Navigating the intricate landscape of auditing standards for state and local governments, especially when dealing with federal funds, can be daunting for auditors. This single audit CPE course provides an essential solution by thoroughly examining the latest changes in the three key sets of auditing standards: AICPA Clarity Audit Standards (GAAS), Government Auditing Standards (GAS or Yellow Book), and Uniform Guidance (Single Audit). Participants will gain not only an understanding of the recent amendments but also the rationale behind these changes. This auditing CPE course provides significant updates across the AICPA standards, including SAS 134-140, modifications to the auditor's report, and new amendments to various AU-C sections. For those involved in Single Audits, the auditing CPE course also delves into the latest compliance supplements and the implications of COVID-19 funding. This single audit CPE is designed to equip auditors with the knowledge and insights necessary to effectively apply these standards, ensuring compliance and excellence in their auditing practices.
Learning Objectives
Upon successful completion of this course, participants will have an understanding of:
AICPA and Single Audit Update
AICPA recent activity
SAS 134-140
Auditor reporting- AU- C700 Series
Significant changes to the auditor's report
Auditor Reporting SAS No. 134
Section 705- Modifications to the opinion in the independent auditor's report, emphasis-of-matter paragraphs and other-matter paragraphs in the independent auditor's report.
Various amendment- AU-C 570 & AU-C 260, and other related projects
Illustrative report- Independent auditors report
SAS 135- Omnibus statement on auditing standards- 2019, proposed amendments AU-C 260, communication to Au-C 260 TCWG, AU-C 550 related parties
Statement on auditing standards- SAS No. 136, SAS No. 137, SAS No. 138, SAS No. 20, SAS No. 139,
Amendments to AU-C Section 800, 805, and 810 changes from SAS No. 134 (SAS No. 139)
Amendments to AU-C Sectopm 725, 730, 930, 935, and 940 to incorporate auditor reporting changes from SAS No. 134 and 137 (SAS No. 140)
SAS 141
Audit Evidence (SAS No. 142)
Auditing accounting estimates and related disclosures (SAS No. 143)
SAS 144 & 145
Single Audit Update
Compliance supplement breaking news
What is COVID19 Funding
Matrix of compliance requirements
Major Topics
- Auditor Reporting
- AU
- C 700 Series
Significant Changes to the Auditor's Report
Auditor Reporting
- SAS No. 134
Illustrative Report
SAS 135, Omnibus Statement on Auditing Standards
- 2019
SAS 141
Audit Evidence
Auditing Accounting Estimates and Related Disclosures (SAS No. 143)
SAS 144
