Annual Update for Accountants and Auditors

Overview

Updated guidance related to financial reporting, auditing procedures and compliance, including the latest standards issued by FASB, ASB, ARSC, and other bodies, is covered for accountants and auditors.

Highlights

Key Topics

• Narrow-scope accounting standards updates
• FASB exposure drafts and projects
• Exposure drafts of new auditing standards
• Preparation, compilation, and review engagement updates

Prerequisites

Experience with operational or supervisory responsibilities, or both.

Designed For

Who Will Benefit

• CPAs
• Accountants, auditors, and finance professionals looking to stay up to date with prospective changes and updated requirements impacting the profession.

Objectives

Learning Outcomes

• Identify recently issued FASB Accounting Standards Updates (ASUs) that cover broad and narrow issues.
• Identify the objectives and working plan of the Private Company Council (PCC).
• Determine the updates issued by FASB at the recommendation of the PCC.
• Recognize ongoing FASB projects.
• Identify unique challenges for audit engagements.
• Determine the key elements related to the auditor's risk assessment and recently issued SASs.
• Distinguish key elements included in the recently issued Statements on Quality Management Standards (SQMSs) and Statements on Standards for Accounting and Review Services (SSARSs)
• Identify best practices for performing analytical procedures in a review engagement.