[testtaker12]

Taking Audit tomorrow and need some help!!!!!

Do the Clarified Auditing Standards only apply to non-issuers or to public companies as well????? Can’t get a straight answer on this.

-Jeff could use your help… I’ve posted this question before but didn’t get a response. I have purchased the AUD ninja notes but don’t believe it specifies. Thanks!

[jeff]

Yes – Clarified AS are for non-issuers … Issuers use the PCAOB Standards

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Myeble]

I found this online…may be that will help:

https://www.journalofaccountancy.com/issues/2011/jun/20113792.htm

I think it applies to non-issuers as the PCAOB has been silent as to the changes provided by the clarified auditing standards..

Jeff, please confirm

[testtaker12]

So the three paragraph opinion still stands for public use? I was under the impression that public companies were using all the previous terms but while taking an audit simulation on the Wiley test bank they used the term unmodified for a public company. This threw me off because I thought public companies were still referring to as unqualified? Can you please give some insight? Got a 73 in May and has been a nightmare trying to re-study/figure out what the new standards are hitting. Thanks.

[jeff]

Study the material the same as before … just know the differences in the audit report laid out in the Clarity section of the notes.

Don't overstress the Clarity update!

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Author]

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