New Auditing Standards: SAS Nos. 142-143

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
  • 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

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