CCH Learning Center

Description:
This course highlights the changes to auditing standards and practice proposed by two exposure drafts on special considerations.

The proposed SAS Special Considerations - Audits Of Financial Statements Prepared In Accordance With Special Purpose Frameworks addresses special considerations in applying the AU sections to audits of financial statements prepared in accordance with a cash, tax, regulatory or contractual basis of accounting.

The proposed SAS Special Considerations - Audits Of Single Financial Statements And Specific Elements, Accounts, Or Items Of A Financial Statement addresses special considerations in the application of the AU sections to an audit of a single financial statement, or of a specific element, account, or item of a financial statement.

Upon completion of this course, you will be able to:

• Define the term "special purpose framework" and list the bases of accounting that are included in this term.

• Explain the importance of interrelated items in audits of single financial statements or specific elements, accounts or items of a financial statement.

• Describe the bases for calculating materiality in audits of single financial statements or specific elements, accounts or items of a financial statement.

• Cite key reporting requirements for engagements to audit financial statements prepared in accordance with special purpose frameworks, single financial statements or specific elements, accounts or items of a financial statement.