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Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This internal control course will describe the importance of internal controls and the purpose of the audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components of an effective internal accounting control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Accounting Internal Controls (2 Hrs)

Budgeting consumes a massive amount of time and resources. It's a stressful and busy time.

Are there ways to improve the effectiveness of the investment we make in the budget process? Can we make better budgeting decisions that lead to higher performance?

There are options within and beyond traditional budgeting. Each company should consider these options and decide which could improve their budgeting process. Budgeting has many benefits that we can continue to capture and build upon.

This online budgeting course starts by outlining the benefits and challenges of budgeting. Throughout this course, I'll provide tips and alternative budget systems that can mitigate these challenges and capture more benefits.

Next, you'll learn or revisit some foundational concepts for budgeting. I'll build on these to show the pros and cons of later budgeting tips, ideas, and alternatives.

The master budget is a collection of many sub-budgets. I'll show how these fit together to form an aligned plan to achieve a company's strategic goals. There's a method to the madness of when different types of assumptions and calculations are layered into the budget. However, the process is not entirely sequential. It abounds with iterative loops.

The third section walks step-by-step through the budget formation process. The purpose and role of the budget can best be explained in the context of strategic planning. We'll explore which analyses can be done throughout the year to take pressure off the very busy budgeting season. Some lessons cover the nuts and bolts of budget reporting and budgeting tools.

I'll explore a series of budgeting alternatives in the final section of the course. We'll look at rolling forecasts, zero-based budgeting, activity-based budgeting, and many others. We'll also look at operating without a budget. Each alternative has pros and cons that I'll list.

Each lesson in this section gives an overview of the budget alternative to help you decide whether you want to pursue that alternative further. Even if you don't fully adopt these alternatives, you can find ideas to improve your budgeting process.

The online budgeting course concludes by revisiting budgeting process challenges and how the tips and alternatives presented in the course can address or mitigate those challenges.

The course author has been the CFO, SVP of Finance, or Director of Operations of companies with just a few employees to companies with $3 billion in assets and hundreds of employees. He's led, facilitated, or participated in the budgeting process many times.  

Better Budgeting: Budgeting for Better Decisions (10 Hrs)

All business entities require information to operate efficiently and effectively. The accounting system is one of the most important systems for the organization’s decision makers. Accounting information systems collect and process data from transactions and events, organize them in useful reports, and communicate results to decision makers. Accounting Systems and Financial Statements is a course that will describe what information must be collected to properly report on a business. This course will describe the four major types of financial statements and define the standards that are used to create financial reports. This course will define the various elements for the four major financial statements. This course will review the framework for adjustments and describe the common adjustments that must be made at the end of each accounting period, so they are accurate.

Accounting Systems and Financial Statements (3 Hrs)

Every business has both current and long-term liabilities that must be tracked and recorded. Accounting for Current and Long-Term Liabilities is a course that discusses important characteristics of liabilities and how liabilities are classified and reported in financial statements. This course will identify how to distinguish between current and long-term liabilities. This course will identify what liabilities are classified as current liabilities and what liabilities are classified as long-term liabilities. This Accounting for Current and Long-Term Liabilities course will also provide examples of recording both.

Accounting for Current and Long-Term Liabilities (2 Hrs)

A corporate scandal involves alleged or actual unethical behavior by people acting within or on behalf of a corporation. Since the turn of the century, the U.S. has seen some large corporate collapses and scandals due to shoddy and deceptive accounting practices. Many companies, shareholders and employees suffered as stock prices fell and reputations were tarnished when businesses conducted questionable practices.

This course is divided into four chapters. Chapter 1 identifies the common financial shenanigans demonstrated with a series of real-life cases and addressed ongoing financial reporting issues (e.g., restatements, SEC enforcement actions). The failure of corporate governance and auditor’s role in Enron’s collapse are also discussed. Chapter 2 explains the basic accounting rules for stock-based compensation. It also identifies regulations that protect investors from unethical business practices. Chapter 3 focuses on the impact of Sarbanes-Oxley Act including the creation of PCAOB, reforms of corporate America, and improvements in audit quality. It also discusses internal control reporting requirements, the role of the audit committee, and disclosure controls and personal accountability.  Chapter 4 identifies ways to promote high levels of accountability and transparency. It explains the importance of business ethics and corporate social responsibility. It also discusses the role of good corporate governance in protecting shareholder value.

Fraud- Ensuring Integrity in Financial Reporting (6 Hrs)
A/B
Suggested Courses

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This internal control course will describe the importance of internal controls and the purpose of the audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components of an effective internal accounting control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Accounting Internal Controls (2 Hrs)

Budgeting consumes a massive amount of time and resources. It's a stressful and busy time.

Are there ways to improve the effectiveness of the investment we make in the budget process? Can we make better budgeting decisions that lead to higher performance?

There are options within and beyond traditional budgeting. Each company should consider these options and decide which could improve their budgeting process. Budgeting has many benefits that we can continue to capture and build upon.

