The objective of this course is to address the new auditor reporting standards issued by the Auditing Standards Board as SAS No. 134-137.
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, and more.
After reading the course material, you will be able to:
• Identify the types of audit reports that can be issued under new AU-C 700A
• Identify the definition of a written report
• Recognize an acceptable title for an auditor’s report
• Recognize the order in which certain sections of the new auditor’s report should be presented in AU-C 700A
• Recall how an auditor should report when conducting an audit in accordance with PCAOB standards
• Recognize the requirements and limitations with respect to communicating on key audit matters in accordance with new AU-C 701
• Identify examples of acceptable and unacceptable headings to use in modified reports under new ASU-C 705A
• Recognize the order in which certain sections of a modified opinion should be presented in the new auditor’s report in AU-C 705A
• Recognize examples of modified opinions as defined in AU-C 705A
• Identify examples of situations in which an auditor must or may include an emphasis-of-matter or other-matter paragraph as required by new AU-C 706A
• Recall examples of fraud risk factors expanded by SAS No. 135
• Identify expanded procedures auditors of ERISA-plan financial statements must perform in newly issued SAS No. 136, including a review of the draft Form 5500
• Identify the new ERISA Section 103(a)(3)(C) audit in SAS No. 136
• Recognize the scope of the terms “other information” and “annual report” as used in the newly issued SAS No. 137 pertaining to auditing and reporting other information, and
• Recall how an auditor should label other information in the auditor’s report.
Additional Course Details
- Author: Steve Fustolo
- Publisher: ACCPE Editorial
- Course Level: Overview
- Pre-Requisites: General understanding of auditing standards
- Interactive: Yes
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