Top Accounting and Auditing Issues for 2022 CPE Course: Module 1
Author: Lynn Fountain, Pat Patterson, Robert K Minniti, Salvatore Collemi
| CPE Credit: |
7 hours for CPAs |
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
