Accounting (6), Auditing (6)
General understanding of accounting procedures.

Course Description

Current Developments in Accounting and Auditing provides an overview of economic conditions, audit risks, accounting for leases, cyber fraud, recent accounting standards, Financial Accounting Standards Board (FASB) updates, and Auditing Standards Board (ASB) updates. Dr. Ray Thompson covers many current issues affecting the profession, including compilation and review and much more.


Ray Thompson, CBA, CFM, CMA

Dr. Ray Thompson, CBA, CFM, CMA, is an emeritus associate professor of accounting and finance at the University of Pittsburgh. He served as department head at the University of Pittsburgh at Johnstown (UPJ) campus for over 25 years. He was the associate director of UPJ’s Entrepreneurial Development Assistance Project, where he was involved in financial consulting and assisting in preparing loan proposals for small business start-ups. He has taught in graduate and undergraduate business programs in Europe, Africa, and the United States.

Ray received his BS and MS degrees in economics and systems dynamics from the University of Bradford in the United Kingdom, his MBA in accounting from Xavier University in Ohio, and his PhD in business administration from Nova University. Ray is also certified in financial management and is a certified management accountant (CMA), a certified business appraiser (CBA), and holds the accredited valuation analyst credential from the National Association of Certified Valuators and Analysts (NACVA). He recently became certified in IFRS though the Institute of Chartered Accountants in England and Wales.

Ray teaches at Western CPE conferences and produces both self-study and webcast courses as well. He also authors and conducts professional development seminars for Fortune 500 and international corporations, multinational financial institutions, state CPA societies, and CPA firms throughout the United States. In addition, Ray provides business valuation services and consults with accounting firms and sole practitioners on a range of accounting issues in the area of valuation. He’s a faculty associate member of the AICPA and the Pennsylvania Institute of Certified Public Accountants (PICPA) and a member of the Financial Reporting Faculty of ICAEW.

Course Specifics

Accounting , Auditing
Feb 28, 2017
General understanding of accounting procedures.

Compliance Information

Qualifies for CA Fraud: No

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify various risks facing companies and auditors and cite ways to assess and manage those risks.
  • Cite various professional publications and their sources.

Chapter 2

  • Identify terms and other details of lease accounting and appropriately apply them in business situations.
  • Identify impacts of the change in lease accounting because of ASU 2016-02.

Chapter 3

  • Identify the factors and situations that result in computer fraud in order to have an understanding of the environment in which companies are operating.
  • Recognize differences between the various frameworks, standards, and guidelines that auditors use as they approach the evaluation of internal controls including those in the IT environment.

Chapter 4

  • Cite details about ASC 2016-01, Accounting for Financial Instruments, and identify changes from the current guidance.
  • Identify accounting changes related to not-for-profit entities as outlined in the Exposure Draft.

Chapter 5

  • Cite relevant rules for CPAs as it relates to independence when the CPA performs non-attestation services for an audit client.
  • Identify elements of internal failure that could have an impact on the audit and cite corrective actions that can be used to remedy the situation.

Chapter 6

  • Identify relevant issues relating to compilations and specifically with respect to the application of SSARS 21.
  • Cite relevant information related to new new Exposure Drafts being proposed.

Chapter 7

  • Identify relevant new standards, FASB projects, and other current issues and cite their impact on a CPA's practice.

Chapter 8

  • Identify relevant issues and changes related to ASB updates.

Chapter 9

  • Identify the organizations subject to ASC 230 and apply components of the guidance on Statement of Cash Flows.
  • Identify the appropriate accounting treatment and financial statement presentation for not-for-profits (NFPs) under the 2016 standard.
  • Identify the appropriate implementation of ASU 2016-01 and 2016-13.

Choose Your Preferred Format

Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy

Back to top