Audits of Special Purpose Framework Financial Statements

Course Description:

AU-C Section 800, Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, was effective, along with other Clarified Auditing Standards, for periods ending after December 15, 2012. This standard applies to audit engagements for reporting entities preparing financial statements in accordance with special purpose frameworks. These materials illustrate the auditing procedures applicable to financial statements prepared using the AICPA’s Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs).

These materials present an outline and summary of the typical procedures and activities for an audit engagement with the requirements of AU-C 800 for auditing special purpose frameworks interfaced into applicable sections of the outline. Key auditing issues in the FRF for SMEs that differ from U.S. GAAP are discussed following the outline of the audit process.

Learning Objectives:

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

• Recognize limitations on using a Special Purpose Framework
• Identify major accounting policies and principles for the FRF for SMEs
• Design and perform appropriate auditing procedures for applications of FRF for SMEs policies and principles
• Integrate required auditing procedures for special purpose frameworks into a normal audit process