COVID-19: Pandemic Impact on Audits Webinar

Apr 3
10:30 - 12:10 p.m.

Online

2-A&A
CPE Credits

This webinar will discuss the economic fallout from COVID-19, the related impact on businesses large and small, and how all these changes are challenging financial statement audit quality.
PNC economist Kurt Rankin will kick off the session with an economic outlook. Allison Henry, PICPA Vice President of Professional and Technical Standards, will then discuss key financial statement presentation and disclosure challenges, including:

Inventory valuation
Accounts receivable and collectability
-Handling variable consideration under FASB ASC 606, Revenue from Contracts with Customers
Asset impairments considerations
Accounting for and disclosing insurance proceeds
Account for lease or debt modification
Disclosures of debt covenant compliance violations and waivers
Assessing going concern, loss contingencies, risks and uncertainties, and vulnerability due to certain considerations
Evaluation subsequent events in an incredibly uncertain environment
Recommendations for achieving a high-quality audit in a remote working environment, such as reconsidering engagement basics and critically evaluating risk assessment.

Registration

PICPA Member: $79
Nonmember: $104

More Information

Course No. 773400 Level: Update

Speaker(s)

Allison Henry

Vice President - Professional & Technical Standard

Allison M. Henry, CPA
Vice President, Professional & Technical Standards
PICPA

Allison is presently the Vice President - Professional & Technical Standards for Pennsylvania Institute of CPA’s (PICPA) where she is responsible for overseeing the administration of the AICPA’s Peer Review Program in Pennsylvania, Delaware, and the Virgin Islands. She also administers PICPA’s Joint Ethics Enforcement Program with the AICPA, and serves as the technical staff liaison to seven state-wide committees and two newly-created task forces; specifically, the Peer Review, Professional Ethics, Accounting and Auditing Procedures, Forensic and Litigation Services, Business Valuation, Not-for-Profit and Employee Benefit Plan Committees and the Healthcare Reform and Marcellus Shale Task Forces. In addition, she fields technical inquiries, writes columns for the CPA Journal and Pursuit publications, provides technical updates at PICPA chapter events, and assists in writing responses to technical exposure drafts.

Allison has been in the profession for about twenty years, including twelve years in public accounting and over eight years with PICPA. Her public accounting experience consists of several years as senior manager with a regional accounting firm and nine years at Deloitte & Touche, LLP, where she worked in their assurance and advisory services group. Her diverse client service experience includes many not-for-profit, healthcare, and world relief organizations, as well as small and large manufacturing, distribution, and other service-oriented entities. She has also served as the designated employee benefits specialist. Prior to her experience with Deloitte, she spent four years in internal accounting positions including the Department of Defense, while her husband was serving on active duty with the U.S. Army.

Allison is a graduate of Washington University in St. Louis and holds an accounting equivalency from the University of Arkansas in Little Rock. She is a member of the Pennsylvania Institute of Certified Public Accountants and the American Institute of Certified Public Accountants. She is also a member of Washington Crossing United Methodist Church, where she serves on the financial accountability team, and volunteers for the children’s ministry. She is a native of St. Louis, Mo. and is an avid runner.