Course ID: PAAPC

A&A Update for Nonpublic Entities – Practical Insights into Current Accounting and Auditing Issues

This course provides a high level overview of the most important issues facing nonpublic entities and their accountants. The focus is on explaining the basis behind major issues and trends in executive summary form, enabling professionals to understand the most important aspects of relevant standards and why any planned or potential changes are coming down the pike.


LEARNING OBJECTIVES
  • Describe “hot topics” related to nonpublic entities
  • Explain how to manage risk associated with audit and nonaudit services provided to nonpublic entities
  • Discuss practical examples of implementing changing technical, professional and relevant regulatory requirements

MAJOR TOPICS
  • When and why you should implement the private company GAAP alternatives, including specific examples of transitioning from full GAAP
  • The latest FASB standard-setting activity most relevant to nonpublic entities, including significant projects on the horizon
  • Preparing for implementing the new revenue recognition model
  • Understanding impact of changing lease accounting
  • The impact of new financial instruments accounting rules as it relates to nonpublic entities not in specialized industries such as financial institutions and insurance
  • Frequently asked questions related to SSARS 21 financial statement preparation, compilation and review engagements
  • When to apply the latest attestation standards contained in SSAE No. 18
  • Mitigating risk associated with nonattestation services, including responding to requests for third party verification (comfort letters)
  • Recent revisions to generally accepted auditing standards
  • Highlights of COSO’s internal control and enterprise-wide risk management guidance as it relates to nonpublic entities
  • Current fraud trends in today’s business environment, focusing on audits in smaller entities
  • Other matters that should be on your radar

DESIGNED FOR
Public and industry accountants at all levels interested in remaining current on professional, technical and relevant regulatory requirements most relevant to nonpublic entities

FIELD OF STUDY
Accounting
Auditing

PREREQUISITES
Knowledge of currently effective professional and technical standards

COURSE PRODUCER
Business Learning Institute

CPE CREDITS
8.0

LEVEL
Update

This course is currently available for registration

DateHost OrgCPEFormat
03/21/18 Michigan Association of CPAs 8.0 Group Live Register Now

This course is available for your group as:

Group Live
 

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