The New Auditor's Report: SAS134 and the Accompanying Guidance SAS135-SAS140 FLEXCAST

Overview

During 2019 and 2020, the Auditing Standards Board issued eight new auditing standards SAS 134 - SAS 141. These new standards are considered a suite of standards recommended by the ASB to be implemented concurrently. The standards are designed to enhance the relevance and transparency of the auditor’s report. An objective is to provide financial statement users with more meaningful information about the audit. There are many changes to the new auditor’s report. The first half of the course discusses the four sections of SAS 134 which provide the foundation for the other changes in SAS 135 - 141. The course then presents the procedures to implement and the related changes to the auditor’s reports included in the other standards. Join Rod Redding for this overview course of these important changes coming to the auditor’s report.

Highlights

AICPA Code of Conduct. SAS 135 - 141.

Prerequisites

None.

Designed For

CPAs, controllers, accountants, financing professionals, business owners, and managers.

Objectives

List the ten sections and order of the sections of the auditor’s report. Identify the key components of the Opinion and Basis of Opinion sections. Provide a definition of a Key Audit Matter and how it is reported. Differentiate between the reporting of Emphasis of Matter Paragraphs and Other Matter Paragraphs. Discuss how to report when there is substantial doubt of a going concern. Specify the additional communications required with those charged with governance. Identify what constitutes an Annual Report. Discuss the auditor’s responsibilities relating to other information included in an annual report. Describe amendments to the concept of materiality. Identify changes to nine other specific sections of guidance such as special purpose framework, single and summary financial statements, and interim financial information. Understand the date when the standards are effective.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.