Accounting, Audit & Attest Update for Practitioners with Small Business Clients

Overview

Specifically tailored for practitioners who not only perform audits but provide other attest and nonattest services to small and medium-sized businesses, this course is a comprehensive update covering recently issued accounting, auditing and SSARS standards, as well as other professional guidance impacting small and medium-sized business accountants. The course uses practical examples and illustrations to help you understand and apply the new guidance. Through a detailed review of the new lease accounting guidance, common special purpose frameworks, new guidance related to audits and SSARS engagements, and the soon-to-be-effected credit loss standard, this course will get you up to speed on the things that are most important to your small and medium-sized clients.

Learning Objectives:

• Understand the drivers of fraud risk in a financial statement audit.
• Conduct procedures required by professional literature to assess the risk of fraud.
• Develop discussion points to review with management and those charged with governance.
• Identify the main types of fraud that occur in small to mid-sized companies, and develop internal controls responsive to those risks.
• Evaluate fraud case examples, and identify how fraud occurred and how it could have been prevented or detected.

• Private company standard-setting activities
• Small and medium-sized business-related ASUs
• Lease accounting update
• Lessons adopted from the adoption of Topic 606
• Special purpose frameworks: cash, modified cash and tax basis
• Common small and medium-sized business financial statement errors and deficiencies
• Newly issued SSARS and SSAE standards
• SASs effective for 2022 year-end audits