Course ID: HCIFR

How COVID-19 is Infecting Financial Reporting and CPA Professional Services

The consequences of the global tragedy of COVID-19 will continue to be felt for some time. The fall-out of the virus has had an enormous impact on accounting, financial reporting, audits and other CPA professional services. This course will provide financial statement preparers, as well as audit or other attest providers, insights into the real-life implications of the pandemic on financial statements and various reporting.


Learning Objectives

  • List how common financial statement line items and related disclosures are impacted by uncertainty created by the pandemic.
  • Explain critical issues to manage as risk shifts, such as re-evaluating the design of internal controls.
  • Describe important quality control considerations for CPAs who provide audit and other professional services to clients to ensure that technical, ethical, professional, and regulatory standards continue to be complied with in the shifting operating environment.

Major Topics

  • Real-life accounting and financial statement implications triggered by the pandemic, including adequate disclosure of asset impairment, going concern uncertainty, subsequent events, and other key matters.
  • Critical considerations for any entity, such as appropriately redesigning internal controls to manage shifting risks.
  • Proper treatment of federal assistance, debt modifications, lease concessions and other common issues.
  • Tips for public accountants who provide accounting, audit, and other professional services for clients who are impacted by the pandemic.

Advanced Preparations

None


Who Should Attend

Anyone interested in understanding the impact of the pandemic on financial statements and the CPA industry.


Fields of Study

Auditing

Prerequisites

None


Provider

Business Learning Institute

CPE Credits

4

Level

Basic

This course is available for your group as:

 

Let's Roll!

To learn more or customize this course for your group, complete this form and a BLI team member will get back with you shortly.


Or, contact BLI: 888-481-3500 or team@blionline.org
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