This year’s conference focuses on challenges that the coronavirus presents on compilation, review and audit services, including full-disclosure financial statements and performing audits remotely. In addition, it will discuss recently issued audit standards and FASB updates that impact 2020 audits and financial reporting.
DESIGNED FOR
CPAs in public practice or private accounting
HIGHLIGHTS
8:30-10:10 a.m.
Financial Reporting Implications of the Coronavirus
John M. Fleming, CPA, M.B.A.
There are numerous financial reporting considerations in light of the coronavirus pandemic. This session will review the potential GAAP financial reporting impacts and consequences with a focus on common financial reporting issues most companies are likely to face.
10:10-10:20 a.m.
Break
10:20 a.m.-12:00 p.m.
FASB Update Including Lessons Learned from Revenue Recognition and Leasing Implementations
John M. Fleming, CPA, M.B.A.
This session will provide an overview of the FASB ASUs issued in 2020 and the potential impact on companies that have to apply them. The session will also cover lessons learned by companies that have already implemented Topics 606 (Revenue) and 842 (Leasing) so that those that have not yet implemented them can learn from those that have
12:00-12:30 p.m.
Lunch
12:30-2:10 p.m.
Breakout Sessions (Choose One)
1A. Pandemic-Related Compilation and Review Engagement Issues
John M. Fleming, CPA, M.B.A.
This session will discuss the challenges accountants are likely to face when performing 2020 compilation and review engagements especially if they must perform them in a remote or virtual environment. For example, would financial statements without related coronavirus disclosures be considered misleading?
1B. Topic 326: Credit Losses Update
Kenneth A. Heaslip, CPA, CGMA
This session will provide updates on the financial reporting implications associated with credit losses as changed by the issuance of ASU 2016-13 (Topic 326) and its subsequent amendments. The scope of this FASB Topic includes loans and accounts receivables.
1C. Remote Audit Challenges
Rebecca M. Lee, CPA
This session will identify and discuss the potential difficulties gathering sufficient and appropriate audit evidence by auditors when both client personnel and audit engagement teams are working remotely. Any areas of specific consideration in performing remote work where additional procedures or documentation may be warranted will also be discussed.
2:10-2:30 p.m.
Break
2:30-4:10 p.m.
Breakout Sessions (Choose One)
2A. Coronavirus Disclosures in 2020 Financial Statements
John M. Fleming, CPA, M.B.A.
During this session, sample disclosures will be identified and illustrated to provide both preparers and auditors/accountants with sufficient information to plan for needed coronavirus disclosures in 2020 financial statements. Sample disclosures will be reviewed to provide a visual or framework for preparers and auditors to use as consideration for their current year work in this unique environment.
2B. SSARS 25 and SSAE 19
Kenneth A. Heaslip, CPA, CGMA
This session will update participants on two recently issued standards: SSARS 25, Materiality in a Review of Financial Statements and Adverse Conclusions, and SSAE 19, Agreed-Upon Procedures Engagements. These standards make significant changes to review engagements and agreed-upon procedures engagements.
2C. New Suite of Audit Standards – SASs 134 to 143
Rebecca M. Lee, CPA
This session will review the 10 recently issued audit standards that are effective for audits performed in 2022, 2023 and 2024. The focus of these new audit standards is auditor reporting, materiality, audit evidence and auditing accounting estimates.
COURSE LEVEL
Intermediate
PREREQUISITES
None
ADVANCE PREPARATION
None