AICPA ASB Update 1-A&A

• 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

ASC 842, Leases: Implementation Challenges 1-A&A

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

The Future of Accounting, Audit, and Attest Services – Use of Innovative Technologies 2-A&A

• 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

Internal Controls and SOC Audits 1-A&A

• 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 1-A&A

• 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

Financial Statement Presentation and Disclosure Best Practices 2-A&A

• 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 in Fall 2022!