I See It! Bringing into Focus New Clarified Auditing Standards [GNFR Anc]

Full Description

I SEE IT! BRINGING INTO FOCUS THE NEW CLARIFIED AUDITING STANDARDS

Date: November 21, 2013

Facility: AKCPA Office
341 West Tudor Rd. #105
Anchorage, Alaska

The AICPAs Clarified Auditing Standards are now effective! As you are implementing the standards, make sure you are focusing in on the most crucial issues. Find out what the first comprehensive rewrite of the SASs since 1972 entails and its implications on your auditing
practice. The course materials utilize a highly illustrative format to increase concept comprehension and retention.

Major Topics:
Overview of why the Clarity Project was undertaken and how it changed the way standards are written
The convergence of the AICPA SASs and International Standards on Auditing (ISAs)
The components of the clarified standards (i.e., introduction; objective; definitions; requirements; and application and other explanatory material)
The inclusion of special considerations relevant to audits of smaller, less complex entities and audits of governmental entities
New auditing standards terminology being introduced with the clarified standards (e.g., applicable financial reporting framework, emphasis-of-matter and other-matter paragraphs, and group engagement partner and component auditor)
Key changes being made to the auditing standards (e.g., changes in report wording, procedures related to detecting illegal acts, and opening balances in initial audits)
Standards that changed the most and least as a result of the Clarity Project
Tips for transitioning to the new standards

Learning Objectives:
Stay current in the complex and ever-changing auditing environment
Fundamentally understand the who, what, and when of the clarified standards
Prepare yourself and your firm for implementation of the clarified standards

Designed For: All auditors

Level of Knowledge: Basic

CPE Credits: 8, Auditing

Prerequisite: Basic audit knowledge

Acronym: GNFR

Discussion Leader: Laura Lindal

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