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This session will be an interactive discussion with a senior manager from the AICPA’s Audit and Attest Standards Team regarding recently issued standards for audits (SASs), attestation engagements (SSAEs), and preparation, compilation and review engagements (SSARSs) as well as the Auditing Standards Board’s and the Accounting and Review Services Committee’s active agendas. During this session, we will discuss the status of the ASB’s projects to:
The FASB staff will provide an update on FASB projects and activities including, among other topics, accounting for the Tax Cuts and Jobs Act, the Private Company Council, and the Board’s Disclosure Framework Review Project.
The long-awaited revenue recognition standard must be implemented by all entities in the upcoming year. This session will cover the latest guidance being offered by the FASB and AICPA, and will include releases by the AICPA and FASB resource group, as well as guidance related to disclosures. Furthermore, the guidance will include general as well as industry-specific issues in the accounting, presentation and auditing of revenue recognition under the new standard.
Cutting through the vast amount of big data to find the “bad” requires advanced tools and techniques and using the right tools can make all the difference and drastically speed up the process. In this session, we will show you how data analytics tools that support evidence examination can give you a real competitive edge. Not only does it reduce work time, but it also provides you with more valuable data, and detects anomalies or patterns you may have missed. Data analytics tools move beyond the normal spreadsheet – and so should you.
We’ll discuss topics related to the importance of compliance quality control standards in documenting an audit engagement, including the requirements of Quality Control Standard No. 8 and the audit standards. Sample size determination, inquiries, professional judgement, significant matters and other audit procedures will also be discussed along with common deficiencies found in peer reviews
ASU 2016-02 on leases continues to be one of the most discussed and controversial of the recent standards changes. This session will include a discussion of the standard and how to prepare for its implementation. We’ll also review companies that addressed the implementation early, the difficulties in identifying leases, challenges in gathering the necessary data to record the initial measurement, the consequences of the new balance sheet and income statement presentation and how companies are approaching the impending implementation.