SAS 142 – 143: New Standards on Audit Evidence and Estimates
The objective of this course is to address the new auditing standards issued by the Auditing Standards Board as SAS No. 142-143.
The first segment of the course addresses SAS No. 142’s expanded guidance on what comprises audit evidence in a financial statement audit. Topics include evaluating audit evidence, testing audit evidence; relevance and reliability of audit evidence, including its source; susceptibility to management bias; corroborative or contradictory information; evaluating whether information is sufficiently precise and details for the auditor’s purposes; and use of automated tools and techniques.
The second segment is a review of SAS No. 143’s guidance on accounting estimates including the degree of estimation uncertainty; risk assessment procedures related to accounting estimates; identifying and assessing the risks of material misstatement including responses to the assessment; indicators of possible management bias, and more.
This course is included in our Accounting and Auditing CPE Bundle.