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Major Audit Issues: SAS 141, 142, and 143

  • Accountant
  • CRMA
  • CPA/CFF
  • CFE
  • CGAP
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
  • LPA
  • CBA/MCBA

Published: January, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • SAS 141 - Amendment to the effective dates of SAS nos. 134-140
    2 mins
  • Evaluating information to be used as audit evidence
    10 mins
  • Forms of audit evidence
    23 mins
  • External confirmation procedures
    32 mins
  • Controls over information to be used as audit evidence
    47 mins
  • Nature of accounting estimates
    63 mins
  • Developing an auditor's point estimate or range
    80 mins

Course Description

Sometimes it is a little difficult to keep up with the amendments in auditing standards issued by the Accounting Standards Board.

The AICPA Auditing Standards Board (ASB) issued two new Statements on Auditing Standards (SAS) that focus on audit evidence and accounting estimates: SAS No. 142, Audit Evidence, and SAS No. 143, Auditing Accounting Estimates and Related Disclosures. These new standards will impact both management and the auditor, as SAS No. 142 relates to the type, extent, and quality of support the auditor will be requesting as audit evidence, while SAS No. 143 relates to the approach the auditor will take in auditing accounting estimates in an increasingly uncertain economic period.

In this CPE course we will review new pronouncements from the AICPA’s Auditing Standards Board (ASB). This CPE webinar will inform participants of the latest issues from the ASB and the AICPA including implementation issues with new effective dates. New and revised audit standards, attestation standards, and other new pronouncements about auditing will be discussed. The impact of the Corona Virus and the revised auditing standards resulting from COVID-19 will be examined for current application. Any newly released auditing issues will be visited. In this CPE course we’ve also looked at the major audit issues related to SAS 141, SAS 142, and SAS 143.

We’re are going to give you an overview of the latest important changes by covering the following Major Topics:

  • SAS 141 - Amendment to the effective dates of SAS nos. 134–140.
  • SAS 142 – Audit Evidence
  • SAS 143 - Auditing accounting estimates and related disclosures
  • Many examples for major areas

Learning Objectives

  • To examine the background and scope of each topic.
  • To identify the specific items targeted by each amendment.
  • To describe the applicable new accounting treatment for each amendment.
  • To determine the effect of the amendments.
  • To review additional disclosure requirements.

Recommended For

  • This CPE course is recommended for CPAs, CIAs, External Auditors, Risk managers, Internal Auditors, Professionals in public practice, industry, and government who wish to stay current on professional audit standards.

Who Should Attend?

  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 2 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
  • 2 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
  • 2 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
  • 2 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
  • 2 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
  • 2 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
  • 2 CPD Credit of Auditing for Certified Financial Forensics (CFF)
  • 2 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
  • 2 CPE Credit of Auditing for Certified Government Financial Manager (CGFM)
  • 2 CPE Credit of Auditing for Certified Management Accountants (CMA)
  • 2 CPE Credit of Auditing for Certified Valuation Analyst (CVA)
  • 2 CPE Credit of Auditing for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 2 CPE Credit of Auditing for Licensed Public Accountant (LPA)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Michel Morley

Founder, Mike Morley

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

 “Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

About Company

Mike Morley

www.mikemorley.com/

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

 “Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

Faq

FAQs content

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Ratings and Review

4.2

25 Ratings

Excellent

12

Very Good

7

Average

6

Poor

0

Terrible

0

WS

Wesley Sito, CPA (US)

Jan 16th, 2022

Very useful information.

SS

Sarah Smith, CPA (US)

Jun 29th, 2022

It was very difficult for me to understand the instructor with the accent with which he spoke. He was saying things but with my hearing issues I could not make out all his words.

Major Audit Issues: SAS 141, 142, and 143

PREMIUM

2 Credits

Subject Area

Auditing