Breaking Down the New Auditor's Reporting Suite of Standards for Non-ERISA Engagements

Overview

A new Auditor's Reporting Model is here.

Auditors' reports are the ultimate communication between auditor and the public. The auditor's report is a written letter from the auditor containing the opinion of whether an entity's financial statements comply with generally accepted accounting principles (GAAP). The independent and external audit report is typically published with the company's annual report. This course will discuss the considerations surrounding the objectives and form of the auditor's report under SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements.

Further, the remainder of the Auditor's Suite of Reporting standards, with the exception of SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, also include applicable reporting information for non-ERISA engagements. From the new requirement to report on key audit matters when so engaged to modifications to your auditor report, this course will cover:

• AU-C Section 701, Communicating Key Audit Matters in the Independent Auditor's Report
• AU-C Section 705, Modifications to the Opinion in the Independent Auditor's Report
• AU-C Section 706, Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor's Report
• AU-C Section 720, The Auditor's Responsibilities Relating to Other Information Included in Annual Reports
• AU-C Section 725, Supplementary Information in Relation to the Financial Statements as a Whole; and
• AU-C Section 730, Required Supplementary Information

Highlights

Key Topics

• Form and content of the revised auditor's report.
• Scope and objectives of AU-C section 700, 701, 705, 706, 720, 725, 730

Designed For

Who Will Benefit

Auditors in practice conducting engagements of non-public, non-ERISA entities.

Objectives

Learning Outcomes

• Identify the concepts contained in recently released standards that have changed the auditor's reporting process.
• Recall the scope and objectives of AU-C section 700, Forming an Opinion and Reporting on Financial Statements.
• Recall the scope and objective of the related other AU-C sections in the Auditor's Reporting Suite of SASs.