New Audit Reporting Standards (SAS 134-141) • JN CPE Courses

Current Status

Not Enrolled

Price

$88.00

Get Started

Enroll

Course Description

New Audit Reporting Standards: SAS 134-141

New Audit Reporting Standards (SAS 134-141) CPE course addresses 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 SAS No. 140 to supplementary information, required supplementary information, compliance audits, interim financial information, and audits of internal control over financial reporting.

Course information

This course is included in the Accounting and Auditing CPE Bundle

Course No. F130
Format: Online pdf (256 pages).
Prerequisites: General understanding of U.S. auditing standards
Advance Preparation:None
Level: Overview
CPE Credit: 10 Hrs.
Field of Study: Auditing/Technical
Course expiration: You have one year from date of purchase to complete the course.
Course Revision Date: February 2025

Objectives

Upon completion of this course, you will be able to:

SAS No. 134

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 706-A
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-or-matter or other-matter paragraph as required by new AU-C 706A

SAS No. 135

Recall examples of fraud risk factors expanded by SAS No. 135

SAS No. 136

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

SAS No. 137

Recognize the scope of the term “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.

SAS Nos. 138 and 139

Recognize the new definition of materiality found in SAS No. 138
Identify certain paragraphs in the new auditor’s report on a special purpose framework.

SAS Nos. 140 and 141

Recognize how an auditor should present required supplementary information under SAS No. 140’s amendment of AU-C 730
Identify amendments made to several auditing standards by SAS No. 140