This online budgeting course starts by outlining the benefits and challenges of budgeting. Throughout this course, I'll provide tips and alternative budget systems that can mitigate these challenges and capture more benefits.

Next, you'll learn or revisit some foundational concepts for budgeting. I'll build on these to show the pros and cons of later budgeting tips, ideas, and alternatives.

The master budget is a collection of many sub-budgets. I'll show how these fit together to form an aligned plan to achieve a company's strategic goals. There's a method to the madness of when different types of assumptions and calculations are layered into the budget. However, the process is not entirely sequential. It abounds with iterative loops.

The third section walks step-by-step through the budget formation process. The purpose and role of the budget can best be explained in the context of strategic planning. We'll explore which analyses can be done throughout the year to take pressure off the very busy budgeting season. Some lessons cover the nuts and bolts of budget reporting and budgeting tools.

I'll explore a series of budgeting alternatives in the final section of the course. We'll look at rolling forecasts, zero-based budgeting, activity-based budgeting, and many others. We'll also look at operating without a budget. Each alternative has pros and cons that I'll list.

Each lesson in this section gives an overview of the budget alternative to help you decide whether you want to pursue that alternative further. Even if you don't fully adopt these alternatives, you can find ideas to improve your budgeting process.

The online budgeting course concludes by revisiting budgeting process challenges and how the tips and alternatives presented in the course can address or mitigate those challenges.

The course author has been the CFO, SVP of Finance, or Director of Operations of companies with just a few employees to companies with $3 billion in assets and hundreds of employees. He's led, facilitated, or participated in the budgeting process many times.  

Better Budgeting: Budgeting for Better Decisions (10 Hrs)

All business entities require information to operate efficiently and effectively. The accounting system is one of the most important systems for the organization’s decision makers. Accounting information systems collect and process data from transactions and events, organize them in useful reports, and communicate results to decision makers. Accounting Systems and Financial Statements is a course that will describe what information must be collected to properly report on a business. This course will describe the four major types of financial statements and define the standards that are used to create financial reports. This course will define the various elements for the four major financial statements. This course will review the framework for adjustments and describe the common adjustments that must be made at the end of each accounting period, so they are accurate.

Accounting Systems and Financial Statements (3 Hrs)

Every business has both current and long-term liabilities that must be tracked and recorded. Accounting for Current and Long-Term Liabilities is a course that discusses important characteristics of liabilities and how liabilities are classified and reported in financial statements. This course will identify how to distinguish between current and long-term liabilities. This course will identify what liabilities are classified as current liabilities and what liabilities are classified as long-term liabilities. This Accounting for Current and Long-Term Liabilities course will also provide examples of recording both.

Accounting for Current and Long-Term Liabilities (2 Hrs)

A corporate scandal involves alleged or actual unethical behavior by people acting within or on behalf of a corporation. Since the turn of the century, the U.S. has seen some large corporate collapses and scandals due to shoddy and deceptive accounting practices. Many companies, shareholders and employees suffered as stock prices fell and reputations were tarnished when businesses conducted questionable practices.

This course is divided into four chapters. Chapter 1 identifies the common financial shenanigans demonstrated with a series of real-life cases and addressed ongoing financial reporting issues (e.g., restatements, SEC enforcement actions). The failure of corporate governance and auditor’s role in Enron’s collapse are also discussed. Chapter 2 explains the basic accounting rules for stock-based compensation. It also identifies regulations that protect investors from unethical business practices. Chapter 3 focuses on the impact of Sarbanes-Oxley Act including the creation of PCAOB, reforms of corporate America, and improvements in audit quality. It also discusses internal control reporting requirements, the role of the audit committee, and disclosure controls and personal accountability.  Chapter 4 identifies ways to promote high levels of accountability and transparency. It explains the importance of business ethics and corporate social responsibility. It also discusses the role of good corporate governance in protecting shareholder value.

Fraud- Ensuring Integrity in Financial Reporting (6 Hrs)
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Similar Courses

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This internal control course will describe the importance of internal controls and the purpose of the audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components of an effective internal accounting control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Accounting Internal Controls (2 Hrs)

Budgeting consumes a massive amount of time and resources. It's a stressful and busy time.

Are there ways to improve the effectiveness of the investment we make in the budget process? Can we make better budgeting decisions that lead to higher performance?

There are options within and beyond traditional budgeting. Each company should consider these options and decide which could improve their budgeting process. Budgeting has many benefits that we can continue to capture and build upon.

This online budgeting course starts by outlining the benefits and challenges of budgeting. Throughout this course, I'll provide tips and alternative budget systems that can mitigate these challenges and capture more benefits.

Next, you'll learn or revisit some foundational concepts for budgeting. I'll build on these to show the pros and cons of later budgeting tips, ideas, and alternatives.

The master budget is a collection of many sub-budgets. I'll show how these fit together to form an aligned plan to achieve a company's strategic goals. There's a method to the madness of when different types of assumptions and calculations are layered into the budget. However, the process is not entirely sequential. It abounds with iterative loops.

