PES - Accounting and Auditing Annual Update and Review

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Accounting and Auditing Annual Update and Review

Accounting and Auditing Annual Update and Review

ITEM SKU

8475

CPE Hours

24

Full Course Price

$209.50

Exam Questions: 120

Course Level: Basic

Pages: 694 | Content: 666, Supplemental: 28

NASBA Area of Study: Accounting and Auditing

Not Acceptable for: Enrolled Agents

Version: 8475A

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, current and pending developments, practice issues, and more. ***PLEASE NOTE: This course qualifies for 16 Accounting hours and 8 Auditing hours. NEW YORK CPAs: This course DOES NOT QUALIFY as a 24 Hour Concentrated Study. 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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Course Information

Selected Accounting Standards Updates (ASUs)
The New Allowance for Credit Losses ASU 2016-13- Financial Instruments
Current Developments - Accounting and Financial Reporting
The Lease Standard Post-Implementation Issues
GAAP and Financial Reporting for Selected Income Tax Issues Including Changes Made by the OBBBA
Compilation and Review Update and Review
SAS Nos. 146-149 - Recently Issued Auditing Standards
Auditing Developments

Objectives

To recognize examples of internal-use software
To identify criteria to begin and end capitalization of internal-use software
To review how to determine the accounting acquirer in a business combination
To recognize how to account for forfeitures related to share-based consideration payable to a customer
To recall some of the new disclosures for income taxes required by ASU 2023-09
To identify how to measure a crypto asset
To review how to measure and record a crypto asset on the balance sheet and income statement
To review how to measure and account for a joint venture
To recognize the type of entity which is subject to the new disaggregation of expenses disclosures required by ASU 2024-03
To identify a new method that is authorized to record treasury stock in accordance with ASC 505
To recognize examples of assets that are and are not subject to the ASC 326-20 expected credit loss model
To recognize the model that ASU 2016-13 uses to deal with credit losses
To recall how an entity should present the new allowance for credit losses on the balance sheet
To identify examples of entities that are under common control
To recognize two elections that can be made under ASU 2025-05
To recall how subsequent collections of trade receivables are measured in the year-end allowance balance
To identify how a decline in a held-to-maturity debt security is accounted for
To recognize the new impairment model for available-for-sale debt securities under ASC 326-30
To recognize some new and not new disclosures under ASU 2016-13
To identify one of the top individual reasons for financial statement restatements
To recognize how to measure an investment in gold under GAAP
To identify a challenge that may exist if a company uses the AICPA’s FRF for SMEs
To recall the general GAAP rule for management’s evaluation of going concern
To review the SEC’s rule for ESG disclosures
To recognize one of the two approaches that are used to record revenue under the revenue standard
To identify a reason why a company may wish to hold sales prices when there is an increase in the cost of purchases due to tariffs
To identify a method that can be used to record variable consideration under the revenue standard
To identify a loan covenant most directly impacted by an increase in the interest rate
To recognize a threat that exists with certain banks
To recognize the disclosure required for a start-up company
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 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 IRS rules as when an entity should and should not capitalize a lease for tax purposes
To identify a factor that primarily explains the decline in the federal effective taxes paid rate for C corporations under the OBBBA beginning in 2025
To review the tax treatment for domestic research and experimental (R&E) expenditures found in the OBBBA of 2025
To review how to present the tax benefit from using an NOL on the income statement
To identify a feature of Section 1202 Stock that was expanded by the OBBBA to encourage C corporation conversion or formation
To recall how to present the adjustment of the deferred tax asset and liability from a change in tax status from S to C corporation
To recall when an auditor must quantify the effect of a GAAP departure in the audit report
To identify types of carryforwards for which deferred tax assets must be recognized
To review the disclosures that are required by a nonpublic entity when it has not recorded any uncertain tax positions
To recall how an entity should account for the PTE tax on its financial statements
To review the rule as to whether a Company is required to allocate consolidated income tax expense to its single-member LLCs that do not pay taxes
To identify services that are and are not considered consulting services engagements
To recognize the standards to follow in preparing financial statements as part of a consulting services engagement
To identify which party is responsible for determining that engagement team members have appropriate competence and capabilities to perform a SSARS engagement
To recognize the definition of materiality found in SAS No. 138
To identify a threshold in a review engagement under which an accountant is not required to accumulate misstatements
To recall the least profitable engagement to perform
To identify the type of reporting an accountant should perform when management elects to include disclosures about a few matters in the notes
To identify a recommendation to mitigate the risk associated with performing bookkeeping services
To review actions that would and would not impair an accountant’s independence
To recognize bookkeeping functions that would impair independence
To identify a key factor in determining whether the performance of a nonattest service impairs an accountant’s independence
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 identify a type of unconscious bias defined in SAS No. 146
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
Identify an example of a recently issued auditing standard that SAS No. 148 incorporates into amendments to AU-C 935, Compliance Audits
Recall examples of inherent risk factors related to identifying and assessing risks of material misstatement in a compliance audit
Identify the party required to take overall responsibility for the quality on a group audit engagement in accordance with SAS No. 149
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 the benchmark used to evaluating going concern of an entity
To identify a behavioral trait of most occupational fraudsters
To recall a red flag that is most prominent with a man versus woman fraudster
To recognize when negative accounts receivable confirmations should not be used
To identify the form of a comfort letter that would be appropriate for an accountant to make to a lender

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.

Accounting and Auditing Annual Update and Review

ITEM SKU 8475 CPE Hours 24 Full Course Price $209.50

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Course Information

Table of Contents

Objectives

ITEM SKU

8475

CPE Hours

24

Full Course Price

$209.50