CPE Webinars

New Auditor Report Standards: SASs 134 and 135 (November 21, 2019 11:00-1:00 PM CST)

Get ahead by evaluating the impact of this new suite of standards designed to refocus on the auditor’s report with additional information communicated to users. Changes in the language and position of the auditor’s opinion and basis of the opinion will be presented in the front of the auditor’s report letter. Other changes as a result of the auditor’s report letter language will include the engagement letter and the representation letter. The AICPA Auditing Standards Board issued SAS 134 and SAS 135 effective for reporting periods on or after December 15, 2020.

An immediate and thorough evaluation of the impact of these standards will be required. The objective of this group of standards will be to provide value to users by relocating the auditor’s opinion and the basis for the auditor’s opinion to a more visible position in the front of the report. Also, the revised language will be more transparent in defining the responsibilities of the auditor as well as the entity’s management.

These SASs address concerns of users for more communication and better understanding of issues encountered by the auditor during the conduct of the audit. Generally accepted auditing standards will now align with the Standards of the PCAOB and the IAASB.

Key Audit Matters (KAMs) were added by the IAASB while the PCAOB standards now require Critical Audit Matters (CAMs) to communicate matters of interest to users. While SAS 134 does not require Key audit matters to be reported, Au-C section 701 has been added to provide guidance should the auditor be engaged to report on key audit matters.

SAS 135 will align the ASB guidance for reporting and performance of the audit in several areas; auditor communication, related parties and consideration of Fraud in an audit.

Join this fast-paced session for the key changes and preview of the languages.

Designed for…

CPAs in small to medium size public accounting firms that conduct audits of non -public entities.

Learning Objectives:

Participants will be able to:

  • Identify changes in reporting model
  • Identify how the report letter will set users’ expectations
  • Identifying Key Audit Matters (KAM) and when required to be communicated
  • Review examples for the form and content of the report

Major Subjects

  • Modifications, replacements and additions to guidance
  • Format and content of auditor report with examples
  • New requirement to disclosure key audit matters (KAMs)
  • New requirements for going concern
  • Effect of new standards on related party transactions, fraud and communication with those charged with governance

Speaker / Author:

Rebecca Lee, licensed as a CPA in Alabama and South Carolina, is a Group Practice Leader for Kaplan Financial Education, powered by Loscalzo Institute, and a founding Principal with Brooke, Freeman & Lee. She serves as the assurance, quality control, and compliance principal with responsibilities for the audit practice.

She has served on numerous AICPA and state society committees, including the AICPA Management Consulting Service Professional Practice Subcommittee, Small Business Consulting Practices Subcommittee, and Council of the AICPA. She has chaired both the Management Advisory Committee and the Personal Financial Planning Committee of the Alabama Society of CPAs. Rebecca currently serves on the Illinois Society of CPAs Peer Review Committee, which serves multiple state societies of CPAs.

Rebecca has served as professor of management accounting in the graduate studies (Master in Public and Private Management) program at Birmingham-Southern College. Rebecca holds a BS degree in accounting from Jacksonville State University, along with a master’s degree in Accounting from Birmingham Southern College. She is a member of the Alabama Society of CPAs, the South Carolina Association of CPAs, and the AICPA.

Price (USD)

Standard: $90.00


Course Code : ACE-19007_LZ

Course Level : Intermediate
Course Type : Group Internet-Based
Format Type : Webinar
Field Of Study : Auditing

Event Date : 11/21/2019 11:00:00 AM

Included In

Returning Subscribers

- OR -