Accounting and Auditing

The AICPA has been busy lately! This course will cover recently issued SASes, SSARS and SSAEs. We’ll look at recently issued audit standards as well as major proposals. The AICPA delayed the effective date of the auditor reporting suite to December 2021. The course will also review the changes to auditing estimates and audit evidence. The ASB also made significant changes to all three attestation engagements – examinations, reviews and AUPs. We’ll review the impact of the latest round of updates. The course will close with a review of recently issued PEEC interpretations that will include major changes to the Code of Professional Conduct.

This course will cover the Accounting Standard Updates (ASUs) issued by the FASB that are effective for 2021 year ends. The course will also address those standards that will be effective in the near future that are well suited for early implementation. We’ll take a deep dive into how to prepare for the leases and financial instruments standards in longer courses.

This course will address the accounting and auditing for COVID19 funds ranging from the CARES Act to ARP and everything in
between. Attendees will address accounting issues ranging from goodwill and asset impairment to risk and uncertainty
disclosures. The AICPA predicts there will be more than 10,000 new single audits due to all the federal funding related to
COVID. We’ll address the impact on Single Audits including instructions in the 2021 Compliance Supplement. We’ll close with a
look at remote auditing in a COVID environment.

Both public and private CPAs must be current on changes to various potentially relevant professional standards, including changes related audits, compilations, reviews, and other attest services. This module provides recent and proposed changes to relevant professional and regulatory standards that have potential impact on public accounting services provided in the current period.

Both public and private CPAs must be current on changes to various potentially relevant accounting and financial reporting standards, including U.S. GAAP. This module provides recent and proposed changes to relevant technical standards most relevant to the preparation and fair presentation of current period financial statements.

SAS 142 is one of the more significant audit standards to be issued recently. This is standard is a conceptual change to how auditors obtain audit evidence that forces auditors to change their way of thinking by modernizing auditing for the current ways of the world. While the standard isn’t as complex or difficult to implement as other recent standards, it may have a significant impact on auditors going forward.

AS No. 143 is intended to enable auditors to appropriately address the increasingly complex scenarios that arise today from new accounting standards that include estimates and related disclosures, and to enhance the auditor’s focus on factors driving estimation uncertainty and potential management bias. In our current environment, management’s estimates related to asset impairments are particularly important and this standard will aid auditors in assessing management’s estimates during a period of economic uncertainty and volatility.

Practitioners who provide non-audit services must strike the right balance between complying with relevant professional and regulatory standards while mitigating litigation and other practice management risks. This course contains many best practices for managing the accounting, reporting, and performance issues associated with the attest services of compilations and reviews where reports are issued, as well as the SSARS preparation of financial statements nonattest service. Discussion Leader: Jennifer Louis