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Accounting and Auditing Clinic
This course provides in-depth, hands-on coverage of recent developments in accounting, auditing, and financial reporting. Strong emphasis is placed on the practical application of selected newly issued and/or effective authoritative pronouncements affecting practitioners who serve small and middle-market businesses. The session is designed for a high level of interaction between the instructor and participants.
Learning Objectives
This session will enable the participant to apply selected newly issued and effective technical accounting and auditing pronouncements and advise companies on related implementation issues.
Coverage is expected to include*
Hot Topics and State of the Profession Discussion
An introductory module designed to orient participants to the major issues going on in the profession. The objective is to provide a link to the FASB and ASB updates and help participants understand why certain standards are being issued or delayed. Topics include:
An overview of recently issued and recently effective Accounting Standard Updates and Exposure Drafts. The objective of this module is to provide participants with a summary of the major provisions and an understanding of how practice is most likely to be affected.
The topics to be discussed and depth of coverage depend on the activities of the FASB and the likely impact of new standards on course participants. Likely topics include the following:
An overview of recently issued and recently effective Statements on Auditing Standards and Exposure Drafts. The objective of this module is to provide detailed information about the provisions of new ASB technical pronouncements; with a strong focus on the impact of the clarity standards. Emphasis will be given to:
A discussion of critical accounting and auditing issues:
An overview of the latest fraud surveys and the latest schemes and scams linked to the economic downturn. The objective of the module is to assist participants in identifying the symptoms of fraud and developing effective audit procedures to detect fraud. Topics include:
A review of the latest ethics pronouncements from the AICPA, IFAC, and PCAOB. The objective of the module is to provide participants in practice and in industry with the tools to avoid ethics enforcement actions. Topics include:
Learning Objectives
This session will enable the participant to apply selected newly issued and effective technical accounting and auditing pronouncements and advise companies on related implementation issues.
Coverage is expected to include*
Hot Topics and State of the Profession Discussion
An introductory module designed to orient participants to the major issues going on in the profession. The objective is to provide a link to the FASB and ASB updates and help participants understand why certain standards are being issued or delayed. Topics include:
- Top News Stories About What’s Going on in the Accounting Profession
- Private Company initiatives from the FASB and the AICPA
- Top practice issues
An overview of recently issued and recently effective Accounting Standard Updates and Exposure Drafts. The objective of this module is to provide participants with a summary of the major provisions and an understanding of how practice is most likely to be affected.
The topics to be discussed and depth of coverage depend on the activities of the FASB and the likely impact of new standards on course participants. Likely topics include the following:
- Recently issued or effective ASU’s
- Disclosures about an Employer's Participation in a Multiemployer Plan (ASU 2011-09)
- Statement of Comprehensive Income (ASU 2011-05/ASU 2011-12)
- Standards Affecting Health Care Entities (ASU 2011-07 & ASU 2011-06)
- Others
- Significant Exposure Drafts
- Leases
- Revenue Recognition
- Financial Instruments
- Others
An overview of recently issued and recently effective Statements on Auditing Standards and Exposure Drafts. The objective of this module is to provide detailed information about the provisions of new ASB technical pronouncements; with a strong focus on the impact of the clarity standards. Emphasis will be given to:
- Group Audits: TIS guidance
- Clarity Project Implementation
- COSO Framework changes
- SSARS update
- Audit Risk Alerts
A discussion of critical accounting and auditing issues:
- VIE determination
- Auditing related parties
- Measurement and disclosure of fair value
- Auditing fair value
- Using a SOC report
An overview of the latest fraud surveys and the latest schemes and scams linked to the economic downturn. The objective of the module is to assist participants in identifying the symptoms of fraud and developing effective audit procedures to detect fraud. Topics include:
- Latest fraud surveys
- The high targets for fraud schemes and scans
- Effective auditing techniques in response to fraud risk
A review of the latest ethics pronouncements from the AICPA, IFAC, and PCAOB. The objective of the module is to provide participants in practice and in industry with the tools to avoid ethics enforcement actions. Topics include:
- Recently issued ethics standards
- Ethics enforcement actions
| Course Details | |
Duration Audience Level of Instruction Delivery Method |
CPE Credits* Prerequisites Questions? |
AuditWatch Accounting and Auditing Clinic (A&A)
Wayne Kerr, CPA, describes the AuditWatch Accounting and Auditing Clinic, including coverage of recent developments in accounting, auditing, and financial reporting.
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* Topics, duration, and the allocation of CPE hours between fields of study are subject to change to accommodate late-breaking developments and firm-specific needs
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