PES - Annual Accounting and Auditing Update & Review

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Annual Accounting and Auditing Update & Review

Annual Accounting and Auditing Update & Review

ITEM SKU

5410

CPE Hours

24

Full Course Price

$209.50

Exam Questions: 120

Course Level: Basic

Pages: 768 | Content: 746, Supplemental: 22

NASBA Area of Study: Accounting and Auditing

Not Acceptable for: Enrolled Agents

Version: 5410X

The purpose of this course is to inform the reader of the various changes affecting accounting, compilation and review, and auditing engagements, as well as a review and recall of existing standards. Topics include a summary of newly issued FASB statements, new statements issued by the Auditing Standards Board, changes in compilation and review engagements, current and pending developments, practice issues, and more. ***PLEASE NOTE: This course qualifies for 16 Accounting hours and 8 Auditing hours. Not acceptable for Enrolled Agents. All course material provided. Prerequisites: Basic understanding of U.S. GAAP, compilation and review, and auditing standards. Course level: Basic.

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Purchase EXAM ONLY

Course Information

Implementing the New Lease Standard ASU 2016-02 and Other Amendments - 2023
Accounting and Financial Reporting in a Post-COVID Economy: Inflation, Supply Chains, Interest Rates and Recession - 2023
Accounting and Financial Disclosures for the Employee Retention Credit (ERC) and the Pass-Through Entity (PTE) Tax - 2023
PPP Loans and Forgiveness- Accounting and Financial Reporting Issues - 2023
Current Developments - Accounting and Financial Reporting - 2023
Financial Instruments - Credit Losses - 2023: ASU 2016-13
New Auditing Standards: SAS Nos. 142-148
Auditing Development - 2023
Compilation and Review Update - 2023

