SAS No. 70 Auditing Guidance

Author/Moderator: Antonio C. Contabile, CPA, MBA, Maureen A. Driscoll, Amit Dutta, CISA, CAIIB, Alex Fraga, MBA, Lori W. Godwin, CISA, MBA, Michael S. Hurle, ACA, Susan E. Kenney, CPA, Errol R. Ramdarie, CPA, Douglas Vogl, CISA, CISSP, and Helen Yoon / Video Moderator: Susan E. Kenney, CPA, Susan E. Kenney, CPA (Moderator)

Publisher: AICPA

Availability: In Stock

Description

Table of Contents

Reviews

Description

Ideal for self-study or on-site training!

CPAs are performing more SAS No. 70 audits than ever for two reasons. More entities are outsourcing services that affect their financial statements to service organizations ranging from bank trust departments to application service providers. Also, public companies are having SAS No. 70 audits done to comply with the requirements of Section 404 of the Sarbanes-Oxley Act.

SAS No. 70, Service Organizations, provides guidance on the factors that an auditor should consider when performing an audit of the financial statements of an entity that uses a service organization to process certain transactions. It also provides guidance for auditors who issue reports on the processing of transactions by a service organization for use by other auditors.

This course, based on the AICPA Audit Guide, Service Organizations: Applying SAS No. 70, As Amended, is designed for CPAs who audit entities that outsource financial processing and prepare SAS No. 70 audit reports as well as CPAs working in service organizations.

Ideal for self-study or on-site training!

Objectives:

Understand how to perform an SAS No. 70 audit engagement
Understand the form and content of SAS No. 70 audit reports
Know when and how to use SAS No. 70 audit reports in integrated (Section 404) or financial statement audits

Value Aid! Service Organizations: Applying SAS No. 70, As Amended, AICPA Audit Guide

Prerequisite: Experience in auditing

View a sample video clip:
Windows Media format: Broadband or 56k (dial-up)
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In the video, Video Moderator Susan E. Kenney, CPA, discusses issues with Joseph G. Griffin, CPA, CISA; Andrew E. Nolan, CPA; and Helena Yoon — each of PricewaterhouseCoopers LLP — and James K. O’Neill of IBM Global Services.

*(138-min. video) The DVD disk contains the video presentation and a viewable copy of the Manual.
**The Additional Manual is for group study training only. Unlike other formats, it has no exam answer sheet and cannot be used to earn self-study credit.