The third section walks step-by-step through the budget formation process. The purpose and role of the budget can best be explained in the context of strategic planning. We'll explore which analyses can be done throughout the year to take pressure off the very busy budgeting season. Some lessons cover the nuts and bolts of budget reporting and budgeting tools.

I'll explore a series of budgeting alternatives in the final section of the course. We'll look at rolling forecasts, zero-based budgeting, activity-based budgeting, and many others. We'll also look at operating without a budget. Each alternative has pros and cons that I'll list.

Each lesson in this section gives an overview of the budget alternative to help you decide whether you want to pursue that alternative further. Even if you don't fully adopt these alternatives, you can find ideas to improve your budgeting process.

The online budgeting course concludes by revisiting budgeting process challenges and how the tips and alternatives presented in the course can address or mitigate those challenges.

The course author has been the CFO, SVP of Finance, or Director of Operations of companies with just a few employees to companies with $3 billion in assets and hundreds of employees. He's led, facilitated, or participated in the budgeting process many times.  

Better Budgeting: Budgeting for Better Decisions (10 Hrs)

All business entities require information to operate efficiently and effectively. The accounting system is one of the most important systems for the organization’s decision makers. Accounting information systems collect and process data from transactions and events, organize them in useful reports, and communicate results to decision makers. Accounting Systems and Financial Statements is a course that will describe what information must be collected to properly report on a business. This course will describe the four major types of financial statements and define the standards that are used to create financial reports. This course will define the various elements for the four major financial statements. This course will review the framework for adjustments and describe the common adjustments that must be made at the end of each accounting period, so they are accurate.

Accounting Systems and Financial Statements (3 Hrs)

Every business has both current and long-term liabilities that must be tracked and recorded. Accounting for Current and Long-Term Liabilities is a course that discusses important characteristics of liabilities and how liabilities are classified and reported in financial statements. This course will identify how to distinguish between current and long-term liabilities. This course will identify what liabilities are classified as current liabilities and what liabilities are classified as long-term liabilities. This Accounting for Current and Long-Term Liabilities course will also provide examples of recording both.

Accounting for Current and Long-Term Liabilities (2 Hrs)

A corporate scandal involves alleged or actual unethical behavior by people acting within or on behalf of a corporation. Since the turn of the century, the U.S. has seen some large corporate collapses and scandals due to shoddy and deceptive accounting practices. Many companies, shareholders and employees suffered as stock prices fell and reputations were tarnished when businesses conducted questionable practices.

This course is divided into four chapters. Chapter 1 identifies the common financial shenanigans demonstrated with a series of real-life cases and addressed ongoing financial reporting issues (e.g., restatements, SEC enforcement actions). The failure of corporate governance and auditor’s role in Enron’s collapse are also discussed. Chapter 2 explains the basic accounting rules for stock-based compensation. It also identifies regulations that protect investors from unethical business practices. Chapter 3 focuses on the impact of Sarbanes-Oxley Act including the creation of PCAOB, reforms of corporate America, and improvements in audit quality. It also discusses internal control reporting requirements, the role of the audit committee, and disclosure controls and personal accountability.  Chapter 4 identifies ways to promote high levels of accountability and transparency. It explains the importance of business ethics and corporate social responsibility. It also discusses the role of good corporate governance in protecting shareholder value.

Fraud- Ensuring Integrity in Financial Reporting (6 Hrs)
Suggested Courses

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This internal control course will describe the importance of internal controls and the purpose of the audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components of an effective internal accounting control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Accounting Internal Controls (2 Hrs)

Budgeting consumes a massive amount of time and resources. It's a stressful and busy time.

Are there ways to improve the effectiveness of the investment we make in the budget process? Can we make better budgeting decisions that lead to higher performance?

There are options within and beyond traditional budgeting. Each company should consider these options and decide which could improve their budgeting process. Budgeting has many benefits that we can continue to capture and build upon.

This online budgeting course starts by outlining the benefits and challenges of budgeting. Throughout this course, I'll provide tips and alternative budget systems that can mitigate these challenges and capture more benefits.

Next, you'll learn or revisit some foundational concepts for budgeting. I'll build on these to show the pros and cons of later budgeting tips, ideas, and alternatives.

The master budget is a collection of many sub-budgets. I'll show how these fit together to form an aligned plan to achieve a company's strategic goals. There's a method to the madness of when different types of assumptions and calculations are layered into the budget. However, the process is not entirely sequential. It abounds with iterative loops.

The third section walks step-by-step through the budget formation process. The purpose and role of the budget can best be explained in the context of strategic planning. We'll explore which analyses can be done throughout the year to take pressure off the very busy budgeting season. Some lessons cover the nuts and bolts of budget reporting and budgeting tools.

I'll explore a series of budgeting alternatives in the final section of the course. We'll look at rolling forecasts, zero-based budgeting, activity-based budgeting, and many others. We'll also look at operating without a budget. Each alternative has pros and cons that I'll list.

Each lesson in this section gives an overview of the budget alternative to help you decide whether you want to pursue that alternative further. Even if you don't fully adopt these alternatives, you can find ideas to improve your budgeting process.

