Accounting (6), Auditing (5)
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
Sep 5, 2018
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 some of the major economic, business, and reporting issues for 2017.
  • Recognize the changing regulatory environment, including the cost of industrial regulations, and the potential dismantling of Dodd-Frank.
  • Note the current economic conditions.
  • Identify current audit risks, including areas of PCAOB concern.

Chapter 2

  • Recall revenue transactions using the five-step model.
  • Recognize construction industry guidance for revenue recognition.
  • Cite the revenue recognition rules for not-for-profit entities for both reciprocal and non-reciprocal transactions.

Chapter 3

  • Identify the prevalence of cyber security risk.
  • Note the legal and regulatory issues regarding cyber security.
  • Cite the reporting and disclosure issues related to cyber security.
  • Recognize service auditor report requirements.
  • Identify how to evaluate a company's cyber security insurance coverage.

Chapter 4

  • Identify the FASB exposure draft for loan covenants and debt classification.
  • Cite cash flow reporting per ASU 2016-15 & 2016-18.
  • Recall ASU 2016-14 regarding financial statements of not-for-profit entities.
  • Recognize financial instruments per ASU 2016-01 & 2016-13.

Chapter 5

  • Identify the current state of small business lending.
  • Recognize the deceptive business practices used by Wells Fargo and the results of the investigation by the Consumer Financial Protection Bureau.

Chapter 6

  • Cite the current projects of the Accounting and Review Services Committee.
  • Identify engagement-driven compilations and the preparation of plain paper financial statements as discussed in SSAES 21.
  • Recognize the issues related to going concern and prospective and pro forma financial information.

Chapter 7

  • Cite current FASB standards and Board projects, including going concern disclosures.
  • Identify revenue recognition standards, including accounting for cloud computing arrangements.
  • Recognize the FASB simplification initiative and discuss the exposure draft related to hedge accounting.

Chapter 8

  • Recall the Auditing Standards Board clarification project, and analyze current auditing standards related to going concern issues.
  • Identify the procedures for audits of internal control over financial reporting that are integrated with financial statement audits, and list the clarification and recodification attestation standards.

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

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