Preparing Finance Offices for the New Auditing Standards

This virtual course will be delivered regionally via Zoom.

Registration is open to insular government professionals.

Registration is open to insular government professionals.

A suite of auditing standards – SAS 134 through SAS 140 – was issued in 2019 and 2020 with an original effective date of December 15, 2020.  Due to the coronavirus pandemic and the extensive changes made in these standards, the effective date was delayed to December 15, 2021. That date is now rapidly approaching.

While new SASs are not usually a topic of interest for non-auditors, these SASs require broader understanding due to their impact on the financial statement audits and thus auditees.  Changes include a revised audit report format, optional reporting of Key Audit Matters, additional procedures for related party transactions, and additional communications to those in governance.

Participants will gain knowledge of the changes encompassed in SAS 134-140 and be better prepared for the next audit incorporating these changes.  

What You Will Learn

After successful completion of this course, participants will be able to:

• Identify the new SASs and the changes incorporated in each SAS.
• Consider the impact of the new SASs on their financial statement audit.
• Determine the action needed, if any, to enable their governments to respond to the auditors’ requests for additional information due to the new SASs.

Who Should Attend

Financial reporting and accounting personnel from governmental departments, agencies, and component units. 

Tuition Fees

With funding support from the United States Department of the Interior, Office of Insular Affairs, courses are available free of charge for government accountability professionals within the insular areas. The course fee is waived and there is no cost to register and attend, Professionals who do not meet the above criteria, please contact [email protected].