Top 10 Reasons for Audit Failures

This update is about some of the most difficult and frequently found challenges and issues in the CPA profession. This program reviews new and recently issued FASB pronouncements that impact Accounting and Audit issues and staff requirements for 2025 and future years. Technical issues in engagement letters, changes to reporting formats, disclosure requirements, and engagement administration matters are presented. Issues include revenue recognition, financial instruments, leases, and Quality Management (QM). A review of the AICPA’s Code of Professional Conduct with its changes for those in public accounting, in business, and others is presented for changes and updates for the profession including NOCLAR. New standards for attestation and audit engagements are examined for current and future challenges and applications.

Who Should Attend
CPAs and others that need to be current on professional standards in their firm, for staff, for clients, for client applications, and to meet the continuing professional education requirements of their state laws and rules.

Topics Covered

• Selected FASB Accounting Standards Updates (ASUs) for 2024, 2025, and later
• AICPA Auditing Standards Update: 2024, 2025, and future, including Quality Management Standards and Ethics such as NOCLAR
• Materiality Definitions, changes, and challenges for auditors
• The Challenges for Auditors in the future (SASs 141-149)
• The Changes to Attestation (SSAE 21, 22, and 23)
• Any other matters deemed appropriate and timely

Learning Objectives

• Recognize the some of the biggest challenges for accounting and auditing in the USA including staffing and training
• Recognize GAAP, GAAS, SSARS, and SSAE pronouncements that impact changes for engagements regarding reporting formats, engagement letters, and disclosure issues needed.
• Identify updates on GAAP from the Financial Accounting Standards Board (FASB) that are on the horizon for inclusion in financial statements and require training for staff
• Identify updates on Auditing Standards from the AICPA’s Auditing Standards Board (ASB) that are now required plus training
• Identify other related audit and accounting issues from the FASB and the AICPA that impact management and staff in the future

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
Basic understanding of GAAP and GAAS

Advance Preparation
None