Course Title: The New AICPA Auditor’s Report 

Date of Broadcast: July 25, 2 p.m.; Date Recorded: May 12, 2019    

Expected Credit Hours: 1 CPESCACPA members can apply one hour from their 2019-20 CPE Bank for Auditing credit. Fee for non-members for credit is $32. All broadcasts on the SCACPA online classroom can always be audited for free.  

Note: During SCACPA’s broadcast of this course, Melisa Galasso will monitor a live Q&A chatroom. 

Description: The auditor’s report is getting a facelift. Following both the IAASB and PCAOB, the AICPA undertook a massive project to update the new report. SAS 134: Auditor Reporting and Amendments  Addressing Disclosures in the Audit of Financial Statements (261 pages) was issued in April 2019. We’ll cover the new order of the report, changes to presentation as well as introduce the concept of KAM (Key Audit Matters). We’ll cover when KAM is required as well as what constitutes KAM. This course is a must for auditors. The new report is effective for periods ending on or after Dec15, 2020. Early implementation is NOT permitted. 

Learning Objectives:  

  • List changes to the auditor’s report
  • Define Key Audit Matters

Prerequisites: Prior experience with audit standards of the AICPA 

Preparation: None 

Program Level: Update 

Field of Study: Auditing 

Who Should Attend: Auditors from small to large firms involved in the audit of private company financial statements. 

What questions do you have? Send your questions to melisa@galassolearningsolutions.com. 

SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance. 

Melisa was a speaker on audit topics at SCACPA’s 2019 Spring Splash. Look for her to return this November for Fall Fest as well as many seminars and rebroadcasts.