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.
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.