Back to Search

Audits, Financial Statements, and Ethics in Uncertain Times

When
Nov. 8
8:00 a.m. - 4:00 p.m.

Where
Penn State Great Valley - Main Bldg
Malvern - Map it

CPE Credits
4-A&A; 4-Ethics

Details

 Pricing

PICPA Member: $285 | Nonmember: $385

CLE Credit Add-On: $50


 More Information

Course No.
777803
Level
Update
Prerequisites
None
Note

Masks Required
Penn State requires all individuals, regardless of their vaccination status, to wear face masks while inside all campus buildings. Read more about Penn State's event policies.

Description

Take a comprehensive look at how COVID-19 has impacted audits and created ethical challenges for practitioners. Discuss the key standards and considerations related to remote audits and preparing and reviewing financial statements and disclosures. Reconsider engagement basics and evaluating risk assessment. Stay current on recent changes to the AICPA Code of Professional Conduct, and keep abreast of emerging trends in ethics standards, regulatory initiatives, and technology. Explore common ethics compliance challenges for practitioners, including competence, due professional care, audit quality, and independence. Understand how emerging technologies could impact audit quality, the integrity of financial systems, and required skills for CPAs.

Highlights

  • Achieving a high-quality audit in a remote working environment
  • Other challenging audit issues, including auditing inventory, performing analytical procedures, changes to the internal control systems, heightened fraud risk factors, evaluating subsequent events, considering going concern, assessing the impact on the auditors’ report
  • FASB activity, including revenue recognition challenges, lease accounting and modification, debt and related issues, CECL for nonfinancial service companies, and equity investments and consolidation
  • Technology issues, including cloud computing, hosting arrangements, and cryptocurrency
  • Government loans and grants, including employee termination benefits and Families First Coronavirus Response Act benefits
  • Going concern analysis, liquidation of basis accounting, and subsequent events
  • Key regulatory initiatives impacting CPAs, proposed changes from AICPA and NASBA, and the future of the profession
  • Emerging issues and standard-setting activity
  • Ethics scenarios, including does independence matter; can you ethically serve clients in the cannabis industry; and are you required to report potential noncompliance with laws and regulations to third parties?
  • How failure to follow the standards can result in unwanted regulatory actions and publicity
  • Ethical imperative for remaining competent in the new technology-driven environment
  • Ethical challenges: Artificial intelligence, data privacy, and security


Speaker(s)

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.


You May Also Like

Audits and Financial Statements in Uncertain Times
Dec. 1 | Malvern
Discuss the key standards and considerations related to remote audits and preparing and reviewing financial statements and disclosures. Get in-depth and practical applications. Cover how the work of CPAs will ...
Risk Assessment - The Foundation of an Audit Webinar
Dec. 27 | Webinar
This course focuses on the AICPA audit quality challenges related to audit risk assessment including the risk assessment model and identifying, assessing and responding to audit risks. The session also ...
Accounting & Auditing Conference - Webcast
Dec. 9 | Webinar
Get the latest relevant information and updates on current accounting, auditing, and financial reporting issues. ...