The online budgeting course concludes by revisiting budgeting process challenges and how the tips and alternatives presented in the course can address or mitigate those challenges.

The course author has been the CFO, SVP of Finance, or Director of Operations of companies with just a few employees to companies with $3 billion in assets and hundreds of employees. He's led, facilitated, or participated in the budgeting process many times.  

Better Budgeting: Budgeting for Better Decisions (10 Hrs)

All business entities require information to operate efficiently and effectively. The accounting system is one of the most important systems for the organization’s decision makers. Accounting information systems collect and process data from transactions and events, organize them in useful reports, and communicate results to decision makers. Accounting Systems and Financial Statements is a course that will describe what information must be collected to properly report on a business. This course will describe the four major types of financial statements and define the standards that are used to create financial reports. This course will define the various elements for the four major financial statements. This course will review the framework for adjustments and describe the common adjustments that must be made at the end of each accounting period, so they are accurate.

Accounting Systems and Financial Statements (3 Hrs)

Every business has both current and long-term liabilities that must be tracked and recorded. Accounting for Current and Long-Term Liabilities is a course that discusses important characteristics of liabilities and how liabilities are classified and reported in financial statements. This course will identify how to distinguish between current and long-term liabilities. This course will identify what liabilities are classified as current liabilities and what liabilities are classified as long-term liabilities. This Accounting for Current and Long-Term Liabilities course will also provide examples of recording both.

Accounting for Current and Long-Term Liabilities (2 Hrs)

A corporate scandal involves alleged or actual unethical behavior by people acting within or on behalf of a corporation. Since the turn of the century, the U.S. has seen some large corporate collapses and scandals due to shoddy and deceptive accounting practices. Many companies, shareholders and employees suffered as stock prices fell and reputations were tarnished when businesses conducted questionable practices.

This course is divided into four chapters. Chapter 1 identifies the common financial shenanigans demonstrated with a series of real-life cases and addressed ongoing financial reporting issues (e.g., restatements, SEC enforcement actions). The failure of corporate governance and auditor’s role in Enron’s collapse are also discussed. Chapter 2 explains the basic accounting rules for stock-based compensation. It also identifies regulations that protect investors from unethical business practices. Chapter 3 focuses on the impact of Sarbanes-Oxley Act including the creation of PCAOB, reforms of corporate America, and improvements in audit quality. It also discusses internal control reporting requirements, the role of the audit committee, and disclosure controls and personal accountability.  Chapter 4 identifies ways to promote high levels of accountability and transparency. It explains the importance of business ethics and corporate social responsibility. It also discusses the role of good corporate governance in protecting shareholder value.

Fraud- Ensuring Integrity in Financial Reporting (6 Hrs)
Course Details

2024 FASB SSARS and SAS Update and Review (Course Id 2276)

New / QAS / Registry
  Add to Cart 
Author : Steven C Fustolo, CPA, MBA
Course Length : Pages: 559 ||| Word Count: 14,0167 ||| Review Questions: 143 ||| Final Exam Questions: 120
CPE Credits : 24.0
IRS Credits : 0
Price : $145.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry
Technical Designation: Technical
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 2276
Description :

The purpose of this course is to inform the reader of the various changes affecting accounting, compilation and review, and auditing engagements as well as a review and recall of existing standards.  Topics include a summary of newly issued FASB statements, new statements issued by the Auditing Standards Board, changes in compilation and review, current and pending developments, practice issues, and more.

Field of study: 
16 hours accounting
8 hours auditing 

 
Usage Rank : 0
Release : 2024
Version : 1.0
Prerequisites : Basic understanding of U.S. GAAP, compilation and review, and auditing standards.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
ACCOUNTING STANDARDS UPDATES ISSUED
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 23-May-2024
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - NASBA Registry - 2276
Keywords : Accounting and Auditing, 2024, FASB, SSARS, SAS, Update, Review, cpe, cpa, online course
Learning Objectives :

Chapter 1
The New Allowance for Credit Losses: ASU 2016-13 Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments - 2024

After reading the Chapter 1 material, you will be able to:
  • Recognize examples of assets that are and are not subject to the ASC 326-20 expected credit loss model
  • Recognize the model that ASU 2016-13 uses to deal with credit losses
  • Recall how an entity should present the allowance for credit losses on the balance sheet
  • Identify how credit losses should be recorded under new ASU 2016-13
  • Recognize some of the disclosures required by ASU 2016-13
  • Identify examples of entities that are under common control
  • Identify how a decline in fair value of a held-to-maturity debt security should be handled under GAAP
  • Recognize the new impairment model for available-for-sale debt securities under ASC 326-30
  • Identify how an entity should implement the ASU 2016-13 rules

Chapter 2
Accounting and Financial Disclosures for the Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax - 2024

After reading the Chapter 2 material, you will be able to:
  • Recognize the type of expense that is the basis for measuring the amount of the ERC.
  • Identify where to present the ERC in the statement of income using the ASC 958 conditional contribution model.
  • Recognize where to present the ERC in the statement of income using the IAS 20 grant model.
  • Recognize the proper presentation of the ERC in a tax-basis statement of income.
  • Identify how to account for an ERC filing in 2023.
  • Recognize a technique that has been attempted to circumvent the SALT deduction limitation.
  • Identify how to account for the PTE tax in an entity’s financial statements.
  • Recognize the requirements for recording deferred state income taxes with respect to the PTE tax election.
  • Identify disclosures that should be made for the PTE tax.

