This course will review recently issued SASs and SSARS and provide insights into the new standards including how to best implement them. We will cover recently issued standards that significantly modify the form of the independent auditor’s report, changes to several professional standards including those on related parties, consideration of fraud and the auditor’s communication to those charged with governance. We will also highlight the new auditing standard on employee benefit plan audits and more. In addition, this course will cover issues related to the increased oversight of the peer review process and the auditor’s overall responsibility to provide high quality services. Recent peer reviews have indicated that auditors are often failing to perform and/or document certain critical components of an audit such as the auditor’s assessment of risk and linking the results of the assessment to substantive procedures performed. In addition, auditors are not adequately documenting their consideration of fraud, expectations in analytical procedures and the appropriate level of work needed to understand an entity’s internal control. Now is time to revisit the way that auditors are performing and documenting the work performed to meet professional standards since nonconforming engagements can result in an auditor’s referral to the AICPA Ethics Committee. This course will focus on the most significant items resulting in deficiencies identified in the peer review process. We will also discuss the applicable audit standards, documentation requirements and best practices.
DESIGNED FOR
Accounting and auditing practitioners at all levels desiring to stay current on AICPA professional standards and improve engagement quality.
BENEFITS
- Identify and understand the requirements of recently issued SASs and SSARS
- Identify key elements of the AICPA’s Enhancing Audit Quality initiative and develop implementation tips and best practices to enhance engagement quality
- Recognize key trends in recent peer review deficiencies
- Identify professional standards related to performing a risk assessment, understanding and testing internal controls, and linking these procedures to further audit consideration
HIGHLIGHTS
- New SASs on reporting and key audit matters
- Updated guidance on employee benefit plan audits
- Going concern considerations in all professional engagements
- Proposed SSARS on conforming to U.S. and international standards
- Other AICPA hot topics and standard setting initiatives
- Elements of an effective risk assessment and how to link to audit procedures performed
- Understanding internal controls and making the decision whether or not to test them
- Best practices in documentation
COURSE LEVEL
Basic
PREREQUISITES
Experience in accounting and auditing.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
Course materials are distributed electronically. To access the materials visit
My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.