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Chapter 1
- Text
  - Objectives
  - Introduction
  - Applicability of SAS No. 70, as Amended
- Review Questions
- Answers to Review Questions
Chapter 2 Audit Considerations for Entities that Use Service Organizations
- Text
  - Objectives
  - Applying SAS No. 55, as Amended, to the Audit of Financial Statements
  - Effect of a Service Organization on Planning the Audit of a User Organization
  - Sources of Information About the Service Organization
  - The User Auditor's Assessment of Control Risk
  - Decision Process Flowchart
  - Some Additional Points on Timing
- Review Questions
- Answers to Review Questions
Chapter 3 SAS No. 70 Compared to Other Standard and Reports
- Text
  - Objectives
  - Other U.S. Professional Standards
  - The Applicability of Different Types of Internal Control Reports
  - How SAS No. 70 Engagements Compare to SysTrustsm and WebTrust Engagements
  - Non-U.S. Internal Controls Reports Similar to Type 1 or Type 2 Service Auditor Reports
  - Relationship of Other Standards to Type 1 or Type 2 Service Auditor Reports
- Review Questions
- Answers to Review Questions
Chapter 4 Form and Content of Reports
- Text
  - Objectives
  - Types of Service Auditors' Reports
  - Format and Content
  - Independent Service Auditor's Report
  - The Service Organization's Description of Controls
  - Control Objectives, Related Controls, and Assertions in User Organizations' Financial Statements
  - Information Provided by the Service Auditor
  - Other Information Provided by the Service Organization
  - Alternative Methods of Organizing Reports
  - Certification of Computer Software
- Review Questions
- Answers to Review Questions
Chapter 5 Sample Reports
- Text
  - Objectives
  - Introduction
  - Sample Reports in Appendix A
- Review Questions
- Answers to Review Questions
Chapter 6 Using Type 1 and Type 2 Reports
- Text
  - Objectives
  - Determining Whether to Use a Given Type 1 or Type 2 Report
  - Timing Considerations Related to Using a Service Organization's Description of Controls
  - The User Organization's Consideration of the Results of Tests of Operating Effectiveness
  - Reportable Conditions
  - Uncorrected Errors at the Service Organization
  - Other Comments Related to the Sarbanes-Oxley Act of 2002
- Review Questions
- Answers to Review Questions
Chapter 7 Performing a Service Auditor's Engagement - Responsibilities of the Service Organization
- Text
  - Objectives
  - Introduction - Responsibilities of the Service Organization
  - Responsibilities of the Service Organization
  - Practical Questions and Answers
  - Illustrative Representation Letter
- Review Questions
- Answers to Review Questions
Chapter 8 Performing a Service Auditor's Engagement - Fair Presentation and Setting Control Objectives
- Text
  - Objectives
  - Fair Presentation and Placed in Operation
  - Control Objectives
  - Illustrative Examples of Control Objectives
  - Summary of Service Auditor's Responsibilities Depends on Who Establishes the Control Objectives
- Review Questions
- Answers to Review Questions
Chapter 9 Performing a Service Auditor's Engagement - Responsibilities of the Service Auditor: Suitability of Design and Tests of Operating Effectiveness
- Text
  - Objectives
  - Introduction
  - Suitability of Design
  - Operating Effectiveness
- Review Questions
- Answers to Review Questions
Chapter 10 Performing a Service Auditor's Engagement - Tests of Operating Effectiveness
- Text
  - Objectives
  - Introduction - Presentation
  - Describing Tests and the Results of Tests - Presentation
  - Examples
  - Reporting - Presentation
- Review Questions
- Answers to Review Questions
Chapter 11 Performing a Service Auditor's Engagement - Other Matters
- Text
  - Objectives
  - Complementary Controls at User Organizations
  - Other Design Deficiencies Irrespective of Specified Control Objectives
  - Changes in the Service Organization's Controls
  - Changes in the Control Objectives to be Tested
  - Service Auditor's Recommendations for Improving Controls
  - Uncorrected Errors, Fraud, or Illegal Acts of a Service Organization
  - Representation Letter From the Service Organization's Management
  - Elements of the Service Organization's Description Not Covered by the Report
  - Going Concern Matters
  - Reportable Conditions
  - Related Parties
  - Using the Work of Internal Auditors
  - Distribution of Reports
  - Service Auditor Not Required to Review Board Minutes or Obtain Legal Letters
  - Engagements to Report on Only General Computer Controls
  - Examples of User Control Considerations
- Review Questions
- Answers to Review Questions
Chapter 12 Service Organizations that Use Other Service Organizations
- Text
  - Objectives
  - Introduction - Service Organizations that Use Other Service Organizations
  - Examples of Subservice Organizations and Situations
  - The Effect of a Subservice Organization on a User Organization's Internal Control
  - Differing Responsibilities in Subservicing Situations
  - The Method of Presentation: Carve-Out or Inclusive
  - Subservice Organizations That Hold and Service Securities
- Review Questions
- Answers to Review Questions
APPENDIX
- PCAOB Auditing Standard No. 2 - Appendix, paragraphs B18 - B29
- PCAOB Staff Questions and Answers (6/23/2004) - Questions 24 and 25
- PCAOB Staff Questions and Answers (10/6/2004) - Question 29
- AICPA Audit Guide, Service Organizations: Applying SAS No. 70, as Amended
GLOSSARY
INDEX
EXAMINATION

Excerpts

Videocourse Details

NASBA Field of Study: Auditing

Level: Intermediate

Recommended CPE Credit: 12

Yellow Book Hours: 12

Important Information on Your CPE Credit

	DVD/Manual , Product# 180302 Availability:In Stock	Regular:$231.25 AICPA Member:$185.00 Your Price:$231.25
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