Originally written by Charlie Blanton, CPA
Originally published in SCACPA's CPA Report magazine
The ability to become a clarified auditing standards superhero already exists within you provided you allow for some preparation and training. Ten steps to becoming a clarified auditing standards superhero include:
- Read the clarified standards and any and all commentary about them.
- Make sure you are comfortable with the new look, language, and location of the clarified standards.
- Think about your particular clients and focus on the changes that are going to have the biggest impact on those clients.
- Make sure that your firm’s audit publications, programs, checklists, documentation tools, and training fully incorporate the clarified standards.
- Remember that all superheroes have super friends so converse and network with other auditors to determine the obstacles they are fighting with the clarified standards and how they are overcoming them.
- Take a CPE course just on the clarified standards.
- Use your ninja-like powers of concentration to focus on changes that are very apparent to others like report wording and remember that peer reviewers have similar powers.
- Let your clients know that they are going to see some changes in items like the engagement letter, some of your audit procedures, and the report wording.
- Stay informed of additional developments related to the clarified standards.
- Remember that a superhero never gives up and always wins!
The good news is that, if the past is any indicator of the future, it will be 2052 before we have another resetting of GAAS!
Charlie Blanton, CPA is the Director of Governmental and Nonprofit Product Development for Surgent McCoy CPE, LLC in Devon, PA. He is the author of several CPE courses including, I See It! Bringing into Focus the New Clarified Auditing Standards and Latest Developments in Government and Nonprofit Accounting and Auditing 2012. Charlie can be contacted at email@example.com