Welcome and Opening Remarks

Emerging A&A Trends and Hot Topics

• Review of FASB priorities, including post-implementation review standards
• Economic update
• Emerging technology applications in finance and fraud detection technologies in ecommerce
• A look at the future of audit and audit quality

FASB Update

• Broad FASB priorities
• Recently issued guidance, including:
  • Update 2021-02: Revenue – franchisor practical expedient
  • Update 2021-03: Accounting alternative for evaluating goodwill impairment triggering events
  • Update 2021-04: Issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options
• Current agenda projects, including:
  • Identifiable intangible assets and subsequent accounting for goodwill
  • Segment reporting
  • Recognition and measurement of revenue contracts with customers under business combinations
• Upcoming effective dates

AICPA ASB Update

• SASs 134-141, which are effective Dec. 15, 2021, and changes to the auditor’s report
• Other recently issued SASs: Audit Evidence, Accounting Estimates, and Risk Assessment
• ASB’s quality management project
• Other projects in the pipeline, including group audits

Fraud: Financial Statement Misrepresentation and GAAP Violations

• Overview of government enforcement landscape
• Key takeaways from government enforcement agendas
• Fraud implications of recent accounting pronouncements
• Case study of recent accounting fraud enforcement

The Future of Accounting, Audit, and Attest Services – Use of Innovative Technologies

• Overview of artificial intelligence and applications in accounting
• Applications of robotic process automation (RPA) in accounting, audit, and tax
• Applications of text mining in accounting
• AI-powered drones for inventory management and risk assessment
• Virtual reality/augmented reality in accounting and auditing

See you tomorrow

Welcome and Opening Remarks

Update on Standards for Reviews, Compilations, Financial Statement Preparation, and Agreed-Upon Procedures Engagements

• Revisions to the standards for review, compilation, and financial statement preparation engagements resulting from the issuance of SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions
• Select performance requirements and best practices for reviews, compilations, and financial statement preparation engagements
• The new standard for agreed-upon procedures engagements

ASC 842 Leases: Implementation Challenges

• Transition considerations when moving from ASC 840 to ASC 842
• Practical expedient options
• IBR considerations and calculations

Internal Controls and SOC Audits

• Who needs a SOC report and why they are important
• The differences between SOC 1, SOC 2, SOC 2+, and SOC 3
• The differences between a type 1 and type 2 report
• What users of a SOC report need to look for
• The value of SOC reports when assessing a cybersecurity profile

Enhancing Audit Quality

• Progress of the AICPA’s Enhancing Audit Quality Initiative
• AICPA enhanced oversight findings and frequent practice issues
• Key areas of focus - practical resources and examples

IT Risks and Impact on Audit

• Types of IT risks, assessment of a company’s IT environment, and how the risks/environment can affect a company’s controls and data integrity
• Real-time perspective on the impact technology is having on traditional operational and financial reporting matters
• Evolving best practices to stay ahead of the ever-changing IT environment

Data Analytics and Governance

• Deploying Alteryx to automate or accelerate specific auditing and accounting tasks, such as computing certain calculations or trends and creating digital outputs
• A step-by-step overview of Alteryx capabilities (data import, cleaning, analysis, and visualization) in the context of auditing and accounting
• How to manage internal controls in the data-analytics environment (Alteryx/Tableau)
• The deployment of the self-service analytics builds using the COSO ERM method of risk assessment, risk monitoring and reporting, and strategic risk response capability cultivation

Financial Statement Presentation and Disclosure Best Practices

• New auditing requirement for disclosures and the potential impact on disclosures
• Impact of new accounting pronouncements on disclosures
• Common peer review findings regarding disclosures
• Continuing disclosure challenges regarding impairment, VIEs, and going concern

See you next year!