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SOX Evolution Of Auditing standards

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


  • Background
    5 mins
  • Auditing Standard 2
    15 mins
  • Difficult Concepts: Definition of Terms
    31 mins
  • Key Changes in AS5
    56 mins
  • The Next Phase
    83 mins

Course Description

Generally Accepted Auditing Standards (GAAS) are Standards against which the quality of audits is performed and judged.  In the U.S., Standards are promulgated by the Auditing Standards Board (ASB), a division of the American Institute of Certified Public Accountants (AICPA).  Since SOX passage, PCAOB has developed standards for publicly traded companies.  Sections 103(a)(2)(A) and 404(b) of the SOX Act directed the Board to establish:  Professional standards governing the independent auditor's attestation and reporting on management's assessment of the effectiveness of ICFR.

Auditing Standard 2 was the initial standard released to provide public accounting firms guidance regarding the requirements to comply with Sarbanes-Oxley.  Due to the many difficulties faced by firms and issuers in the early years of compliance, the PCAOB released AS5 in 2007 which superseded AS2.  AS5 was designed to provide clearer guidance and eliminate some of the questions that had plagued firms and companies through the initial years of attestation.  AS5 is the auditing standard currently used when complying with SOX.  

However, it is important to have an understanding of AS2, it’s expectations and challenges be able to appropriately scope and understand the transition to AS5.  This course will provide an outline of both legislations and highlight the challenges and applications of the standards.  It is important for professionals to have a strong understanding of the concepts outlined in both auditing standards and the impetus for change that resulted in AS5.  This course is designed to provide a strong understand of these concepts.  

Major topics covered in this online CPE webinar:

Background and purpose of auditing standards

Auditing Standard 2 (AS2)

  • Management assessment process
  • Top down approach
  • Fraud
  • Terms
  • Entity level controls and walkthroughs

Auditing Standard 5 (AS5)

  • Key changes
  • Top down approach
  • Entity controls
  • Significant Accountants
  • Definitions
  • Bottom Line
  • Next Phase – COSO 2013

Click here for more Accounting & Auditing CPE webinars.

Learning Objectives

  • To describe difficult concepts management’s assessment process
  • To have a deep understanding of AS 2 and AS 5
  • To discover the background of SOX Act of 2002 and recognize the purpose of auditing standards
  • To learn the actions and pronouncements of the PCAOB
  • To monitor enforcement proceedings and new legislation

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Certified Management Accountant
  • Certified Public Accountant
  • Chief Accounting Officer
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA