Major Changes to Auditing Standards: Auditing Standards Board Clarity Project
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.

Course Publication Date: April 27, 2019

This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership or can be purchased for $80.00!

Author:Steven Fustolo
Course No:AUD-SAS122133-6079
Recommended CPE:8.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:General understanding of auditing standards
Advanced Preparation:None
Recommended Field of Study:Auditing
Learning Objectives
  • 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.

CPE Depot Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:

Sponsor Number: 109423


Search Courses

Group Plan

Group plans are convenient and cost effective!

Authors Wanted

We are looking for authors!