Small-Business Accounting, Audit, and Attest Update (SMP4)

Overview

Specifically tailored for practitioners who not only perform audits but provide other attest and nonattest services to small and medium-sized businesses, this course is a comprehensive update covering recently issued accounting, auditing, and SSARS standards, as well as other professional guidance impacting small and medium-sized business accountants. The course uses practical examples and illustrations to help you understand and apply the new guidance and will get you up to speed on the things that are most important to your smaller and medium-sized clients.

This course covers recently released FASB ASUs, AICPA Auditing Standards, AICPA SSARSs, and the not yet effective Statements on Quality Management Standards (SQMS). Lastly, we will cover ongoing issues and pain points following ASC 842 becoming effective.

Major Topics:

• Small and medium-sized business-related ASUs, including recent PCC activities
• Recently issued AICPA standards
• Engagement quality update
• Newly issued SSARS and SSAE standards
• SASs effective for 2024 audits and beyond

Learning Objectives:

• Review recently issued accounting and non-audit attestation pronouncements, including PCC activities
• Understand new guidance applicable to auditing, SSARS, and attest engagements
• Identify best practices for ASC 842
• Be aware of other important AICPA guidance affecting small and medium-sized business practitioners
• Understand key differences in ASC 842 from ASC 840, ongoing issues firms are experiencing, and surprises in the now effective standard