The continuing impacts of the COVID-19 pandemic is affecting major economic and financial markets, and virtually all industries and governments are facing challenges associated with the economic conditions resulting from efforts to address it. When COVID-19 surfaced in early 2020, most individuals felt the health pandemic could be brought under control within six months. However, the virus has been more virulent and persistent than anyone wanted to believe. And, it has definitely impacted more than just health issues. The accounting industry has faced ongoing challenges brought about by attempting to implement new standards, remote work, emerging technologies and increased cyber risk.
The purpose of this session is to provide an up-to-date highlight of some of the most common matters for consideration, and to provide practical guidance for auditors and preparers. We will focus on cases where substantial judgment and professional skepticism are necessary to assess the facts and ensure that the operative standards are applied. We will also discuss key considerations and issues for accounting and financial reporting related to COVID-19 and the impact of various economic stimulus acts. The bullet points outlined in the learning objectives are intended to provide an overview of areas that will be examined. This course Ongoing Assessment of the Impact of COVID
Publication Date: March 2022
Designed For
CFO’s, CEO’s, Board Members, Managers, Supervisors, and any individual seeking to be a leader.
Topics Covered
- Examine the state of economic uncertainty and how it may impact U.S. companies
- Identify accounting areas impacted by conditions of the pandemic and economy
- Recognize how to examine the impact of preparation of current and forward-looking financial statements
- Evaluate the need for proper FS disclosures
- Consider the impact of
- When FV of an entity may be below carrying amount
- Process for the use of assumptions/estimates that may change due to COVID
- Describe conditions evaluated when testing goodwill for impairment in a COVID environment
Examine emerging trends in information technology and how this impacts financial reporting
Learning Objectives
- Identify specific accounting and concern areas that may be impacted by conditions of the pandemic
- Identify emerging topic matters for accounting and financial reporting
- Recognize how to examine the impact of preparation of current and forward-looking financial statements
- Describe the need for proper financial statement disclosures
- Recognize the impact of when the fair value of an entity may be below carrying amount
- Recognize the impact of the process for the use of assumptions or estimates that may change due to COVID
- Recognize which ASC provides guidance on determining when to recognize such costs and information that must be disclosed in the notes to the financial statements
- Describe conditions evaluated when testing goodwill for impairment in a COVID environment
- Identify emerging trends in information technology and how this impacts financial reporting
- Identify the look-forward period for an entity with respect to going concern
- Recognize the accounting/financial reporting issue that should not be on the radar of accounting professionals
- Identify the organization that determined it is appropriate for entities to make a policy election regarding how to account for lease concessions resulting from the pandemic
- Differentiate ASC topics and how they apply
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)
Program Prerequisites
None
Advance Preparation
None
Instructor
Lynn Fountain
Lynn Fountain has over 38 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She is a highly sought-after trainer and international speaker. In addition, Ms. Fountain has assisted numerous companies with enterprise risk management frameworks, internal audit processes and financial accounting. She also serves as a discussion leader for the AICPA for numerous classes finance, accounting and risk management topics.
Ms. Fountain is the author of three separate technical books. Her first book released in 2015 by the Institute of Internal Auditors Foundation is entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. Her second book “Leading the Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. Her third book “Ethics and the Internal Auditor’s Dilemma” was released in December 2016.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.