Update on Recent AICPA Standard Setting: Staying Current in a Changing Environment

Overview

Professional standards are changing with the times and the desire of the AICPA to move the profession into a new era where use of technology will play a key role in an audit and professional skepticism, independence, and quality are emphasized. We are seeing changes already as the AICPA has issued 15 new standards since 2019. This program will discuss SASs 134 through 149.

Objectives

Identify and understand the requirements of recently issued SASs and SSARS

Develop implementation tips and best practices related to these new standards

Implement best practices for enhancing engagement quality

Highlights

AICPA hot topics and standard setting initiatives

Discussion of suite of nine integrated SASs effective for years ended December 31, 2021

Discussion of the standard on audit evidence effective for years ended December 31, 2022

Discussion of the standard on auditing accounting estimates and disclosures effective as of December 31, 2023

Discussion of the two standards on use of specialists and information from a pricing service, and the newly updated risk assessment standard effective for years ended December 31, 2023

Discussion of standards that are effective beginning in 2025, including those dealing with client acceptance and questions asked of the predecessor auditor, the partner's responsibility for engagement quality, group audits, conforming changes to compliance auditing, and more

Designed For

Accounting and auditing practitioners at all levels desiring to stay current on AICPA professional standards

Prerequisites

Experience in accounting and auditing

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Thomas Sheets

Leader Bios

Thomas Sheets

Thomas M. Sheets, CPA Tom Sheets is a Certified Public Accountant with over 35 years’ experience in auditing and tax return preparation for businesses and individuals. He established his own consulting, tax, and accounting practice 19 years ago in Enid, Oklahoma. He provides consulting, auditing, and tax planning and preparation services for a wide variety of individual clients and industries. Mr. Sheets started with a Big Eight accounting firm in Tulsa, Oklahoma and then was with a large, local CPA firm in Enid, Oklahoma for 15 years. He has written and led seminars for leading providers of CPE for over 29 years on various topics including real estate accounting, construction accounting and tax, fraud, bank auditing, tax issues for nonprofit organizations, compilation and review, cash and tax basis financial statements, and nonprofit accounting and auditing.

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