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New Auditing Standards: SAS Nos. 146-148

  • ITEM SKU
    8245
  • CPE Hours
    2
  • Full Course Price
    $29.50
Exam Questions: 10
Course Level: Basic/Overview
Pages: 66 | Content: 58, Supplemental: 8
NASBA Area of Study: Auditing
Not Acceptable for: Enrolled Agents
Version: 8245

The objective of this course is to review three recently issued auditing standards: SAS Nos. 146-148. The first section reviews the requirements found in SAS No. 146 related to quality management of an audit engagement, including identifying the key elements of quality management, the important role and responsibilities of the engagement partner in managing the audit, and the importance of quality to all members of the audit engagement team. The second section informs the reader of the various changes made to AU-C 210, Terms of Engagement, by SAS No. 147 in connection with fraud and noncompliance with laws and regulations. Topics include clarifying requirements and guidance related to a successor auditor's inquiries of a predecessor auditor, responsibilities of the predecessor auditor to respond to successor auditor inquiries when authorized by management, and more. The third section discusses amendments made to AU-C 935, Compliance Audits, by SAS No. 148, to reflect changes made by recently issued auditing standards SAS No. 142 and 145. The course also identifies amendments to the appendix to AU-C 935 that identifies AU-C sections that are specifically excluded from application to compliance audits. PLEASE NOTE: Not accepted for Enrolled Agents. All course material provided. Prerequisites: General understanding of compilation and review and auditing standards. Course level: Basic / Overview.

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Course Information

Table of Contents
  • SAS No. 146: Quality Management for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards
  • SAS No. 147: Inquiries of the Predecessor Auditor Regarding Fraud and Noncompliance with Laws and Regulations
  • SAS No. 148: Amendment to AU-C Section 935
Objectives
  • To recall the date by which an engagement partner must take responsibility for determining that ethical requirements are fulfilled
  • To identify certain requirements an engagement partner must satisfy in performing an audit engagement
  • To identify a type of unconscious bias defined in SAS No. 146
  • To recall a possible action that an engagement team may take to mitigate impediments to exercise professional skepticism
  • To identify when a successor auditor should request management to authorize a predecessor auditor's response to the successor auditor's inquiry
  • To recognize one of the new inquiries a successor auditor should make of a predecessor auditor by SAS No. 147
  • To recall the extent of a predecessor auditor's response to a successor auditor's inquiries when there are certain restrictions on the predecessor auditor
  • To identify an example of a recently issued auditing standard that SAS No. 148 incorporates into amendments to AU-C 935, Compliance Audits
  • To recall examples of inherent risk factors related to identifying and assessing risks of material misstatement in a compliance audit

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.