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.
Upon successful completion of this course, participants will be able to:
- Identify various risks facing companies and auditors and cite ways to assess and manage those risks.
- Cite various professional publications and their sources.
- 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.
- 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.
- 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.
- 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.
- 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.
- Identify relevant new standards, FASB projects, and other current issues and cite their impact on a CPA's practice.
- Identify relevant issues and changes related to ASB updates.
- 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.
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