2024 Audit and Attestation Q & A

Author: Pat Patterson

The AICPA has posted questions and answers issued since the past year. The questions and answers in this course are not sources of established authoritative principles. This material is based on selected practice matters identified by the staff of the AICPA's Technical Hotline and various other bodies within the AICPA and has not been approved, disapproved, or otherwise acted upon by any senior committee of the AICPA. The selected questions and answers are from common issues that professionals encounter in their work.

Publication Date: May 2024

Designed For
Attendees should include professionals in public accounting, in business, and others that would like to have some of the latest questions answered by the staff of the AICPA and then discussed in this session.

Topics Covered

• Implications of new SASs for audits
• Issues with classifications
• Comparative statement disclosures
• Outstanding checks classifications
• Liquidity restrictions
• Classification of convertible debt
• Statement title when Net Loss
• Documentation Issues
• Other commonly asked questions and answers

Learning Objectives

• Recognize certain issues with financial statement preparation
• Identify and implement correct procedures for unusual issues
• Identify the term that is used principally to designate obligations that are reasonably expected to require the use of existing resources properly classifiable as current assets, or the creation of other current liabilities
• Identify the type of cash outflow the payments on equipment finance notes should be recorded as
• Identify the ASC topic that provides accounting and disclosure guidance relating to recognition and measurement in interim financial information

Level
Basic

Instructional Method
Self-Study

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

Program Prerequisites
None

Advance Preparation
None