Auditing Procedures and Practices: Analytical Procedures (Completed)

Review new pronouncements from the AICPA’s Auditing Standards Board (ASB) up to the date of the course. This presentation will inform participants of the latest issues from the ASB and the AICPA for private entities in data analytics. New and revised audit standards, attestation standards, and other new pronouncements about analytical procedures will be discussed. The impact of the Coronavirus and the revised auditing standards resulting from COVID-19 will be examined for current application. Any newly released auditing issues will be visited.

Who Should Attend
CPAs who are either auditors in public practice, professionals in businesses being audited, professionals in government, professionals in education, or anyone with a need to understand what analytical procedures are about.

Topics Covered

• New releases, SASs 142-145, from the AICPA's Auditing Standards Board (ASB and their impact on auditing analytics and analytical procedures
• Developing an analytics mind set
• Documentation of risk assessment and internal control
• With the new data analytics techniques and tools available, it is easier for students and practitioners to answer questions that accountants have asked for years, as well as address new questions
• A review of SASs 134-143 with emphasis on SAS 141 and the delays in effective dates due to COVID-19
• Further updates that impact on the auditing professional standards including new Quality Control Standards and their requirements
• Ethics Section 1.295 will be explored for revisions and updates in attest/nonattest applications as released or considered by the Professional Ethics Executive Committee
• Any other matters and releases deemed appropriate and timely

Learning Objectives

• Recognize the auditing pronouncements that may impact private companies that come from the ASB of the AICPA and to review other new audit releases that may affect the non-issuing entities
• Recognize any new auditing standards recently issued and to review some of the Clarified Auditing Standards that are substantive
• Recognize SASs superseding the existing requirements
• Recognize the statements regarding Statement of Quality Control Standards
• Identify correct statements with respect to AU-C Section 570
• Identify the date all clarified SASs became effective for audits of financial statements
• Recognize a new element with respect to a firm's system of quality control and analytical procedures based on the requirement of QC Section 10

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
Basic understanding of auditing standards.

Advance Preparation
None