Chapter 3
The New Lease Standard: ASU 2016-02 and Other Amendments Post-Implementation Issues - 2024

After reading the Chapter 3 material, you will be able to:
  • Recognize a key change made to GAAP by the new lease standard
  • Identify a type of lease that exists for a lessee under ASU 2016-02
  • Recall a type of lease for which the ASU 2016-02 rules do not apply
  • Identify some of the types of benefits a lessee can obtain from a leased asset
  • Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life
  • Recognize who an entity might not want to use the risk-free rate to compute the present value of lease payments
  • Identify how a lessee should account for initial direct costs
  • Recognize items that are and are not components of a lease term
  • Recall the method a lessee should use to record interest expense on a lease obligation
  • Identify some types of leases for a lessor
  • Recall how a lessor should initially account for initial direct costs for a lease in certain instances
  • Identify how a lessor should account for lease payments received on the income statement for an operating lease
  • Recall how a lessor should classify certain cash receipts on the statement of cash flows
  • Recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
  • Identify how deferred income taxes will be treated for lessees under ASU 2016-02
  • Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios, and
  • Recall the IRS rules as when an entity should and should not capitalize a lease for tax purposes.

Chapter 4
Selected Newly Issued Accounting Standards Updates (ASUs)

After reading the Chapter 4 material, you will be able to:
  • Review how to account for a joint venture
  • Identify how to measure a crypto asset and record it on the balance sheet and income statement
  • Recall some of the new disclosures for income taxes required by ASU 2023-09

Chapter 5
Accounting and Financial Reporting in a Post-COVID Economy - 2024

After reading the Chapter 5 material, you will be able to:
  • Recognize some types of concentrations that might require disclosure under the risk and uncertainty rules
  • Identify the definition of near term
  • Recall the frequency in which an entity should test goodwill for impairment
  • Recall how to classify business interruption insurance proceeds on the financial statements
  • Recognize the relationship a change in interest rates has on real estate values
  • Identify the benchmark used to determine going concern
  • Recognize how to report on going concern in an engagement
  • Identify a method that can be used to measure variable consideration revenue
  • Recognize an example of a construction-type contract
  • Identify an advantage of remote auditing
  • Recognize a reason to justify using LIFO for GAAP. and
  • Identify whether the LIFO IPIC approach is acceptable for GAAP.

Chapter 6
Current Developments: Accounting and Financial Reporting - 2024

After reading Chapter 6 material, you will be able to:
  • Identify the goal of the FASB’s Disaggregation-Income Statement Expenses project
  • Recognize one of the characteristics of a multi-employer pension plan
  • Recognize the impact that life expectancy has on the amount of a pension liability
  • Identify the shift in the types of retirement plans over the past decade
  • Recall an example of a financial instrument subject to the concentration of credit risk disclosure
  • Identify the requirements of the SEC’s ESC disclosures
  • Recall the general GAAP rule for management’s evaluation of going concern
  • Recognize the VIE accounting alternative for leases under common control in ASU 2018-17
  • Recognize when a state might be able to charge sales tax under the Wayfair decision
  • Review the accounting for a net operating loss, and
  • Recall the rule for deductibility of interest in IRC 163(j).

Chapter 7
Auditing Developments Including New Auditing Standards: SAS Nos. 143-145

After reading Chapter 7 material, you will be able to:
  • Recognize the difference between fraud and an error
  • Recall the three conditions of the fraud triangle
  • Recognize an example of a misappropriation of assets
  • Identify an example of an accounting estimate related to classes of transactions, account balances and disclosures identified in SAS No. 143
  • Recognize how inherent and control risks should be assessed in accordance with SAS No. 143
  • Recognize an example of an inherent risk factor
  • Identify examples of approaches that can be performed in assessing the risks of material misstatement from accounting estimates
  • Recall one of the amendments made to AU-C 501 by SAS No. 144 in connection with using the work of an external inventory-taking firm
  • Identify some instances in which an auditor may conclude that a specialist’s work is not adequate
  • Identify a type of risk assessment procedure that an auditor can use in accordance with SAS No. 145
  • Recall examples of risk assessment procedures that an auditor may perform in SAS No. 145
  • Recognize how to perform risk assessment procedures when relying on information obtained from previous experience with an entity
  • Identify examples of risk assessment procedures to obtain audit evidence in accordance with SAS No. 145
  • Recognize a new requirement made by SAS No. 145 in connection with assessing inherent risk and control risk in an audit, and
  • Identify how an auditor should respond if the auditor does not plan to test the operating effectiveness of an entity’s controls.
  • Identify how an auditor should respond if the auditor does not plan to test the operating effectiveness of an entity’s controls.

