Accounting, Auditing, and Financial Reporting

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Single Audits and Peer Review: Are your Clients Required to Have a Single Audit?

June 10, 2021

The CARES Act allocated significant amounts of money in new aid to non-federal entities requiring many of them to complete a single audit perhaps for the first time. A single audit also requires the financial statement audit to be performed under Government Auditing Standards (GAS). You may be asked to perform single audit engagements as your clients navigate the requirements of the CARES Act.

  • accounting and auditing
  • coronavirus

Audit fees expected to rise 62% this year

June 08, 2021

Clients anticipate that audit fees will increase nearly two-thirds in 2021 due to the impact of inflation, COVID-19, acquisitions and divestitures, according to a survey by Gartner.

  • accounting and auditing
  • practice management

GASB Provides Guidance to Assist Stakeholders with Application of Its Pronouncements

June 02, 2021

The Governmental Accounting Standards Board (GASB) today issued implementation guidance in the form of questions and answers intended to clarify, explain, or elaborate on certain GASB pronouncements.

  • accounting and auditing

COVID didn’t derail FAF, FASB and GASB

May 28, 2021

Responding to the COVID-19 pandemic was very much on the agenda at the Financial Accounting Foundation in 2020, but that didn’t keep it, and the two U.S. accounting standard-setting boards that it oversees, from a busy agenda that included major leadership changes, continued stakeholder outreach, and the release of a number of standards.

  • accounting and auditing
  • coronavirus

FAF Issues 2020 Annual Report, 'Standards That Work from Main Street to Wall Street'

May 26, 2021

The Financial Accounting Foundation (FAF) today posted its 2020 Annual Report to the FAF website. The report is available as a printable PDF file and as an interactive digital version.

  • accounting and auditing

Private companies still unprepared for leases standard

May 24, 2021

A sizable chunk of private companies still aren’t ready to implement the new lease accounting standard before the end of the year, despite postponements in the deadline due to the pandemic.

  • accounting and auditing
  • business and industry

New Auditor Report Standards: SAS 134-140 (Morning Session)

Jun 11th 8:45am - 12:15pm

Online

4.00 Credits

Modifications, replacements, and additions to guidance  Format and content of auditor report with examples  New requirements to disclosure Key Audit Matters  New requirements for going concern  Performance requirements for ERISA audits  Reporting on ERISA required supplemental schedules  Effect of new standards on procedures, communication of reportable conditions, and auditor responsibilities for other information included in annual reports  Effect of new standards on related party transactions, fraud, and communication with those charged with governance

Yellow Book: Application of GAGAS Principles (Afternoon Session)

Jun 14th 12:45pm - 4:30pm

Online

4.00 Credits

Foundation and principles for government auditing  General requirements for complying with GAGAS  Ethics, independence, and professional judgment  Competence and CPE  Quality control and peer review

Auditing Not-For-Profit Entities: Superior Skills for an Effective and Efficient Audit

Jun 15th 9:00am - 4:30pm

Online

8.00 Credits

Refining key planning and general auditing considerations to the not-for-profit environment Characteristics of not-for-profit financial statements that require special attention The auditor's consideration of fraud in auditing a not-for-profit entity Audit procedures to become comfortable with management's recording and reporting of contributions and promises to give Auditing how a not-for-profit entity gets from natural expenses to functional expenses Auditing considerations and techniques related to net assets, compliance with tax laws and regulations, collections and split-interest agreements Considerations related to Yellow Book and single audits

Construction Contractors: Auditing (Afternoon Session)

Jun 15th 12:45pm - 4:30pm

Online

4.00 Credits

Auditing contractor accounting and revenue from contracts with customers  Planning, including risk assessment, for construction contractors  Key internal controls  Substantive procedures for long-term contractors

Annual Update for Accountants and Auditors

Jun 16th 8:45am - 4:30pm

Online

8.00 Credits

 Recently issued ASUs, including an update on revenue recognition, financial instruments, and leases  Current FASB exposure draft and projects  Audit and Attest engagements update  Recent PCAOB guidance  Latest activity from ARSC

Evaluating Fraud Risk in a Financial Statement Audit (Morning Session)

Jun 17th 8:45am - 12:15pm

Online

4.00 Credits

Fraud landscape in the United States Fraud risk procedures as updated by recently issued standards Most likely fraud types found in small to mid-size entities Internal controls to prevent and detect fraud What to do when fraud or suspected fraud is identified Case studies based on recent frauds