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Get ahead by evaluating the impact of this additional suite of standards designed to refocus on the auditor's report with additional information communicated to users. Changes in the language and position of the auditor's opinion and basis of the opinion will be presented in the front of the auditor's report letter. Other changes as a result of the auditor's report letter language will include the engagement letter and the representation letter. An immediate and thorough evaluation of the impact of these standards will be required. The objective of this group of standards will be to provide value to users by relocating the auditor's opinion and the basis for the auditor's opinion to a more visible position in the front of the report. Also, the revised language will be more transparent in defining the responsibilities of the auditor as well as the entity's management. These SASs address concerns of users for more communication and better understanding of issues encountered by the auditor during the conduct of the audit. Generally accepted auditing standards will now align with the Standards of the PCAOB and the IAASB.

Objectives

Participants will be able to:

  • Identify changes in the reporting model
  • Identify how the report letter will set users' expectations
  • Identify Key Audit Matters (KAM) and when they are required to communicate them
  • Review examples for the form and content of the report

Highlights

  • Modifications, replacements, and additions to guidance
  • Format and content of auditor report with examples
  • New requirements to disclosure Key Audit Matters
  • New requirements for going concern
  • Performance requirements for ERISA audits
  • Reporting on ERISA required supplemental schedules
  • Effect of new standards on procedures, communication of reportable conditions, and auditor responsibilities for other information included in annual reports
  • Effect of new standards on related party transactions, fraud, and communication with those charged with governance

Who Will Benefit

CPAs in small to medium size public accounting firms that conduct audits of non-public entities.

Credits

Category Amount
Auditing 4.00

Leaders

  • Rebecca M. Lee

    Rebecca Lee, CPA, is a discussion leader for LOSCALZO ASSOCIATES LTD. She was a principal organizer of Brooke, Freeman & Lee, Birmingham, Alabama, in 1982. As the Firm’s audit partner, she is responsible for the Firm’s audit practice and serves as a quality control reviewer for other firms. She has served on numerous AICPA and state society committees including the AICPA Management Consulting Service Professional Practice Subcommittee and Small Business Consulting Practices Subcommittee and is a past member of the Institute’s MAS Executive Committee and Personal Financial Planning Executive Committee. She has chaired both the Management Advisory Committee and the Personal Financial Planning Committee of the Alabama Society of CPAs. She currently serves as Chairman of the South Carolina Association of CPAs’ Continuing Professional Education Committee. She holds a BS degree in Accounting from Jacksonville State University, Jacksonville, Alabama, along with a Masters Degree in Accounting from Birmingham Southern College, Birmingham, Alabama. Ms. Lee is a discussion leader for all staff level audit training programs as well as, other accounting and auditing technical courses. She is a frequent speaker at CPA conferences, and has lectured extensively in the area of management advisory services at professional meetings and seminars for state societies and the American Institute of CPAs. Ms. Lee has served as professor of management accounting in the graduate studies (Master in Public and Private Management) program at Birmingham-Southern College. She is a member of the Alabama Society of CPAs, the South Carolina Association of CPAs and the AICPA.

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