Surgent's Update on Recent AICPA Standard Setting: Staying Current in a Changing Environment Download

Overview

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. Another revision, which has also affected the SSARs and SSAEs is a change to the definition of materiality. Other major revisions to professional standards include updated standards on audit evidence, auditing accounting estimates, use of specialists and information obtained from a pricing service and understanding the entity and its environment and assessing the risk of material misstatement. This program will cover SASs 134 through 145.

Prerequisites

Experience in accounting and auditing

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

Highlights

• AICPA hot topics and standard setting initiatives
• Discussion of suite of nine integrated SASs effective for years ended December 31, 2021
• Discussion of new standard on audit evidence effective for years ended December 31, 2022
• Discussion of new standard on auditing accounting estimates and disclosures effective for years ended December 31, 2023
• Discussion of two new standards on use of specialists and information from a pricing service, and the newly updated risk assessment standard effective for years ended December 31, 2023
  

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