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Roberts, CPA State and Local Tax Director TaxOps Pon, CPA/PFS, CFP, EA, USTCP, AEP Pon & Associates Founder/Managing Partner McCormick TaxĬhristopher D. (Jere) Doyle, IV BNY Mellon Wealth Management Czerniawski, CPA, MBA Partner Marks Paneth Partner Hutchins & AssociatesĬhristopher Ciminera, CPA, QKA Principal Belfint Lyons Shuman
GENERALLY ACCEPTED AUDITING STANDARDS SAS SSARS SSAES FULL
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Strafford is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits. Impact of SAS 136 on the auditors' report and audits of employee benefit plans.New required inquiries under SAS 135 for related parties and other significant unusual transactions.Preparing auditors' reports for each opinion type.What is a KAM, and how and when are these disclosed?.The expanded description of auditors' responsibility.The panel will review these and other critical issues: SAS 140 Amendments to incorporate SAS 134 and 137 changes.SAS 139 Amendments to incorporate changes from SAS 134.SAS 138 Amendments to the description of materiality.SAS 137 Information included in annual reports.SAS 136 Auditor reporting on employee benefit plans.SAS 135 Omnibus statement on auditing standards.SAS 134 Auditor reporting and amendments.Overview of Statements of Auditing Standards (SASs) No.Listen as our panel of auditing experts details the new requirements of the AICPAs SASs No. Auditors and accountants need to be sure their audits comply with these SASs. Other SASs with the same implementation date include SAS 137, The Auditors' Responsibilities Relating to Other Information Included in Annual Reports, and SAS 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. The new definition, "Misstatements, including omissions, are considered to be material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements," is more closely aligned with other authorities including the U.S judicial system and the Public Accounting Oversight Board. SAS 138 amends the description of materiality in audits. In addition to unmodified or clean opinions, types of opinions that can be issued include qualified, adverse, or a disclaimer of an opinion. It introduces the concept of key audit matters (KAMs). The new report states the opinion in the first paragraph and emphasizes the auditors' responsibilities, including independence. SAS 134 substantially changes the auditors' report under Generally Accepted Auditing Standards. 15, 2021, essentially for 2021 calendar year audits. The implementation date of SASs 134-140 was postponed, and these are now effective for audits taking place for periods ending after Dec.