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Overview

4.0 Credits
ONLINE

Recent generally accepted auditing standards were written to improve the quality of risk-based financial statement audits, audit reporting, and required by-product communications.  This course will discuss the important clarifications and enhancements intended to improve audit quality to ensure better compliance with requirements contained in the SASs.

Objectives

  • Identify new requirements related to audit reporting and required by-product communications
  • Recall core concepts fundamental to obtaining sufficient and appropriate audit evidence in compliance with recently-issued auditing standards
  • Recognize recent clarifications and enhancements made to improve the quality of the risk-based audit process
  • Recall significant new requirements through SAS 149

Major Topics

  • Key changes to audit report elements intended to improve the understandability of the nature and results of financial statement audits
  • Enhanced required by-product communications with management and those charged with governance to promote more reliable financial statements
  • Clarifications related to obtaining sufficient and appropriate audit evidence, including significant unusual transactions, related parties, going concern uncertainty, and accounting estimates
  • New definitions and requirements related to identifying and evaluating risks of material misstatement
  • Other important matters contained in recent SASs

Designed For

Anyone who provides attest services on financial statements 

Prerequisite

None

Advanced Preparation

 
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