.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | General understanding of auditing standards |
| Advanced Preparation: | None |
| Recommended Field of Study: | Auditing
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Learning Objectives
- 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 with respect to 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 a 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 with respect to an internal auditor.
- Define the term “reasonable period of time”.
- Identify an example of a mitigating plan as used in the evaluation for going concern.
- Recognize how an auditor should report on going concern when there is substantial doubt.
- Recall an example of a type of exempt offering covered by SAS No. 133.