New Auditor Report Standards: SAS 134 -140

Course Details

Date

Thursday, March 18, 2021

8:30am – 12:00pm
(Registration: 8:30am)

Field of Study

Accounting & Auditing

Course Number

NARS4

CPE Credit

4.0 hours CPE credit

Level of Knowledge

Intermediate

Vendor

Kaplan Financial Education

Prerequisites

Knowledge of Statements on Auditing Standards

Description

Get ahead by evaluating the impact of this additional suite of standards designed to refocus on the auditors report with additional information communicated to users. Changes in the language and position of the auditors opinion and basis of the opinion will be presented in the front of the auditors report letter. Other changes as a result of the auditors report letter language will include the engagement letter and the representation letter. 

An immediate and thorough evaluation of the impact of these standards will be required. The objective of this group of standards will be to provide value to users by relocating the auditors opinion and the basis for the auditors opinion to a more visible position in the front of the report. Also, the revised language will be more transparent in defining the responsibilities of the auditor as well as the entitys management. 

These SASs address concerns of users for more communication and better understanding of issues encountered by the auditor during the conduct of the audit. Generally accepted auditing standards will now align with the Standards of the PCAOB and the IAASB.

Highlights

  • Modifications, replacements, and additions to guidance
  • Format and content of auditor report with  examples
  • New requirements to disclosure Key Audit Matters
  • New requirements for going  concern
  • Performance requirements for ERISA audits
  • Reporting on ERISA required supplemental schedules
  • Effect of new standards on procedures, communication of reportable conditions, and auditor responsibilities for other information included in annual reports
  • Effect of new standards on related party transactions, fraud, and communication with those charged with governance

Objectives

Participants will be able to:

  • Identify changes in the reporting model
  • Identify how the report letter will set users expectations
  • Identify Key Audit Matters (KAM) and when they are required to communicate them
  • Review examples for the form and content of the report

Designed For

CPAs in small to medium size public accounting firms that conduct audits of non-public entities

Course Pricing

Early Registration Member Fee

Applicable if you are a HSCPA member in good standing and register by February 12, 2021.

$150.00
Member Fee

Applicable if you are a HSCPA member in good standing.

$200.00
Early Registration Non-Member Fee

Applicable if you are not a HSCPA and register by February 12, 2021.

$225.00
Non-Member Fee

Applicable if you are not a HSCPA member.

$275.00
Your Price $275.00

CPE Choice

Learn more about CPE Choice.
This course does not qualify for CPE Choice.

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