Description

This course will cover what’s going on in the areas of accounting and auditing. We’ll start with an overview of the Accounting Standards Updates (ASUs) effective this year including a deep dive into leases as well as those that will be effective in the near future. After switching gears to focus on auditing, we will review the impact of SAS 142, Audit Evidence which is effective in 2022. We then turn our attention to SAS 143 through 145 to understand their impact on auditing estimates and risk assessment. These standards will be effective in 2023. In addition, we also provide an update on the changes to examination and review engagements under the SSAEs before closing with the proposed changes to quality management.

Objective

Describe recently issued changes to US GAAP List accounting standards that will be effective this year Define a lease under Topic 842 Describe changes to the audit standards Recall changes to review and examination engagements Identify key elements of the quality management proposal

Highlights

FASB Update Leases Audit Evidence Risk Assessment Quality management

Who Should Attend

Ideal for accountants in public practice

Required Knowledge

Prior experience with GAAS

Advanced Prep

None