Chapter 8
SAS Nos. 146- 149: Recently Issued Auditing Standards

After reading Chapter 8 material, you will be able to:
  • Recall the date by which an engagement partner must take responsibility for determining that ethical requirements are fulfilled
  • Identify certain requirements an engagement partner must satisfy in performing an audit engagement
  • Recognize examples of resources assigned or made available by a firm to support performance of an audit engagement
  • Identify a type of unconscious bias defined in SAS No. 146
  • Identify when a successor auditor should request management to authorize a predecessor auditor’s response to the successor auditor’s inquiry
  • Recognize one of the new inquiries a successor auditor should make of a predecessor auditor by SAS No. 147
  • Recall the extent of a predecessor auditor’s response to a successor auditor’s inquiries when there are certain restrictions on the predecessor auditor.
  • Identify an example of a recently issued auditing standard that SAS No. 148 incorporates into amendments to AU-C 935, Compliance Audits.
  • Recall examples of inherent risk factors related to identifying and assessing risks of material misstatement in a compliance audit.
  • Identify the party required to take overall responsibility for the quality on a group audit engagement in accordance with SAS No. 149.

Chapter 9
Compilation and Review Update and Review - 2024

After reading Chapter 9 material, you will be able to:
  • Identify which party is responsible for determining that engagement team members have appropriate competence and capabilities to perform a SSARS engagement
  • Recognize the definition of materiality found in SAS No. 138
  • Identify factors an accountant should consider when determining materiality in a review engagement
  • Recall the least profitable engagement to perform
  • Identify the type of reporting an accountant should perform when management elects to include disclosures about a few matters in the notes
  • Recognize certain GAAP departures that the author suggests are easiest to implement
  • Identify a recommendation to mitigate the risk associated with performing bookkeeping services:
  • Recall a better approach to compute the number of days sales in accounts receivable
Course Contents :

Chapter 1 - The New Allowance for Credit Losses: ASU 2016-13 Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments - 2024

I.  Objective

II. Background

A. Existing GAAP- Incurred Loss Model

B. New ASC 326, Financial Instruments- Credit Losses

C. Recent FASB ASUs Targeted at ASC 326’s Credit Losses

III. ASU 2016-13 Amendments

IV. ASC 326-20 Expected Credit Loss Model

A. Overall Scope of ASC 326-20

B. General Amendments to ASC 326-20 Made by ASU 2016-13

C. New Expected Credit Loss Model

D. Subsequent Measurement -Reporting Changes in Expected Credit Losses

E. Financial Statement Presentation of Allowance Balance and Activity

F. Loans and Trade Receivables- Common Control

G. Examples from ASU 2016-13

H. Financial Assets Secured by Collateral

I. Purchased Financial Assets With Credit Deterioration   NEW per ASC 326-10

V. Held-to-Maturity Debt Securities- ASC 326-20

A. Basic GAAP Rules- Debt Securities-ASC 320

B. Held-to-Maturity (HTM) Debt Securities and ASC 326-20

C. HTM Debt Securities and the Expected Credit Loss Model  in ASC 326-20

D. Investments in Certificates of Deposit (CDs) and Money Market Accounts

VI. Available-For-Sale Debt Securities- Impairment- ASC 326-30

VII. Implementation of ASU 2016-13

Sample Disclosures- ASU 2016-13

Chapter 2 - Accounting and Financial Disclosures for the Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax - 2024

I.  Introduction

II. Accounting -Financial Disclosures for the Employee Retention Credit (ERC)

A. Overview

B. GAAP Accounting for the ERC

C. OPTION 1: ASC 958-605- Not-for-Profit Entities: Revenue Recognition

D. OPTION 2: IAS 20, Accounting for Government Grants and Disclosure of Government Assistance

E. Disclosures for the ERC

F. Tax-Basis Financial Statements and the ERC

G. Filing for the ERC in 2023 or 2024 Prior to April 2025 ERC Deadline

H. Accounting for Dubious ERC Claims- IRS Withdrawal Program- 2024

III. Accounting - Financial Disclosures for the Pass-Through Entity (PTE) Tax

A. Overview

B. Use of the Pass-Through Entity (PTE) Tax Election

C. GAAP Accounting and Disclosures- PTE Tax

D. GAAP Accounting Rules for the PTE Tax

E. GAAP Disclosures for the PTE Tax

F. PTE Tax and Tax-Basis Financial Statements

Chapter 3 - The New Lease Standard: ASU 2016-02 and Other Amendments: Post-Implementation Issues - 2024

