Auditing Standards Update

Study Level: Overview
Delivery Method: Online self-study
Provider of Record: WebCE
Field of Study: Auditing
Prerequisites: General understanding of auditing standards

Course Description:
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 the new standards.

Learning Objectives:
After completing this course, students 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 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 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
  • recognize the definition of 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

Revised: March 2018

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