Major Audit Issues: SAS 141, 142, and 143
Author: Pat Patterson
| CPE Credit: |
2 hours for CPAs |
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.
Publication Date: June 2021
Designed For
Professionals in public practice, industry, government, and education who deal with nonpublic entities and wish to stay current on professional audit standards.
Topics Covered
- AICPA Auditing Standards Update
- Changes to SASs' Effective Dates
- New SASs
- Changes in SAS 142, Audit Evidence
- SAS 143 Changes
- Changes to Attestation from the Auditing Standards Board: SSAEs 20, 21, and 22
- Attestation Review Report Example
- COVID”19 ” Going Concerns, Emphasis of Matter, and Scope Limitations
- Subsequent Events and COVID”19: Past, Present, and Future
- Risks and Uncertainties Plus COVID”19
- 4 Key Covid”19 Audit Risks for 2020”year ends
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 the date all clarified SASs became effective for audits of financial statements
- Recognize how SAS No. 142 and 143 applies
- Recognize which type of doubt means, in management's judgment, it is probable that the client will not continue as a going concern
- Identify which type of event COVID-19-related subsequent events were likely to be, for audits of calendar-year-end 2019 financial statements
- Differentiate FASB ASC Topics and how they apply
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
