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COVID-19: Financial Statement & Disclosure Webinar

CPE

When
Feb. 1
2:30 - 4:30 p.m.

CPE Credits
2-A&A

Details

 Pricing

PICPA Member: $79 | Nonmember: $104


 More Information

Course No.
PAAHCFS2
Level
Intermediate
Prerequisites
General knowledge of auditing
Note
This webinar is hosted by PICPA's partner, CPA Crossings, LLC. After registering, you will receive an email from messenger@webex.com with the log-in information.

Description

This webinar is one in a series providing cutting-edge insight on the impact of the COVID-19 pandemic on accounting and audits. Allison Henry, CPA, CGMA, PICPA’s vice president of professional and technical standards, will discuss the key standards and considerations related to preparing and reviewing financial statements and disclosures. Auditors and auditees will benefit from the depth and practical applications Allison will cover and look at how the work of CPAs will change during and after the coronavirus outbreak. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Learning Objectives:

After attending this presentation you will be able to...

  • Recognize factors where there can be financial statement implications including inventory valuation, accounts receivable and collectability, ASC 606, valuation of assets, change in accounting estimates, debt covenant violations, etc.
  • Identify red flags with respect to going concern evaluations and analyze effects of the outbreak
  • Use liquidation basis of accounting when liquidation is imminent
  • Identify subsequent events and determine if disclosures are required
  • Determine the impact on audit engagements pertaining to the nature of the engagement, deadlines, appropriateness of financial reporting framework, risk assessment, fraud risk considerations and additional challenges due to remote work environment

Highlights

The major topics that will be covered in this class include:

  • COVID-19 impact on the economy, businesses, financial statements and audit engagements
  • Financial statement implications, including revenue recognition challenges, lease accounting and modification, debt and related issues, CECL for non-financial service companies, equity investments and more
  • Evaluating going concern analysis, liquidation of basis accounting, subsequent events, and more


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.


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