I.  Background

II. Basic Concepts of ASU 2016-02

A. General Rules

III. Scope and Scope Exceptions

IV. Identifying a Lease

V. Lessee Rules

A. Lease Classification - Lessee

B. Initial Measurement of Lease- Lessee

C. Lease Modifications - Lessee

D. Lease Payments - Lessee

E. Lease Term and Purchase Options- Lessee

F. Subsequent Reassessment of Lease Elements- Lessee

G. Short-Term Leases - Lessee

H. Subsequent Measurement and Accounting for Leases- Lessee

I. Other Recognition and Measurement Issues- Lessees

J. Financial Statement Presentation Matters- Lessee

K. Disclosures by Lessees

VI. Lessor Rules

A. Lease Classification

B. Accounting for Sales-Type Lease- Lessor

C. Accounting for a Direct Financing Lease

D. Accounting for Operating Leases- Lessor

E. Disclosure- Lessor Leases

VII. Transition and Effective Date Information

A. General- Existing Leases

B. Transition

VIII. Impact of Changes to Lease Accounting

IX. Impact of Lease Changes on Nonpublic Entities

X. Avoiding the New Lease Standard

Chapter 4 - Selected Newly Issued Accounting Standards Updates (ASUs)

I.  Accounting Standards Updates (ASUs)

Selected Accounting Standards Updates (ASUs)

ASU 2023-05: Business Combinations— Joint Venture Formations (Subtopic 805-60)- Recognition and Initial Measurement

ASU 2023-08: Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets

ASU 2023-09: Income Taxes (Topic 740)-Improvements to Income Tax Disclosures

Chapter 5 - Accounting and Financial Reporting in a Post-Covid Economy - 2024

I.  Introduction

II. Accounting and Auditing Issues Related to the Post-COVID Economy

III. Disclosure of Risks and Uncertainties- Supply-Chain Concentrations

IV. Asset Impairments- Long-Lived Assets- 2023 and 2024 Issues

A. Long-Lived Tangible Assets- Real Estate and Equipment Impairment

B. Goodwill Impairment Issues

C. Ordering of Impairment Tests

V. Write-downs, Writeups and Disclosures of Stock Market and Bond Investments

A. Debt Securities- Unrealized Gains and Losses in 2023 and 2024

B. Equity Securities- Unrealized Gains in 2023 and 2024

C. Disclosure of Stock and Debt Investment Losses After Year End

VI. Inventory Costs and Valuation Issues

A. Lower of Cost and Net Realizable Value- FIFO and Average Cost Inventories

B. Impact of Capacity on GAAP Inventory Valuations

VII. Business Interruption Insurance Recovery and Presentation- Post-COVID Damage

VIII. Going Concern in  the 2023-2024 Inflationary Economy

A. GAAP Requirements- Going Concern

B. Auditing and Review Engagement Requirements- Going Concern

IX. Joint and Several Risk- Multi-Employer Plan Obligations

X. Revenue and Contracts

A. Variable Consideration Revenue

B. Losses on Onerous Contracts- Impact of Inflation on Unrealized Losses

XI. Loan Modifications and Covenants in Light of Higher Interest Rates

XII. Remote Engagements

A. Remote Audits in 2023 and 2024

B. Accounts Receivable Confirmations

C.Physical Inventory Observations

D. Employee Fraud and the Current Internal Control Environment

XIII. LIFO in a New High-Inflation Environment

Chapter 6 - Current Developments: Accounting and Financial Reporting - 2024

I.  Latest Developments on the Accounting Front

A. Significant GAAP Changes in 2024 and Beyond

B. FASB Disaggregation-Income Statement Expenses Project- Pending as of 2024

C. The Gradual Demise of Company Pension Plans

D. Cash Concentration over FDIC-Insured Balance

E. ESG Disclosures- A Hot and Controversial Issue

F. Post-Implementation Update on Revenue Recognition Standard

G. The VIE Rules- Using ASU 2018-17 with Common Control Arrangements

H. Risk of Unrecorded Sales Tax Liabilities- Wayfair Decision

II. GAAP Income Tax Issues- 2023 and 2024

A. NOL Carryforwards and Deferred Tax Assets

B. Higher Interest Rates and the Limitation on Interest Deduction-2023 and 2024

C. Higher Tax Rates in 2023 to 2027- Reversal of TCJA Tax Benefits

Chapter 7 - Auditing Developments including   New Auditing Standards SAS Nos. 143-145  2024 Edition

Auditing Standards Board (ASB) Agenda

Fraud Update- 2024

I.  General

II. 2024 Report to the Nations on Occupational Fraud and Abuse

III. Types of Fraud

IV. Fraud Triangle in the 2024 Economic Climate

New Auditing Standards- SAS Nos. 143-145

SAS No. 143: Auditing Accounting Estimates and Related Disclosures

I.  Objective

II. Introduction

A. General

III. Overview of SAS No. 143

A. General

B. Degree of Estimation Uncertainty

IV. Scope of SAS No. 143

A. General

V. Definitions Used in SAS No. 143

VI. Requirements of SAS No. 143

A. Risk Assessment Procedures and Related Activities

B. Identifying and Assessing the Risks of Material Misstatement

C. Auditor Responses to the Assessed Risks of Material Misstatement

D. Evaluating Indicators of Possible Management Bias

E. Perform an Overall Evaluation Based on Audit Procedures Performed

F. Communication With Those Charged With Governance, Etc.

G. Audit Documentation

H. Changes to Management Representation Letter

SAS No. 144: Amendments to AU-C 501, 540, and 620 Related to the Use of   Specialists and Use of Pricing Information Obtained From External Information Sources

