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.
Course ID: HCIFR
How COVID-19 is Infecting Financial Reporting and CPA Professional Services
- 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.
- 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.
Who Should Attend
Anyone interested in understanding the impact of the pandemic on financial statements and the CPA industry.
Fields of StudyAuditing