31420 8.00

This course explains the significant changes made to auditing standards by the Auditing Standards Board’s Clarity Project that resulted in the issuance of SAS Nos. 122-133. The course is written in a format that provides an overview by allowing the reader to review, recall and identify key provisions within auditing standards.
After reading the course material, you will be able to:
• Recall the structure of the new ASB Clarity Project and how each new standard is segregated
• Identify categories of laws and regulations that are found in AU-C 250
• Identify the scope of communications an auditor should make with respect to noncompliance with laws and regulations
• Identify some of the different types of deficiencies in internal control found in a financial statement audit
• Identify the indicators that may suggest there is a material weakness in internal control
• Identify the information that should be included in a communication of certain deficiencies in internal control
• Recognize the new audit report title
• Identify examples of headings that should be in the new auditor report
• Recall some of the modified opinion headings found in the new audit report
• Identify the new type of paragraph that is permitted in the audit report
• Identify some examples where an emphasis-of-matter paragraph is required in the audit report
• Identify the new group auditor rules including the responsibilities of parties involved, and the procedures to be performed
• Identify the different types of special purpose frameworks permitted under auditing standards
• Identify some of the elements that are required in the different types of special purpose reports
• Identify the general types of disclosures requires in special purpose framework financial statements
• Identify how an auditor can evaluate “professional judgment”
• Recognize some of the elements that must be in an engagement letter
• Identify the requirements that a successor auditor must satisfy in an initial audit engagement involving opening balances
• Identify an instance in which it may be necessary for an auditor to obtain a positive confirmation
• Identify when an auditor may not be required to use external confirmation procedures
• Identify a procedure an external auditor should perform with respect to an internal auditor
• Define the term “reasonable period of time”
• Identify an example of a mitigating plan as used in the evaluation for going concern
• Recognize how an auditor should report on going concern when there is substantial doubt
• Recall an example of a type of exempt offering covered by SAS No. 133

Additional Course Details

  • Author: Steve Fustolo
  • Publisher: Ultimate CPE Editorial
  • Course Level: Overview
  • Pre-Requisites: General understanding of auditing standards
  • Interactive: Yes
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