I.  Objective

II. Introduction

A. General

III. Definitions of SAS No. 144

IV. Requirements of SAS No. 144

A. Amendments to AU-C 501, Audit Evidence- Specific Considerations

B. Amendments to AU-C 540, Audit Accounting Estimates and Related Disclosures

C. Amendments to AU-C 620, Using the Work of an Auditor’s Specialist

SAS No. 145: Understanding the Entity, Its Environment and Assessing the Risks of Material Misstatement

I.  Objective

II. Introduction

III. Definitions of SAS No. 145

IV. Requirements of SAS No. 145

A. Risk-Assessment Procedures and Related Activities

B. Obtaining an Understanding of the Entity, Its Environment, the Applicable Financial  Reporting Framework, and the Entity’s System of Internal Control

C. Identifying and Assessing the Risks of Material Misstatement

D. Evaluating the Audit Evidence Obtained From the Risk-Assessment Procedures

E. Classes of Transactions, Account Balances, and Disclosures That Are Not Significant but are    Material (The Stand-Back Provision)

F. Revision of Risk Assessment

G. Documentation

Chapter 8 - SAS Nos. 146-149:  Recently Issued Auditing Standards

Introduction

SAS No. 146: Quality Management for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards

I.  Objective  of SAS No. 146

II. Background

A. General

III. Overview of SAS No. 146

A. General

B. The Firm’s System of Quality Management and the Role of Engagement Teams

C. The Engagement Partner’s Responsibilities

D. Amendments to Other SASs by SAS No. 146

IV. Scope of SAS No. 146

A. General Scope

V. Definitions

VI. Requirements of SAS No. 146

A. Leadership Responsibilities for Managing and Achieving Quality on Audits

B. Relevant Ethical Requirements, Including Those Related to Independence

C. Acceptance and Continuance of Client Relationships and Audit Engagements

D. Engagement Resources

E. Engagement Performance

F. Monitoring and Remediation

G. Taking Overall Responsibility for Managing and Achieving Quality

H. Documentation

I. Scalability Issues

J. Engagement Partner Communicating Professional Skepticism

SAS No. 147: Inquiries of the Predecessor Auditor Regarding Fraud and Noncompliance With Laws and Regulations

I.  Objective  of SAS No. 147

II. Background

A. General

III. Definitions

IV. Requirements of SAS No. 147

A. Amendments to AU-C 210, Terms of Engagement

V. Flowchart from SAS No. 147

SAS No. 148: Amendment to AU-C Section 935

I.  Objective  of SAS No. 148

II. Background

A. General

B. General Amendments to AU-C 935 Appendix Arising from SAS No. 142

C. General Amendments to AU-C 935 Appendix Arising from SAS No. 145

D. Other Revisions

III. Requirements of SAS No. 148

A. Amendments to AU-C 935, Compliance Audits

B. Amendments to Appendix to AU-C 935

C. Amendments to Illustrate Report on Internal Control

Report on Internal Control Over Compliance

SAS No. 149: Special Considerations — Audits of Group Financial Statements (Including the Work of Component Auditors and Audits of Referred-to Auditors)

I.  Objective  of SAS No. 149

II. Overview of SAS No. 149

III. Requirements and Key Changes made by SAS No. 149

A. Scope and Applicability of the Standard

B. Risk-Based Approach

C. New Terminology to Describe Reporting Options

D. New Terms and Definitions

E. Managing and Achieving Audit Quality in a Group Audit- Engagement Partner

F. Equity Method Investments

G. Scalability

H. Professional Skepticism

I. Communications Between the Group Auditor and Component Auditors

J. Restrictions on Access to Information

K. Documentation Requirements

L. Auditor’s Report

M. Group Audit Scenarios and Relevant Requirements

Chapter 9 - Compilation and Review Update and Review- 2024

I.  SSARS No. 26: Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services

A. General

B. Overview of SSARS No. 26

C. SSARS No. 26 Amendments to AR-C 60 of SSARS No. 21:

D. Changes made to AR-C 60 regarding Quality Management of a SSARS Engagement

E. SSARS No. 26 Amendments to AR-C 70 - Preparation of Financial Statements

F. SSARS No. 26 Amendments to AR-C 80 - Compilation Engagements

G. SSARS No. 26 Amendments to AR-C 90 - Review of Financial Statements

H. SSARS No. 26 Amendment to AR-C 90 – Review Engagement Letter

II. Materiality in a Review Engagement

III. The Move Toward the Tax-Basis Review Engagement

IV. Selected Information- Substantially All Disclosures Are Not Included

V. Issue GAAP Statements with One or More GAAP Departures

VI. Liability to Accountants Who Perform Bookkeeping Services

VII. Number of Days Test on Trade Receivables

Glossary
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