NOT2424. Auditing Standards Update

This session will provide an update from the Auditing Standards Board, with a focus on the key adjustments presented in SAS 143-149, as well as outline how the new standard impact previous audit procedures and reporting practices. Attendees will gain an understanding of the clarified focus on assertion-level risk assessments and the impact of significant estimates on audit risk assessments. This session will also investigate best practices identified from the implementation of the new standards and review upcoming standards and updates.

Learning Objectives:

• • Analyze the impact the new auditing standards on audit risk assessments, including: o Increased focus on relevant assertions as it pertains to SCOTABD’s; and, o Separate assessment of inherent risk and control risk; o Clarified requirements for understanding the system of internal control; o “Stand-back” requirement for risk assessments.
• • Understand the impact of significant estimates on risk assessments;
• • Consider best practices learned from the application of the new SAS’s under different audit methodologies;
• • Recall key changes in terminology outlined in the standards; and,
• • Review upcoming standards and other updates.