Considering the impact of International auditing standards. Reviewing practical implementation issues for government and non-government operations. Developing confidence in performing audits or being the recipient of an audit. HesterCPA, CFF, FCPA, CGFM, CFE, CFS11 Course Objectives Participants will gain a greater understanding of: Applying GAAS (SAS, SSAE, GAGAS, and IIA) and recent changes in these auditing standards. International Federation of Accountants.1 Comprehensive Update on Generally Accepted auditing StandardsAuditing standards (GAAS)Presented b圜harles W. International Auditing and Assurance Standards Board of the International Standards on Auditing are stated by the The AICPA provides a list of the AU-C standards. In the interim period, these new AU sections are referred to as AU-C until 2014. In October 2011, SAS 122 was issued which superseded all previous SASes except 51, 59, 65, 87, and 117-20. Many of the AU sections are being remapped as part of the Clarity Project. In 2004, a project was begun to clarify and converge the standards with the International Standards in Auditing (ISAs). In all cases where an auditor's name is associated with financial statements, the auditor should clearly indicate the character of the auditor's work, if any, and the degree of responsibility the auditor is taking, in the auditor's report When the auditor cannot express an overall opinion, the auditor should state the reasons therefore in the auditor's report. The auditor must either express an opinion regarding the financial statements, taken as a whole, or state that an opinion cannot be expressed, in the auditor's report.When the auditor determines that informative disclosures are not reasonably adequate, the auditor must so state in the auditor's report.The auditor must identify in the auditor's report those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.The auditor must state in the auditor's report whether the financial statements are presented in accordance with generally accepted accounting principles.The auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for an opinion regarding the financial statements under audit.
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