Updated guidance related to financial reporting, auditing procedures and compliance, including the latest standards issued by FASB, ASB, ARSC, and other bodies, is covered for accountants and auditors. Recent accounting and auditing updates deciphered In today’s rapidly changing regulatory environment, familiarizing yourself with current information is critical to your success. You can make sure you are up to date with the newly issued FASB, PCAOB, and AICPA standards related to: - Accounting - Auditing - Compilation - Preparation - Review Grasping the implications relevant to your practice Understanding the crucial information presented through these newly issued standards will improve your practice. You’ll be able to apply new guidance after gaining insight into the implications of these standards and how they will affect your engagements. Insights into the unique challenges in auditing and accounting You’ll also learn how to identify the unique challenges for audit and attest engagements under the new guidance and gain clarity on topics, including: - The Private Company Council’s (PCC) objectives and working plan - Risk assessment and recently issued SASs - Best practices for performing analytical procedures in a review engagement Who Will Benefit - CPAs - Accountants, auditors, and finance professionals looking to stay up to date with prospective changes and updated requirements impacting the profession. Key Topics - Narrow-scope accounting standards updates - FASB exposure drafts and projects - Exposure drafts of new auditing standards - Preparation, compilation, and review engagement updates Learning Outcomes - Identify recently issued FASB Accounting Standards Updates (ASUs) that cover broad and narrow issues. - Identify the objectives and working plan of the Private Company Council (PCC). - Determine the updates issued by FASB at the recommendation of the PCC. - Recognize ongoing FASB projects. - Identify unique challenges for audit engagements. - Determine the key elements related to the auditor’s risk assessment and recently issued SASs. - Distinguish key elements included in the recently issued Statements on Quality Management Standards (SQMSs) and Statements on Standards for Accounting and Review Services (SSARSs) - Identify best practices for performing analytical procedures in a review engagement.