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New Audit Reporting Standards: SAS Nos. 134-141

Exam Questions: 50
Course Level: Basic
Pages: 284 | Content: 278, Supplemental: 6
NASBA Area of Study: Auditing
Not Acceptable for: Enrolled Agents
Version: 7975

The objective of this course is to address the new audit reporting standards issued by the Auditing Standards Board as SAS Nos. 134-141. Topics include an overview of the new auditor's report found in SAS No. 134's AU-C 700A, including the new report's format, positioning of sections within the report, title, headings, and expanded language; amendments made to various reporting standards by SAS No. 135; 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, the new ERISA Section 103(a)(3)(C) audit (formerly a limited-scope audit) and the auditor's report thereon, expanded audit procedures, and communications required by auditors of ERISA-plan financial statements; changes made by SAS No. 137 to the auditor's procedures and reporting on other information; changes made to the definition of materiality by SAS No. 138; changes made to special reports by SAS No, 139; and amendments made by SAS No. 140 to supplementary information, required supplementary information, compliance audits, interim financial information, and audits of internal control over financial reporting. PLEASE NOTE: Not accepted for Enrolled Agents. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • Overview of SAS Nos. 134-141
  • SAS No. 134: Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements
  • SAS No. 134's AU-C 700A: Forming an Opinion and Reporting on Financial Statements
  • SAS No. 134's New AU-C 701: Communicating Key Audit Matters in the Independent Auditor's Report
  • SAS No. 134's New AU-C 705A: Modifications to the Opinion in the Independent Auditor's Report
  • SAS No. 134's New AU-C 706A: Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor's Report
  • SAS No. 135: Omnibus Statement on Auditing Standards - 2019
  • SAS No. 136: Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA
  • SAS No. 137: The Auditor's Responsibilities Relating to Other Information Included in Annual Reports
  • SAS No. 138: Amendments to the Description of the Concept of Materiality
  • SAS No. 139: Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes from SAS No. 134
  • SAS No. 140: Amendments to AU-C Sections 725, 730, 930, 935, and 940 to Incorporate Auditor Reporting Changes from SAS Nos. 134 and 137
  • SAS No. 141: Amendment to the Effective Dates of SAS Nos. 134-140
Objectives
  • To identify the types of audit reports that can be issued under new AU-C 700A
  • To identify the definition of a written report
  • To recognize an acceptable title for an auditor's report
  • To recognize the order in which certain sections of the new auditor's report should be presented in AU-C 700A
  • To recall how an auditor should report when conducting an audit in accordance with PCAOB standards
  • To recognize the requirements and limitations with respect to communicating on key audit matters in accordance with new AU-C 701
  • To identify examples of acceptable and unacceptable headings to use in modified reports under new AU-C 705A
  • To recognize the order in which certain sections of a modified opinion should be presented in the new auditor's report in AU-C 705A
  • To recognize examples of modified opinions as defined in AU-C 705A
  • To 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
  • To recall examples of fraud risk factors expanded by SAS No. 135
  • To 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
  • To identify the new ERISA Section 103(a)(3)(C) audit in SAS No. 136
  • To recognize the scope of the term "other information" and "annual report" as used in the newly issued SAS No. 137 pertaining to auditing and reporting other information
  • To recall how an auditor should label other information in the auditor's report
  • To recognize the new definition of materiality found in SAS No. 138
  • To identify certain paragraphs in the new auditor's report on a special purpose framework
  • To recognize how an auditor should present required supplementary information under SAS No. 140's amendment of AU-C 730
  • To identify amendments made to several auditing standards by SAS No. 140

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