PES - Accounting and Auditing Annual Update and Review

Home
Shop for CPE
CPE by Category
Back to Listings
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: 782 | Content: 752, Supplemental: 30

NASBA Area of Study: Accounting and Auditing

Not Acceptable for: Enrolled Agents

Version: 8475

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. 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.

Choose Your Format to ADD TO CART:

Go to CART

Purchase EXAM ONLY

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 for Selected Income Tax Issues
Selected Practice Issues
Compilation and Review Update and Review
SAS Nos. 146-149: Recently Issued Auditing Standards
Auditing Developments

Objectives

To review how to account for a joint venture
To identify attributes of a joint venture
To identify how to measure a crypto asset
To review how to record a crypto asset on the balance sheet and income statement
To recall some of the new disclosures for income taxes required by ASU 2023-09
To review the bases that can be used to disclose disaggregation of expenses required by ASU 2024-03
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 how credit losses should be recorded under new ASU 2016-13
To recognize some of the disclosures required by ASU 2016-13
To identify examples of entities that are under common control
To recognize an example of a debt security with zero risk of default
To identify how a decline in fair value of a held-to-maturity debt security should be handled under GAAP
To recognize the new impairment model for available-for-sale debt securities under ASC 326-3
To identify GAAP and non-GAAP measurements
To recognize an example of a rate used as the discount rate for pension obligations
To recognize the impact that life expectancy has on the amount of a pension liability
To recall how debt and equity securities should be accounted for under GAAP
To recognize the approaches that are used to record revenue under the revenue standard
To identify a loan covenant most directly impacted by an increase in the interest rate
To identify a threat that exists with certain banks
To recognize a peer review deficiency identified by the AICPA
To recognize the VIE accounting alternative for leases under common control
To recognize the disclosure required for a start-up company
To recall an example of a type of lease for a lessee under the lease standard
To identify an example of a type of lease for a lessor under the lease standard
To recognize attributes of a lease under the lease standard
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 recall why an entity might not want to use the risk-free interest rate in a lease transaction
To identify some types of leases for a lessee and a lessor
To identify how a lessor should account for lease payments received on the income statement for an operating lease
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 related to when an entity should and should not capitalize a lease for tax purposes
To recognize the options for presenting the ERC on the statement of income.
To recall types of entities that most states do not permit to make the PTE tax election
To identify how to present the deferred state tax liability related to the PTE tax
To recognize the adjustment that must be made to convert to C corporation status
To identify the adjustment required when there is a change in the corporate tax rate
To recall the rule for disclosures related to unrecognized tax positions
To recognize how to account for restricted cash on the statement of cash flow
To recall how to account for non-cash transactions on the statement of cash flow
To identify the approach taken to present a purchase of business assets on the statement of cash flow
To recognize an example of sustainable flow
To recognize an example of an unused carryover item that a C corporation might have
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 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 identify a better approach to compute the number of days sales in accounts receivable
To recognize a requirement that must be satisfied to perform a preparation of financial statements engagement
To identify the type of report that should be issued for a preparation of financial statements engagement
To recall how a preparation of financial statements engagement is treated in peer review
To identify an acceptable location to present a description of a special purpose framework, such as tax-basis
To recognize 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 BOI filing assistance services 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
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 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 recall a key fact about use of hotlines
To recognize a behavioral trait of most occupational fraudsters
To identify a trait more prominent in a male versus a female fraudster

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

Choose Your Format to ADD TO CART:

Course Information

Table of Contents

Objectives

ITEM SKU

8475

CPE Hours

24

Full Course Price

$209.50