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. 122-130. The course is written in a format that provides an overview by allowing the reader to review, recall and identify key provisions within the new standards.
Course Publication Date: March 23, 2016
This course is available with NO ADDITIONAL FEE
if you have an active self study membership
or can be purchased for $80.00
|Delivery Method:||Self Study
|Level of Knowledge:||Overview
|Prerequisites:||General understanding of auditing standards
|Recommended Field of Study:||Auditing
- Recall the structure of the ASB Clarity Project and how each 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 revised 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 revised audit report.
- Identify the new type of paragraph that is permitted in the audit report.
- Identify some examples of 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 the new 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.
- 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.
- Recognize the definition of fraud.
- Recognize some of the procedures an auditor should design and perform to identify litigation, claims and assessment.
- Identify at least one procedure an external auditor should perform with respect to internal auditors.