With the AICPA's heightened focus on enhancing audit quality, increased oversight of the peer review process and the auditor's overall responsibility to provide high quality services, the focus on compliance with professional standards has never been greater. Recent peer reviews have indicated that auditors are often failing to perform and/or document certain critical components of an audit such as the auditor's assessment of risk and linking the results of the assessment to substantive procedures performed. In addition, auditors are not adequately documenting their consideration of fraud, expectations in analytical procedures and the appropriate level of work needed to understand an entity's internal control. Now is time to revisit the way that auditors are performing and documenting the work performed to meet professional standards since nonconforming engagements can result in an auditor's referral to the AICPA Ethics Committee. This course will focus on the most significant items resulting in deficiencies identified in the peer review process. We will also discuss the applicable audit standards, documentation requirements and best practices. The objective of the course is to provide the insights necessary to help an auditor improve not just the quality of their work but also the perception of the accounting profession as a whole.
“Revenue from Contracts with Customers” was mostly met with yawns by local practitioners as it did not alter the amount of, or timing of revenue their clients recognized.However, there are a few areas (milestone payments, construction and fabrication contracts, rights of return, warranties, et al) where practitioners did discover their clients had to make changes to revenue recognition as a result of this standard.This course focuses on the issues those practitioners have had with applying the standard.It also provides a forum for participants to discuss any unique issues they have had in their “first go around” with the standard.Approximately 15 examples will be dissected in the full day class. A great use of time for most practitioners, public and private!<?xml:namespace prefix="o" />
Historically, audit claim severity and frequency increase during times of economic uncertainty. The significant impact of COVID-19 on the global economy combined with recent changes in accounting and auditing methods due to staffing issues, remote working and sheltering in place orders bring potential new risks to a CPA’s audit practice. In this webinar, accountants risk control experts, Stan Sterna, Esq. and Joe Wolfe of Aon, will offer insight into the risks audit professionals are facing in the current environment and provide practical solutions to help mitigate firm exposure.