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New Audit Reporting Standards: SAS Nos. 134-141

  • ITEM SKU
    7975
  • CPE Hours
    10
  • Full Course Price
    $84.50
Exam Questions: 50
Course Level: Basic
Pages: 284 | Content: 272, Supplemental: 12
NASBA Area of Study: Auditing
Not Acceptable for: Enrolled Agents
Version: 7975B

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

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.