Top Accounting and Auditing Issues for 2025 CPE Course: Module 1

Author: Robert K Minniti, Pat Patterson

This eight CPE hour course reviews top accounting issues: GAAP, GAAS, and SSARS update, preparing the statement of cash flows, unusual lease accounting issues, and quality management standards update. This course addresses some of the most difficult accounting, auditing, review, compilation, and preparation issues in the CPA profession. It reviews the concepts and components of the statement of cash flows and discusses the steps necessary to properly prepare a statement of cash flows and also addresses its uses. It provides professional accountants with insight on how to implement the changes for lease transactions under the Financial Accounting Standards Board (FASB) leasing standards of Accounting Standards Update (ASU) 2016-02 and other lease-related ASUs and changes. It covers the accounting and financial reporting requirements to agree with the requirements of the revised new standards for lessees and lessors. Further, it addresses the revised standards for disclosures, cancellations, dispositions, and presentation issues. It also discusses the new approach in auditing focused on quality management.

Publication Date: December 2024

Designed For
CPAs, Auditors, Accountants, Finance Professionals, Executive management/ Board members and Audit Committee members, and Legal and Compliance professionals

Topics Covered

• Accounting Standards Updates
• Auditing Standards Board GAAS Update
• SSARS No. 26
• More Changes from the Auditing Standards Board
• Peer Review Tips
• Applicable Accounting Principles
• Accounting Standards
• Cash Equivalents
• Working Capital
• Financial Statements
• Preparing the Statement of Cash Flows
• U.S. GAAP: Required Notes and Disclosures for Cash Flows
• Introduction to Leases
• Selected Accounting Standards Updates
• Some Simple Points About Leases
• Introduction to Reassessments
• Lease Remeasurements and Changes
• A New Approach to Quality Management
• Elements of a Quality Management System
• Composition of Quality Control under QC Section 10 with SQMS No. 1
• Schedule of SQM Actions
• Introduction to SQMS No. 1
• Introduction to SQMS No. 2
• Introduction to SAS No. 146
• Introduction to SSARS No. 26

Learning Objectives

• Recognize and apply the recent standards and requirements for generally accepted accounting principles (GAAP) involving revenue recognition, financial instruments, leases, and other important areas of GAAP, generally accepted auditing standards (GAAS), and SSARS impact during the pandemic and beyond
• Identify the requirements for “going concern” in audits, reviews, compilations, and preparation engagements, including those engagements not using GAAP
• Identify the major classifications of cash flows
• Identify how to contrast the direct and indirect methods of calculating net cash flows from operating activities
• Describe how to prepare a statement of cash flows
• Identify sources of information for a statement of cash flows
• Identify types of leases
• Recognize how to record unusual lease transactions according to their type and unusual issues
• Recognize how to disclose lease activity
• Describe the nuances in types of leases for both lessees and lessors
• Identify and evaluate financial reports and reporting with leases
• Identify the objectives of the latest quality management standards
• Identify the components of a quality management system
• Describe the relationship between the quality management standards
• Recognize the elements of the risk assessment process
• Identify what firms should do, and when, to comply with the quality management standards

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Accounting (8 hours)

Program Prerequisites
Basic understanding of GAAP, GAAS, and SSARS. General understanding of auditing quality standards.

Advance Preparation
None