This seven CPE hour course reviews top accounting issues: accounting, auditing, and COVID-19, new COVID-19 frauds and scams, and accounting and financial reporting considerations related to COVID-19 and the economic downturn. The course focuses on the challenges accountants and auditors face due to the COVID-19 pandemic. It reviews existing standards in accounting and auditing, and auditing standards and changes made to be implemented for 2021 and later. It examines how criminals are trying to take advantage of the virus to line their pockets with ill-gotten gains and outlines information technology (IT) and other frauds as well as cybersecurity in a COVID-19 environment. It also provides an up-to-date overview of some of the most common accounting and financial reporting matters in light of the COVID-19 pandemic and resulting economic downturn. It focuses on critical accounting technical areas that have been impacted as well as cases where substantial judgment and professional skepticism are necessary to assess the facts and ensure that the operative standards are applied.
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: August 2021
Designed For
CPAs, Auditors, Accountants, Finance Professionals, Executive management/ Board members and Audit Committee members, and Legal and Compliance professionals
Topics Covered
- Remote Audit Procedures
- Going Concern
- Scope Limitations
- Subsequent Events
- Risks and Uncertainties
- Financial Reporting Considerations Related to COVID-19
- Major Issues and Changes for Auditors
- Review of Fraud
- COVID-19 Cybersecurity Risks
- COVID-19 Scams and Frauds
- Internal Controls
- Ongoing Assessment of the Impact of the COVID-19 Pandemic
- Impacted Control Considerations
- Disclosures
- Risk Factors and Management Discussion and Analysis
Learning Objectives
- Recognize the difficulties of auditing for management and auditors during the COVID-19 pandemic
- Describe selected accounting standards (GAAP) and COVID”19 issues from the Financial Accounting Standards Board (FASB)
- Describe Statements on Auditing Standards (SASs) from the AICPA Auditing Standards Board (ASB) and COVID”19—related issues
- Recognize changes from the AICPA ASB for 2021 and future years
- Recognize how criminals are trying to take advantage of the COVID-19 pandemic
- Identify internal controls companies should be using to protect themselves
- Describe IT and other frauds as well as cybersecurity in a COVID-19 environment
- Examine the impact of preparation of current and forward-looking financial statements
- Identify specific technical accounting and financial reporting areas that may be affected by conditions of the COVID-19 pandemic
- Identify emerging topic matters for accounting and financial reporting
- Recognize actions to take when there are indicators that the fair value of an entity may be below its carrying amount
- Outline the process for testing long-lived assets, which includes the use of assumptions and estimates that may change due to the COVID-19 pandemic
- Identify an asset that can be traded or seen as packages of capital that may be traded
- Recognize which Accounting Standards Codification (ASC) Topic provides guidance on determining when to recognize 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-19 environment
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (7 hours)
Program Prerequisites
None
Advance Preparation
None
Instructors
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.
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.
Robert K Minniti
DBA, CPA, CFE, Cr.FA, CVA, MAFF, CFF, CGMA, PI
Dr. Minniti is the President and Owner of Minniti CPA, LLC. Dr. Minniti is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator in the state of Arizona.
Dr. Minniti received his doctoral degree in business administration from Walden University, received his MBA degree and Graduate Certificate in Accounting from DeVry University’s Keller Graduate School of Management, and received his Bachelor of Science in Business Administration degree from the University of Phoenix. Dr. Minniti taught graduate and undergraduate courses in forensic accounting at DeVry University, Grand Canyon University, Kaplan University, Northwestern University, and the University of Phoenix. He designed graduate and undergraduate courses for Grand Canyon University, Northwestern University, and Anthem College.
He is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, internal control development, business continuation planning, risk management, cyber security, privacy laws, data security, Sarbanes-Oxley compliance work and business consulting. In addition to his practice Dr. Minniti is an instructor teaching continuing professional education classes for a variety of providers and CPA Societies.
Dr. Minniti is currently serving as a board member on the National Association of Certified Valuators and Analysts' (NACVA) Litigation Forensics Board (LFB) and as a committee member on the Arizona State Board of Accountancy's Law Review Advisory Committee.
Salvatore Collemi
Salvatore A. Collemi, CPA is the Managing Member and Founder of Collemi Consulting and Advisory Services, LLC where he relies on over two decades of global business experience to guide U.S. and International public accounting firms, litigation attorneys, valuation experts, the C-suite and related institutions that support the profession in order to promote and enhance audit quality.
His practice provides outsourced high-level strategic and technical accounting & auditing guidance. Services include a full range of U.S. and International accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review & PCAOB Inspection preparation, perform internal inspections, customized CPE training, independence & ethics consultations, etc. Salvatore is also a keynote speaker at company retreats and conferences. His past work experience at the U.S. Securities and Exchange Commission and the AICPA, combined with his previous roles as external auditor and technical partner to both national and international public accounting firms, gives him a keen understanding into the mindset of both regulators and standard-setters that he shares with his clients.
As a recognized subject matter expert on International Financial Reporting Standards (IFRS), Salvatore was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014. Salvatore also served as AICPA liaison to the International Federation of Accountants (IFAC) Transnational Auditors Committee and Global Peer Review Subcommittee to assist in the development of their international quality assurance review program.
For more information about Salvatore, visit Collemi Consulting & Advisory Services, LLC and LinkedIn.