This update is about some of the most difficult and frequently found accounting, auditing, review, compilation, and preparation issues in the CPA profession. The difficulties that are happening because of the Coronavirus Pandemic (COVID-19) and the impact that it has on the accounting professional are discussed. This course reviews new and recently issued FASB pronouncements that impact Audit issues and SSARS requirements for 2022, 2023, 2024, and the future years. Engagement letters, changes to reporting formats, disclosure requirements, and engagement administration matters are presented. Issues include revenue recognition, financial instruments, and leases. 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. New standards for preparation, compilation, review, attestation, and audit engagements are examined for current and future applications. Recently issued ASUs, SASs, SSAEs, and SSARSs will be reviewed for their impact.
Publication Date: November 2023
Designed For
CPAs that need to be current on professional standards in their employment, for their clients and client applications, and to meet the continuing professional education requirements of their state laws and rules.
Topics Covered
- FASB Accounting Standards for 2023
- ASB - GAAS Update for 2023
- New SSARS
- More Changes from the Auditing Standards Board (ASB)
Learning Objectives
- Recognize current and newly issued GAAP, GAAS, SSAE and SSARS pronouncements that impact engagements regarding reporting formats, engagement letters, and disclosure issues currently needed
- Identify updates on GAAP from the FASB
- Identify updates on Auditing Standards from the AICPA and ASB
- Identify updates on SSARS from the ARSC
- Identify other related issues and the future of the FASB and IASB
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)
Program Prerequisites
Basic understanding of GAAP, GAAS, and SSARS.
Advance Preparation
None
Instructor
Pat Patterson
Cecil Patterson, (Pat), CPA, MBA, is an award-winning, nationally recognized author, speaker, and discussion leader for continuing education courses and numerous state societies. He has experience at the local and national CPA-firm level and as an adjunct university professor.
Pat holds an MBA from the University of North Florida and is a CPA and owner of the firm of Cecil Patterson, CPA. His firm provides, accounting, tax preparation and tax planning services, wealth management services, and consulting for businesses and other professional firms.
Pat has served on the AICPA Council, the FICPA Council, and the FICPA Educational Foundation Board of Trustees.