Course Information

The objective of this course is to address the new auditor reporting standards issued by the Auditing Standards Board as SAS No. 134-141. Topics include an overview of the new auditor’s report found in SAS No. 134’s AU-C 700A, including the new report’s format, positioning of sections within the report, title, headings, and expanded language; amendments made to various reporting standards by SAS No. 135; a review of THE new ERISA plan audit standard found in SAS No. 136, AU-C 703, including the format of the new ERISA-plan auditor’s report, positioning of sections of that report, the new ERISA Section 103(a)(3)(C) audit (formerly a limited-scope audit) and the auditor’s report thereon, expanded audit procedures and communications required by auditors of ERISA-plan financial statements; changes made by SAS No. 137 to the auditor’s procedures and reporting on other information, changes made to the definition of materiality by SAS No. 138, changes made to special reports by SAS No, 139, and amendments made by SA

SAS No. 134: 1. Identify the types of audit reports that can be issued under new AU-C 700A. 2. Identify the definition of a written report. 3. Recognize an acceptable title for an auditor’s report 4. Recognize the order in which certain sections of the new auditor’s report should be presented in AU-C 700A 5. Recall how an auditor should report when conducting an audit in accordance with PCAOB standards 6. Recognize the requirements and limitations with respect to communicating on key audit matters in accordance with new AU-C 701 7. Identify examples of acceptable and unacceptable headings to use in modified reports under new ASU 706-A 8. Recognize the order in which certain sections of a modified opinion should be presented in the new auditor’s report in AU-C 705A 9. Recognize examples of modified opinions as defined in AU-C 705A 10. Identify examples of situations in which an auditor must or may include an emphasis-or-matter or other-matter paragraph as required by new AU-C 706A SAS No. 135: 1. Recall exampl