ASCPA's Auditing Standards Update

Wednesday, May 1 Code: ASU-OL 4.0 CPE Credits

Overview

COURSE OVERVIEW<?xml:namespace prefix="o" />

After completing this course, you should be able to understand the basic auditing issues related to each of the following areas:

Section

1

Recently issued Auditing Standards.

 

 

 

Section

2

Technical Questions and Answers.

 

2-a

Using Current Audit Standards for Prior Periods (TIS 8100.03)

 

2-b

Report Modifications and PCC Accounting Alternatives (TIS 9160.29)

 

2-c

PCC Accounting Alternatives Results in Change to Previously Issued Report (TIS 9160.30)

 

2-d

Required Supplementary Information (TIS 9180.01).

 

 

 

Section

3

Clarification & Recodification (SAS No. 122).

 

 

 

Section

4

Omnibus Statement on Auditing Standard—2011 (SAS No. 123).

 

4-a

SAS No. 117 Amendments.

 

4-b

SAS No. 118 Amendments.

 

4-c

SAS No. 122, AU-C Section 200 Amendments.

 

4-d

SAS No. 122, AU-C Section 705 Amendments.

 

4-e

SAS No. 122, AU-C Section 915 Amendments.

 

4-f

SAS No. 122, AU-C Section 260 Amendments.

 

4-g

SAS No. 122, AU-C Section 230 Amendments.

 

 

Section

5

Auditing Financial Statements Prepared Using a Framework Generally

Accepted in Another Country (SAS No. 124).

 

5-a

Illustrative U.S. Form of Audit Reports.

 

 

 

Section

6

Restricted-Use Communications Guidance (SAS No. 125).

 

6-a

Other Matter and Emphasis-of-Matter Paragraphs.

 

6-b

Umbrella Requirement for Alert Language.

 

6-c

Understanding When the Alert Language is Required.

 

6-d

Certain Issues for Governmental Engagements.

 

6-e

Use of Single Combined Reports.

 

6-f

Guidance Related to Informing Clients.

 

 

 

Section

7

Going Concern Issues in Financial Statement Audits (SAS No. 132).

 

7-a

Going Concern Basis of Accounting Versus An Entity’s Ability to

Continue as a Going Concern

 

7-b

Addressing Auditor Objectives and Responsibilities.

 

7-c

Required Procedures and Activities.

 

7-d

Written Representations From Management.

 

7-e

Potential Impact on the Audit Report.

 

7-f

Communications with Those Charged with Governance.

 

7-g

Documentation Requirements.

 

7-h

Illustrative Reports.