This course provides a focused update on major recent pronouncements issued by the Governmental Accounting Standards Board. Coverage includes GASB Statement No. 103 (financial reporting model improvements), GASB Statement No. 104 (enhanced disclosures for capital assets), and GASB Statement No. 105 (subsequent events).
Participants will also receive a high-level overview of active GASB exposure drafts and ongoing projects. The course is designed to help auditors, preparers, and financial leaders understand how these developments affect audits, financial statement preparation, and board reporting.
DESIGNED FOR
Anyone who performs audit or other attest services
BENEFITS
- Recall the nature of risks faced when performing a variety of professional services for clients
- Explain how to mitigate risks faced by all CPAs in performing professional services
- List best practices for maintaining quality control for all professional engagements
HIGHLIGHTS
- Differentiating risks faced when performing various levels of professional services, such as audits, reviews, compilations, preparing financial statements, bookkeeping, tax return preparation, and similar
- Best practices for preventing quality control concerns that could lead to peer review deficiencies or malpractice claims
- Establishing an understanding with the client to minimize misunderstandings as to the nature and scope of engagements
- Explain situations when independence should be appropriately safeguarded when performing nonattest services
PREREQUISITES
None
ADVANCE PREPARATION
None