Top Accounting and Auditing Issues for 2025

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.

This five CPE hour course reviews top auditing issues: auditing cryptocurrency, audit and compliance, and financial statement fraud. This course offers practical advice to auditors on conducting an audit of crypto assets and liabilities. It reviews the steps for planning the audit, testing internal controls over crypto assets and liabilities, conducting analytical procedures, and performing substantive testing. It provides an overview of how artificial intelligence (AI) is used in audits and compliance tasks. It discusses how AI helps auditors identify risks by analyzing large amounts of data and setting materiality thresholds based on historical data and industry standards. It also addresses how AI tools can also automate audit procedures like data analysis and testing and how AI can detect anomalies and fraud by spotting unusual patterns in financial data and transactional records. Lastly, it explores financial statement fraud, its associated costs, and the reasons this type of fraud is often committed. It discusses how to address fraud schemes, the red flags associated with financial statement fraud, and the consequences of committing such fraud.