Course Information

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Recent Auditing Standards: SAS 113-114
Author: Perry M. Henderson

Description:

This course discusses two recently-released standards that are not a part of the Risk Assessment group of standards: SAS 113, Omnibus Statement on Auditing Standards-2006 and SAS 114, The Auditor’s Communication With Those Charged With Governance.

SAS 113 revises certain terminology used throughout existing auditing standards to conform it to newly adopted terms in recently-released standards. It also provides a link between the consideration of fraud and the auditor’s risk assessment and the procedures to respond to the risk assessment, and it changes the convention for dating the representation letter.

SAS 114 supersedes SAS 61 and provides guidance on matters to be communicated with those charged with governance. It expands those requirements to all audits of non-SEC issuers, and requires auditors to identify the persons in charge of overseeing their strategic direction and accountability obligations, and to communicate to them certain significant audit-related matters.

Course Details:
Price:  $16.00
Field of Study:  Auditing
Prerequisites:  none
Level:  Basic
CTEC course number:  None
Course was last updated on:  07/30/2009
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Library:
Learning Center Core
Accounting and Audit

Technical Requirements:
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Credit Available For: Units
CPE 1.00 CPE
National Registry Interactive 1.00 CPE
National Registry New Standards 1.00 CPE
QAS 1.00 CPE

Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.

Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.