While COVID19 did put a halt to standard-setting for a while, there are still quite a few things CPAs can be focused on
this year to be ready. This course will hit on the hot topics of 2020. We’ll start with a review of the audit standards
effective in 2021 (although feel free to early implement them in 2020!). We’ll then look at the hot area of risk
assessment from the perspective of common audit deficiencies as well as what is coming down the pike! It wouldn’t be a
hot topic without a review of leases which while postponed will take some time to implement so getting an early start is
crucial. It wouldn’t be 2020 if we didn’t address COVID19 and best practices in accounting and auditing in a COVID world.
We’ll close with a review of the ASUs effective for calendar year ends so you can be ready to close your books for 2020!
Practitioners and members in industry responsible for accounting and financial reporting
- Identify the key financial reporting changes of the leases standards
- List standards that will be effective for 2020 calendar year ends
- Recognize audit standards that will be effective in the near future
- Perform a risk assessment compliant with the standards
- Define a lease under Topic 842
- Recognize impact of COVID on accounting & auditing