Accounting and Auditing

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