20WX-3132: COVID-19: Impact on the Audit (Webinar)

Description

Who should take this program?

CPAs in public practice and members in industry

Major subjects

• 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

Learning objective(s)

• 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