Objectives

To recognize a key change made to GAAP by the new lease standard
To identify a type of lease that exists for a lessee under ASU 2016-02
To recall a type of lease for which the ASU 2016-02 rules do not apply
To identify some of the types of benefits a lessee can obtain from a leased asset
To identify a threshold for a lease term to be considered a major part of an asset's remaining economic life
To recognize who an entity might not want to use the risk-free rate to compute the present value of lease payments
To identify how a lessee should account for initial direct costs
To recognize items that are and are not components of a lease term
To recall the method a lessee should use to record interest expense on a lease obligation
To identify some types of leases for a lessor
To recall how a lessor should initially account for initial direct costs for a lease in certain instances
To identify how a lessor should account for lease payments received on the income statement for an operating lease
To recall how a lessor should classify certain cash receipts on the statement of cash flows
To recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
To identify how deferred income taxes will be treated for lessees under ASU 2016-02
To recall the potential impact that the new lease standard might have on a lessee's EBITDA and debt-equity ratios
To recall the IRS rules for when an entity should and should not capitalize a lease for tax purposes
To recognize some types of concentrations that might require disclosure under the risk and uncertainty rules
To identify the definition of near term
To recall the frequency in which an entity should test goodwill for impairment
To recognize some exit and disposal costs
To recall how to classify business interruption insurance proceeds on the financial statements
To recognize the relationship a change in interest rates has on real estate values
To identify methods that can be used to measure variable consideration revenue
To recognize an example of a construction-type contract
To identify whether the LIFO IPIC approach is acceptable for GAAP
To recall the net operating loss rules
To recognize the type of expense that is the basis for measuring the amount of the ERC
To identify where to present the ERC in the statement of income using the ASC 958 conditional contribution model
To recognize where to present the ERC in the statement of income using the IAS 20 grant model
To identify an action step to be taken to correct the previous presentation and disclosure of an ERC in the statement of income
To recognize the proper presentation of the ERC in a tax-basis statement of income
To recognize a technique that has been attempted to circumvent the SALT deduction limitation
To identify how to account for the PTE tax in an entity's financial statements
To recognize the requirements for recording deferred state income taxes with respect to the PTE tax election
To identify disclosures that should be made for the PTE tax
To identify some of the eligible expenses related to use of PPP loan proceeds
To recognize approaches to account for PPP loans under GAAP
To recall how to present debt issuance costs on the financial statements
To recognize how to account for PPP loan forgiveness
To recognize how to present a gain on extinguishment on the statement of cash flows
To identify how to treat the forgiveness of a PPP loan for tax purposes
To recognize how the IAS 20 grant approach is used to account for its PPP loan
To recognize actions that impact a CPA's independence in a PPP loan assistance engagement
To identify whether an emphasis-of-matter paragraph may be used in an accountant's report when there is a forgiveness of a PPP loan
To identify the goal of the FASB's Disaggregation - Income Statement Expenses project
To recognize one of the characteristics of a multi-employer pension plan
To recognize the impact that life expectancy has on the amount of a pension liability
To identify a concentration of risk that might require disclosure
To identify a particular way in which most marijuana businesses must operate
To recognize when a state might be able to charge sales tax under the Wayfair decision
To recognize the accounting alternative for leases under common control in ASU 2018-17
To recognize the model that ASU 2016-13 uses to deal with credit losses
To identify how credit losses should be recorded under the new ASU 2016
To identify some of the disclosures required by ASU 2016-13
To identify an example of an attribute of information obtained as audit evidence
To recognize actions an auditor should perform in evaluating information used as audit evidence
To identify an attribute that affects the reliability of information used as audit evidence
To recall functions on which an auditor can use automated tools and techniques
To identify an example of an accounting estimate related to classes of transactions, account balances, and disclosures identified in SAS No. 143
To recognize how inherent and control risks should be assessed in accordance with SAS No. 143
To recognize an example of an inherent risk factor
To identify examples of the approaches that can be performed in assessing the risks of material misstatement from accounting estimates
To recall one of the amendments made to AU-C 501 by SAS No. 145 in connection with using the work of an external inventory-taking firm
To identify some instances in which an auditor may conclude that a specialist's work is not adequate
To recognize how to perform risk assessment procedures when relying on information obtained from previous experience with an entity
To identify examples of risk assessment procedures to obtain audit evidence in accordance with SAS No. 145
To recognize a new requirement made by SAS No. 145 in connection with assessing inherent risk and control risk in an audit
To identify how an auditor should respond if the auditor does not plan to test the operating effectiveness of an entity's controls
To recall the date by which an engagement partner must take responsibility for determining that ethical requirements are fulfilled
To identify certain requirements an engagement partner must satisfy in performing an audit engagement
To recognize examples of resources assigned or made available by a firm to support performance of an audit engagement
To recall a possible action that an engagement team may take to mitigate impediments to exercise professional skepticism
To identify when a successor auditor should request management to authorize a predecessor auditor's response to the successor auditor's inquiry
To recognize one of the new inquiries a successor auditor should make of a predecessor auditor by SAS No. 147
To recall the extent of a predecessor auditor's response to a successor auditor's inquiries when there are certain restrictions on the predecessor auditor
To identify an example of a recently issued auditing standard that SAS No. 148 incorporates into amendments to AU-C 935, Compliance Audits
To recall examples of inherent risk factors related to identifying and assessing risks of material misstatement in a compliance audit
To identify a scenario in which it would be impracticable for an auditor to attend a physical inventory
To recognize an advantage of remote auditing
To recognize a factor to consider in evaluating going concern of an entity
To identify a term used as a benchmark in considering going concern
To identify a suggestion for an auditor reducing time and increasing audit efficiency
To recognize when negative accounts receivable confirmations should not be used
To recognize a behavioral trait of most occupational fraudsters
To identify which party is responsible for determining that engagement team members have appropriate competence and capabilities to perform a SSARS engagement

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.

Annual Accounting and Auditing Update & Review

ITEM SKU 5410 CPE Hours 24 Full Course Price $209.50

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Course Information

Table of Contents

Objectives

ITEM SKU

5410

CPE Hours

24

Full Course Price

$209.50