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New Auditing Standards: SAS Nos. 142-143

  • ITEM SKU
    7995
  • CPE Hours
    2
  • Full Course Price
    $29.50
Exam Questions: 10
Course Level: Basic
Pages: 76 | Content: 68, Supplemental: 8
NASBA Area of Study: Auditing
Not Acceptable for: Enrolled Agents
Version: 7995

The objective of this course is to address the new auditing standards issued by the Auditing Standards Board as SAS Nos. 142-143.

The first chapter of this course addresses SAS No. 142's expanded guidance on what comprises audit evidence in a financial statement audit. Topics include evaluating audit evidence; testing audit evidence; relevance and reliability of audit evidence, including its source; susceptibility to management bias; corroborative or contradictory information; evaluating whether information is sufficiently precise and details for the auditor's purposes; and use of automated tools and techniques.

The second chapter is a review of SAS No. 143's guidance on accounting estimates, including the degree of estimation uncertainty; risk assessment procedures related to accounting estimates; identifying and assessing the risks of material misstatement, including responses to the assessment; indicators of possible management bias; and more. 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
  • SAS No. 142: Audit Evidence
  • SAS No. 143: Auditing Accounting Estimates and Related Disclosures
Objectives
  • To identify an example of an attribute of information obtained as audit evidence
  • To recognize actions an auditor should perform in evaluating information used as audit evidence
  • To recognize attributes of information to be used as audit evidence
  • To identify an attribute that affects the reliability of information used as audit evidence
  • To recall functions on which an auditor can use automated tools and techniques
  • To identify an example of an accounting estimate related to classes of transactions, account balances, and disclosures identified in SAS No. 143
  • To recognize how inherent and control risk should be assessed in accordance with SAS No. 143
  • To recognize an example of an inherent risk factor
  • To identify examples of the approaches that can be performed in assessing the risks of material misstatement from accounting estimates

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.