COVID-19: Impact on the Audit

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,...

1/24/2022 1pm - 3pm | Online | CPA Crossings

$79.00

CPE Categories: Auditing (2 CPE)

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 COVID-19 audit issues, critically evaluating risk assessment, changes to internal controls, working remotely and assessing the impact of the auditor's report. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Target Audience

CPAs in public practice and members in industry

Course Objectives

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

Apply remote work processes to ensure a proper audit is performed
Identify fraud risks and new risk areas during times of crisis
Identify potential changes to internal controls and if there is any impact on significant deficiencies and material weaknesses on substantive testing.
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.
Apply effective analytical review procedures
Identify red flags with respect to going concern evaluations and analyze effects of the outbreak
Identify subsequent events an determine if disclosures are required
Determine the impact on audit engagements pertaining to nature of engagement, deadlines, appropriateness of financial reporting framework, risk assessment, fraud risk consideration and additional challenges due to remote work environment

Subjects

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

Achieving a high-quality audit in a remote working environment
Reconsidering engagement fundamentals and critically evaluating risk assessment
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

Prerequisites

General knowledge of auditing