CPE PACKAGES (Incl. Ethics) for Multiple States and Qualifications @ $4/credit. CLICK HERE to view.

New Audit Evidence Standard SAS 142

  • CIA
  • CPA (US)
  • IAP
  • QIAL
New Audit Evidence Standard SAS 142

2 Credits

$20

Subject Area

Auditing

Webinar Qualifies For

2 CPE credit of Auditing for all CPAs

2 CPE credit for Certified Internal Auditors (CIA)

2 CPE credit for Internal Audit Practitioner (IAP)

2 CPE credit for Qualification in Internal Audit Leadership (QIAL)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Upcoming Webinars

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Course Description

In July 2020, the AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 142, Audit Evidence. SAS No. 142 supersedes AU-C section 500, Audit Evidence and amends various other sections of SAS 122, Statements on Auditing Standards: Clarification and Recodification, as amended. SAS No. 142 explains what constitutes audit evidence in an audit of financial statements and sets out attributes of information that are considered by the auditor when evaluating information to be used as audit evidence. Taking these attributes into account assists the auditor in maintaining professional skepticism.

This CPE course discusses the revisions to SAS No. 142 and addresses the evolving nature of transacting business as well as the evolution of audit services. Issues addressed include use of emerging technologies and techniques by both preparers and auditors, the application of professional skepticism, the expanding use of external information sources to provide audit evidence, and more broadly, the relevance and reliability of audit evidence.

Major Topics Covered:

  • Principles of SAS 142.
  • Requirements for identifying new audit evidence under SAS 142.
  • Criteria for additional audit procedures under SAS 142.
  • The acceptability of external information.
  • Conditions and timing for accepting input from specialists.
  • Documentation needs.
  • Disclosure obligations

Learning Objectives

  • To discuss the criteria for accepting audit evidence.
  • To describe minimum situations to communicate with stakeholders.
  • To explain how to deal effectively with insufficient audit evidence.
  • To discuss strategies for dealing with auditor independence issues.
  • To determine how to apply SAS 142.

Who Should Attend?

  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA