New Audit Reporting Standards (SAS 134-137)

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Course Description

New Audit Reporting Standards: SAS 134-137

New Audit Reporting Standards (SAS 134-137) CPE course addresses 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.

Course information

Course No. F130
Format: Online pdf (201 pages).
Prerequisites: General understanding of auditing standards
Advance Preparation:None
Level: Overview
CPE Credit: 8 Hrs.
Field of Study: Auditing
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: October 2019


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.

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