Update on Recent AICPAStandard Setting: Staying Current in a Changing Environment

Description:

Professional standards are changing with the times and the desire of the AICPA to move the profession into a new era where use of data analytics and artificial intelligence will play a key role in an audit.  We are seeing changes already as the AICPA has recently issued standards that significantly modify the form of the independent auditor’s report.  In addition, its Omnibus standard modifies several professional standards including those on related parties, consideration of fraud and the auditor’s communication to those charged with governance.  The new auditing standard on employee benefit plan audits makes significant changes in the auditor’s report as well as other aspects of an employee benefit plan audit.  

Further, recently issued Statements on Standards for Accounting and Review Services (SSARS) have addressed the consideration of going concern and other significant issues.   In addition, the AICPA has proposed a new SSARS that will conform its standards with international standards for such engagements.  The AICPA has also recently issued new Statements on Standards for Attestation Engagements on Agreed-Upon Procedures and materiality.  Clearly, with regard to professional standards, the only constant is change.

This course will review recently issued SASs and SSARS and provide both insights into the new standards including how to best implement them.  

Highlights:

  • New SASs on reporting and key audit matters
  •  Updated guidance on employee benefit plan audits
  •  Going concern considerations in all professional engagements
  •   Proposed SSARS on conforming U.S. and international standards
  •   Recent changes to the Standards on Attestation Engagements   
  •  Other AICPA hot topics and standard setting initiatives

Objectives:

  • Identify and understand the requirements of recently issued SASs and SSARS
  •     Develop implementation tips and best practices related to these new standards
  •     Implement best practices for enhancing engagement quality

Prerequisites:

Experience in accounting and auditing

Category:

AUD

Credits:

4

Course Level:

Intermediate

Members

Standard Fee: $55.00

Non-Members

Standard Fee: $65.00

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Vendor:

Surgent McCoy CPE, LLC

Designed For:

Accounting and auditing practitioners at all levels desiring to stay current on AICPA professional standards

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