Major Audit Issues: SAS 141, 142, and 143 (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 including implementation issues with new effective dates. New and revised audit standards, attestation standards, and other new pronouncements about auditing will be discussed. The impact of the Corona Virus 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
Professionals in public practice, industry, government, and education who deal with nonpublic entities and wish to stay current on professional audit standards.

Topics Covered

• New releases from the Auditing Standards Board
• New releases from the AICPA regarding private company audits
• A review of SASs 134-143 with emphasis on SAS 141 and the delays in effective dates due to COVID-19
• SAS 142 and SAS 143 will be discussed and reviewed
• An advanced look at disclosure and documentation standards will be made for changes required by new ASB standards
• 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 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 affect the non-issuing entities
• Identify any new auditing standards recently issued and to review some of the Clarified Auditing Standards that are substantive
• Recognize SASs superseding the existing requirements
• Identify correct statements with respect to AU-C Section 570
• Recognize which SSAE resulted in the completion of the AICPA ASB's Clarify Project
• 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 based on the requirement of QC Section 10

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None