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See how the accounting industry is responding to the risks of COVID-19, explore going concern guidance for audit, review, and compilation engagements, and start preparing for summer 2021 audits.

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Prospective Financial Information Agreed-Upon Procedures Engagements

Prospective financial information is either a financial forecast or a financial projection. A financial forecast is prospective financial statements that present an entity’s expected financial position, results of operations, and cash flows based on the responsible party’s assumptions of conditions expected to exist and the entity’s planned course of action.

Changes in Practitioner’s Reports

In recent years several new reporting standards have been issued that are soon to be effective and will have a significant impact on practitioners during the upcoming busy season. Below is a summary of the most significant changes to be aware of as you plan and perform your upcoming engagements.

Proposed Major Changes to Quality Control Standards

Major changes to quality control standards are being developed by the Auditing Standards Board (ASB) and the Accounting and Review Services Committee (ARSC)

Accounting for Paycheck Protection Program Loans

In response to the COVID-19 pandemic in 2020, the Coronavirus Aid, Relief, and Economic Security Act (also known as the CARES Act) established a Paycheck Protection Program (PPP) to provide small business and nonprofit organization loans

How can accounting firms work remotely – and securely?

Almost overnight, the coronavirus pandemic forced personnel at most accounting firms to work remotely 100 percent of the time. While many firms already utilized the cloud, they were not prepared to work remotely.

Going concern guidance for audit engagements

Given the many uncertainties resulting from the current health and economic crises, brush up on the existing going concern requirements.

Going concern guidance for review engagements

This blog post focuses on the going concern considerations related to review engagements as it relates to the current health and economic crisis.

Going concern guidance for compilation engagements

This article focuses on the going concern considerations related to compilation engagements along with the impact of the current health and economic crisis.

10 ways COVID-19 is increasing audit risks

Financial markets around the world have reacted accordingly to the coronavirus pandemic. As a result, auditors have to be mindful of heightened audit risks.

Preparing for summer 2021 audits

Get the latest guidance and practice aids to address new auditing or accounting standards that will impact your clients and their audits.
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