2-A&AEmerging A&A Trends and Hot Topics

8:25-8:50 a.m. PCAOB Standard-Setting Agenda

• Discussion of recent PCAOB standard-setting activity and Center for Audit Quality (CAQ) engagement.
• Discussion of PCAOB regulatory environment.
• Discussion of sustainability reporting, including CAQ engagement and activity.

8:50-9:15 a.m. Economic Outlook

• Inflation is waning, but it's still undercutting consumer spending potential.
• Diminished household savings can no longer support spending habits.
• Rapidly rising consumer debt has left future spending capacity depleted.

9:15-9:40 a.m. Emerging Trends in Audit

• FASB PCC Update
• PCAOB NOCLAR and Technology Proposals
• Economic Update
• Emerging Trends in Audit

1-A&A FASB Update

• CECL for nonpublic businesses.
• Challenging implementation issues on ASC 842.
• Projects in progress (income tax disclosures, expense disaggregation, cryptocurrency, other).

1-A&AA&A Issues in a Turbulent Economy

• Financial reporting best practices
• Impairment analysis
• Fair value
• Going concern
  

2-A&A Auditing Standards Update

• ASB mission.
• New standards currently effective.
• Recently issued auditing standards.

1-EthicsBusiness Fraud Risk Management: 6 Critical Actions

• Understand the critical components of any meaningful business fraud risk management effort.
• Explore the three levels where every business entity must prepare to fight fraud.
• Analyze six critical actions required for effective fraud prevention.
• Identify actions for your organization or clients to help plug any gaps.

1-A&AImpact of Transformative Technologies on Auditing and Financial Reporting

• Internal controls
• Fraud prevention
• Segregation of duties

1-A&ACECL Implementation Issues for Nonpublic Business Entities

• General A&A update
• The Lease Standard - Now what?
• Reimagining risk assessment  

1-A&AQuality Management Standards Implementation

• Transition from quality control to quality management.
  
• Timeline to implementation.
• Tools available from the AICPA.
• Next steps.

2-A&ALeveraging Technology for Improved Audit Quality and Greater Efficiencies

• Technology opportunities.
• Technology on an audit and due diligence considerations.
• AICPA ethics and quality management standards – technology considerations.

2-A&AUndertanding the Entity and Its Environment and Assessing the Risks of Material Misstatement

• Relevant assertions
• Internal control considerations
• General computer controls
• Cybersecurity
• Documentation
• Resources

1-A&ASpecial Purpose FRF Presentation and Disclosures – Best Practices

• What are special purpose frameworks?
• Do we have authoritative literature when performing engagements using special purpose frameworks?
• What are the most common presentation and disclosure issues when using a special purpose framework?

1-A&AEnhancing Audit Quality Update and Peer Review Update

• Trends impacting audit quality.
• Regulatory update.
• Enhancing audit quality update.