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Through a process of clarification, convergence, reformatting, application material, appendices, and exhibits, the Auditing Standards Board issued the Clarified Auditing Standards. These Clarified Standards supersede all previously issued Statements on Auditing Standards, containing changes you need to know.
Every auditor is required to read, understand, and apply all of the Clarified Auditing Standards affecting their audit practice. This course takes the auditor through the clarified auditing standards by highlighting those changes every auditor needs to know. The course provides explanations, examples, and discussions on key issues, identifies areas that auditors and client management need to understand, and provides practical advice for understanding the explicit new requirements brought about by the changes.
- Auditing Opening Balances on Initial and Re-Audit Engagements. The Explicit Requirements of AU-C 510, Opening Balances
- Initial Audit Engagements, Including Reaudit Engagements
- Performance and Component Materiality, Component Auditors, Group Auditors, Group Engagement Partner Responsibilities and other Requirements of AU-C
- Section 600, Special Considerations--Audits of Group Financial Statements (Including the Work of Component Auditors)
- Changes in All Auditors Reports, as Required by AU-C Sections 700-706
- Consideration of Laws and Regulations in an Audit of Financial Statements and the Inspection of Correspondence, as Required by AU-C Section 250
- Risk of Material Misstatement Approach to Auditing Related Parties as Required by AU-C Section 550, Related Parties
- Changes to your Understanding and Documenting the Terms of Engagement with your Client as Required by AU-C, Terms of Engagement
- A More Principles-Based Approach Regarding the Direct Communication with your Audit Client's Lawyers, as Required by AU-C Section 501, Audit Evidence--Specific Considerations for Selected Items
- The Requirement to Obtain Written Confirmations as Audit Evidence, as Required by AU-C Section 505, External Confirmations
Participants will learn how to work through the requirements in the clarified standards and use the application guidance to resolve various issues.
Prerequisite: Basic knowledge of auditing and related standards
Advanced Preparation: None