USGAAS Refresher

Course objectives

This course is designed for auditors who are required to perform certain procedures, or perhaps a full audit, in accordance with US Generally Accepted Auditing Standards (USGAAS) and they need to understand how USGAAS differs from International Standards of Auditing. As a refresher course it will cover all the key elements of a USGAAS audit including the more recent changes and developments.

Typical content

• Regulatory framework for audit work in the US including the role of the Securities and Exchange Commission (SEC), Public Company Accountant Oversight Board (PCAOB) and American Institute of Certified Public Accountants (AICPA)
• Key requirements at the initial planning, detailed testing and reporting stages of the process even if the engagement does not require the issue of a full audit report prepared under USGAAS
• Corporate governance and key internal controls required in the US including a summary of the main requirements imposed on companies and auditors by the Sarbanes Oxley Act
• Key remaining differences between ISAs and USGAAS including those derived from financial reporting under USGAAP and cultural and historic expectations

Typical practical work and case studies

• Case study – planning for different types of engagement requests from USA based clients
• Quiz – ISAs v USGAAS questions to illustrate key areas of difference between the two frameworks
• Review of USGAAP financial statements to identify likely key areas of audit risk and where audit work should be focused

Duration and guideline fee

3 hour short course – £850

6 hour course – £1,700

Recommended maximum group size – 30