The New AICPA Auditor's Report

4.6 (20)

Melisa Galasso, CPA

Galasso Learning Solutions

  • CPA

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

Overview

  • Relevant Ethical Requirements
  • Management’s Responsibilities
  • Key Audit Matters
  • How to Select KAM
  • Significant Audit Attention

Course Description

The American Institute of CPAs’ Auditing Standards Board has posted a group of standards for audit reports and auditing financial statements. The auditor’s report is getting a facelift. Following both the IAASB and PCAOB, the AICPA undertook a massive project to update the new report. SAS 134, Auditor Reporting and Amendments―Addressing Disclosures in the Audit of Financial Statements, was issued in April 2019. 

These Auditor Reporting suite of standards will benefit users of audited financial statements throughout the U.S. by placing the auditor’s opinion at the front of the report for added visibility and providing necessary transparency into the basis for the auditor’s opinion and the responsibilities of both entity management and auditors.

Major Topics Covered : 

  • SAS 134 amendments
  • AU-C 700
  • AU-C 701
  • Key Audit Matters
  • AU-C 705

We’ll cover the new order of the report, changes to presentation as well as introduce the concept of KAM. We’ll cover when KAM is required as well as what constitutes KAM. The new report is effective for periods ending on or after December 15, 2020. Recommended for professionals in public practice, business, industry, government, and education who deal with nonpublic entities and need a course on how to handle the new major auditing issues of auditor reporting.

Learning Objectives

  • To identify the List changes to the auditor’s report
  • To identify Communicating Key Audit Matters in Independent Auditor's Report
  • To identify how to review illustrations of New Auditor Reporting
  • To recognize the new form and content of modifications to the opinion in the Independent Auditor's Report
  • To identify and differentiate how the new and revised International Standards on Auditing (ISAs) for reporting on audited financial statements affect key audit matters (KAMs)

Who Should Attend?

  • Accountant
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • CPA (Industry)
  • Auditors
  • Young CPA
  • Entrepreneurial CPA
  • Senior Accountant
  • Entrepreneurial Accountant
  • Accounting Managers
  • Staff of Accounting Firm

Testimonial

4.6

(20)
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WM

Webinar to be so much full of details that can easily be understood and applied. Melisa's experience and knowledge on these topics was quite impressive which you have poured into your presentation. I am happy I attended your webinar.

RS

Very informative presentation. This webinar was amazing. Melisa provided a lot of information in a very organized manner. I can use this information for myself or my colleague.

PB

Ms.Melisa is an excellent speaker who gave an informative overview of AU-C 700 & AU-C 701. She pointed us to great resources so we can provide advice to our clients.

JG

I found the webinar very informative and covered many points with enough detail to understand the important points of key audit matters and SAS - 134