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Saturday, May 14, 2022 Live Webcast

Annual Accounting and Auditing Update Webinar (X1-ACAU-2022-01-WEBNR-134-01)

9:00 AM - 5:00 PM EDT
webcast

Vendor Platform

8 CPE Credits in AA

OVERVIEW

Designed as an all-you-need-to-know update for accounting, auditing, and attestation practitioners at all levels in public accounting and industry, this course provides a comprehensive review of recent standard-setting and rulemaking activities of the Financial Accounting Standards Board (FASB), American Institute of Certified Public Accountants (AICPA), Public Company Accounting Oversight Board (PCAOB), and Securities and Exchange Commission (SEC). On the financial accounting front, we will cover the FASB’s Post-Implementation Review (PIR) report for revenue recognition under ASC 606 and discuss the best practices in applying the standard and identifying any ongoing issues practitioners are experiencing with applying the standard. We will also discuss the more than a dozen ASUs the FASB has issued since the beginning of 2023 and into 2025 covering crypto assets, disaggregated expenses, business combinations, and leases for entities under common control. Our focus on AICPA standards includes a detailed discussion of revamped AICPA quality management standards. The AICPA updated and modernized the standards by issuing Statement on Quality Management Standards 1, 2, and 3 (SQMS 1, SQMS 2, and SQMS 3, respectively), SSARS No. 26, and SAS 146, Quality Management for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards (SAS 146). These standards, effective December 15, 2025, modernize quality management standards to reflect an increased focus on risk assessment, technology use, and the presence of outside experts on engagements. We will also cover new rules impacting public company audits and present case studies on recent fraudulent accounting stories and best practices for detecting and preventing such frauds. In summary, the course is your go-to source for all things A&A and will prepare you for your upcoming engagements throughout the rest of the year.

DESIGNED FOR

Accounting and auditing practitioners at all levels desiring to remain up to date on recent pronouncements and other standard setters’ activities

BENEFITS

  • Review and apply recently issued and proposed FASB, PCAOB, SEC, and AICPA pronouncements
  •   Recall and apply AICPA quality management standards (SQMS 1, SQMS 2, and SQMS 3)
  • Understand the major findings of the FASB’s PIR report for ASC 606 and best practices in applying ASC 606
  • Be familiar with other important A&A practice matters you should be aware of
  • Recall key provisions in SAS 146 and SSARS No. 26
  • Utilize hands-on examples and illustrations to increase your overall understanding and application of the material

HIGHLIGHTS

  • Recently issued FASB Accounting Standards Updates, PCC Update and items on the FASB’s Technical Agenda
  • Recently issued ASUs covering common control leases, crypto assets (e.g., cryptocurrency), and income tax disclosures
  • Statement on Quality Management Standards: SQMS 1, SQMS 2, and SQMS 3
  • Post-Implementation Review Report for revenue recognition under ASC 606 and best practices in applying ASC 606
  • Fraud case studies
  • Recently issued SASs and other AICPA activity
  • Recently issued PCAOB standards and SEC rulemaking activities
  • Other important A&A practice matters

COURSE LEVEL

Update

PREREQUISITES

Experience in accounting and attestation

ADVANCE PREPARATION

None

INSTRUCTOR

Richard Daisley

Richard Daisley, CPA

Surgent Professional Education

Rich Daisley brings over 30 years of experience in the accounting and auditing field to his role as an instructor with Surgent. Prior to Surgent, Mr. Daisley spent 20 years at PwC as an assurance senior manager. During his tenure there, he was first in PwC’s assurance practice and then, PwC’s Capital Markets and Accounting Advisory Services group, where he advised clients on the implementation of new accounting pronouncements as well as on issues related to public offerings. ---- Rich is Vice President of Accounting and Auditing Curriculum at Surgent CPE. He is a CPA and has over 30 years of experience in the accounting and auditing field. He has worked in both the client service setting as well as in internal capacities as a facilitator of accounting and auditing courses. He was an assurance manager with PwC, spending time in both the assurance practice as well as with PwC’s Capital Markets and Accounting Advisory Services group, where he advised clients on the implementation of new accounting pronouncements as well as on issues related to public offerings. Rich also worked in PECO Energy’s Merger and Acquisition group, where he performed financial due diligence that supported PECO’s acquisition activity in the energy sector. He has experience in the manufacturing, health care, energy, and pharmaceutical industries. Prior to joining Surgent, Rich also has more than 10 years of experience as a course developer and facilitator, creating and leading training courses on such topics as revenue recognition, stock based compensation, equity instruments and performing integrated audits under the Sarbanes-Oxley legislation. He also designed and delivered courses on instructor development and facilitation skills to senior PwC internal course instructors. In 2015 he joined Surgent as Director, Accounting & Financial Reporting Content. In this role, he manages Surgent’s A&A curriculum, including researching and developing the technical content for Surgent’s Accounting and Financial Reporting curriculum.