How SASs No. 134-145 Improve Risk-Based Audits (Governmental)

Overview

Description:
Recent generally accepted auditing standards were written to improve the quality of risk-based financial statement audits, audit reporting, and required by-product communications. This course will discuss the important clarifications and enhancements intended to improve audit quality to ensure better compliance with requirements contained in SAS Nos. 134-145.

Learning Objectives:
After attending this presentation you will be able to...

Identify new requirements related to audit reporting and required by-product communications
Recall core concepts fundamental to obtaining sufficient and appropriate audit evidence in compliance with recently-issued auditing standards
Recognize recent clarifications and enhancements made to improve the quality of the risk-based audit process
Recall significant new requirements of SAS Nos 134-145

Program Content:

The major topics covered in this class include:

Key changes to audit report elements intended to improve the understandability of the nature and results of financial statement audits
Enhanced required by-product communications with management and those charged with governance to promote more reliable financial statements
Clarifications related to obtaining sufficient and appropriate audit evidence, including significant unusual transactions, related parties, going concern uncertainty, and accounting estimates
New definitions and requirements related to identifying and evaluating risks of material misstatement
Other important matters contained in SAS Nos. 134-145

Who should attend:
Anyone with financial statement audit responsibilities

Developed By: Emergent Solutions Group LLC

Instructor: Jennifer F. Louis, CPA

CPE Credit: 4.0

Field of Study: Auditing (4 CPE)

Prerequisites: None

Advanced Preparation: None

Format: QAS Self Study

Highlights

Key changes to audit report elements intended to improve the understandability of the nature and results of financial statement audits
Enhanced required by-product communications with management and those charged with governance to promote more reliable financial statements
Clarifications related to obtaining sufficient and appropriate audit evidence, including significant unusual transactions, related parties, going concern uncertainty, and accounting estimates
New definitions and requirements related to identifying and evaluating risks of material misstatement
Other important matters contained in SAS Nos. 134-145

Prerequisites

None

Designed For

Anyone with financial statement audit responsibilities

Objectives

Identify new requirements related to audit reporting and required by-product communications
Recall core concepts fundamental to obtaining sufficient and appropriate audit evidence in compliance with recently-issued auditing standards
Recognize recent clarifications and enhancements made to improve the quality of the risk-based audit process
Recall significant new requirements of SAS Nos 134-145