Course Information

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SAS 118: Other Information in Documents Containing Audited Financial Statements
Author: Perry M. Henderson, CPA, MPA

Description:
SAS 118 establishes requirements and provides guidance related to the auditor's reading of other information in documents that contain audited financial statements, and responsibilities when that information contains a material inconsistency with the financial statements or a misstatement of fact that could undermine the credibility of the statements or the auditor's report.

It supersedes SAS 8, (AU section 550) Other Information in Documents Containing Audited Financial Statements, and, together with SAS 119, SAS 29, (AU section 551) Reporting on Information Accompanying the Basic Financial Statements in Auditor-Submitted Documents.

After taking this course, the user should be able to:

  • Describe the auditor's responsibilities with respect to other information in documents containing audited financial statements.

  • Define the terms "inconsistency" and "misstatement of fact" and distinguish between the two in practical audit situations.

  • Determine proper responses to inconsistencies and misstatements of fact identified in other information that accompanies audited financial statements.

Course Details:
Price:  $32.00
Field of Study:  Auditing
Prerequisites:  None
Level:  Basic
Advanced Preparation:  None
Course was last updated on:  05/06/10
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Library:
Learning Center Core

Technical Requirements:
To view and print downloadable content files available in this program, you will need Adobe Acrobat Reader. You can download the free Reader plugin at Adobe's website by clicking on the icon below, then following the instructions for installation on your computer.
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Credit Available For: Units
CPE 2.0 CPE
QAS 2.0 CPE

Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.

Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.

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