2019 Accounting and Auditing Update

Author: Pat Patterson

CPE Credit:  8 hours for CPAs

Every standard in the CPA profession has changed since July of 2009. Are you up-to-date and ready? This course includes an update of the difficult and frequently found accounting, auditing, review, compilation, and preparation issues in the CPA profession. This program reviews new FASB pronouncements, new Audit issues, new SSARS requirements, new Attestation Standards, and potential future changes for Information Technology impacts. All areas are for recent years, 2018, and the future. Engagement letters, changes to reporting formats, disclosure requirements, documentation requirements, and engagement administration matters are presented. Issues presented include GAAP for revenue recognition, financial instruments, leases, and international implications. An insight into the new and revised AICPA Code of Professional Conduct with its changes for those in public accounting, in business, and others is presented for changes and updates in the accounting profession. New standards for preparation, compilation, review, and audit engagements are examined for current and future application. This information includes recently issued ASUs, SASs, SSARSs, and SSAEs including SSARS 24. Further inclusion will be proposals for audit reporting where the AICPA’s ASB, The SEC’s PCAOB, and the IAASB’s ISA reporting models will be converged for some or all of their audit reporting models in the near future. This session connects the dots.

This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.

Publication Date: December 2019

Designed For
CPAs that need to be updated and current on professional standards in their professional areas for their firm, their clients, their client applications; and to meet the continuing professional education requirements of their state laws and rules.

Topics Covered

  • A review of professional standards
  • A brief review of FASB Concepts
  • Update on Selected FASB Standards (GAAP)
  • Update on Selected AICPA's Auditing Standards (SASs)
  • Update on Selected AICPA's Review, Compilation, and Preparation Standards (SSARS)
  • Update on selected related issues
  • Audit issues for "Going Concern" situations from the FASB and the ASB

Learning Objectives

  • Recognize and apply the standards and requirements for GAAP involving Revenue Recognition, Financial Instruments, Leases, and other important areas of GAAP
  • Identify the requirements for "Going Concern" in audits, reviews, compilations, and preparations engagements, including those engagements not using GAAP
  • Describe the implications of the CECL Model for credit losses and its applications
  • Identify the new and revised AICPA Code of Professional Conduct including the Threats and Safeguards approach
  • Recognize the connection between the AICPA, the PCAOB, the FASB, the IASB, and the IAASB
  • Describe ASUs and how they apply
  • Identify the steps in the new revenue recognition model as prescribed by ASU 2014-09
  • Recognize correct statements regarding the new lease accounting standard
  • Identify which type of entity SAS 136 relates to forming an opinion and reporting on financial statements
  • Recognize correct statements with respect to the new PCAOB auditor reporting model
  • Recognize how SAS 22 relates to pro forma financial information
  • Describe ASC Topics and how they apply in various scenarios
  • Differentiate types of entities
  • Recognize effective dates for the new lease accounting standards
  • Identify a service in which SSARS applies

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (4 hours), Auditing (4 hours)

Program Prerequisites
General understanding of the GAAP, GAAS, and SSARS standards.

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $167

 Chat — Books Support