Accounting, Auditing, and COVID-19

Author: Pat Patterson

This course explains the varied and unusual details of Generally Accepted Accounting Principles (GAAP) and Generally Accepted Audit Standards (GAAS) that impact the accounting and auditing principles for privately held entities.

Publication Date: June 2020

Designed For
CPAs in public practice, professionals in business, industry, and other accounting professionals working in the accounting and audit areas of under the COVID-19 issues. In addition, the AICPA’s Code of Professional Conduct (as revised) is also important to understand as it relates to independence, documentation, and form and content of financial statements.

Topics Covered

• Remote Audit Procedures
• Going concern
• Emphasis of Matter
• Scope Limitations
• Subsequent Events
• Uncertainties and risks

Learning Objectives

• Recognize difficulties of auditing for management and auditors in this pandemic
• Describe Selected Accounting Standards (GAAP) and COVID”19 Issues from the Financial Accounting Standards Board (FASB
• Describe Selected Auditing Standards (SASs) from the AICPA Auditing Standards Board (ASB) and COVID”19 Issues
• Recognize changes from the AICPA Professional Ethics Executive Committee (PEEC)

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
A basic understanding of accounting and auditing using GAAP, GAAS, and Ethics standards that are important in the accounting industry.

Advance Preparation
None