Auditors' Challenge: The Smaller Business Environment
A Workshop Exclusively for Auditors of Smaller Public Companies

Half day — 4 CPE Credits
(Please Note: This workshop begins at 2:00 p.m. and ends at 6:00 p.m.)

You asked for it! This specialized workshop has been developed to tackle specific auditor issues you are looking for help with such as using judgment in the most difficult accounting/auditing areas, a review of the SEC reporting areas with major auditor involvement, surviving a PCAOB inspection, ethics and independence issues and more!

In this workshop you will:

• Exercise the judgment muscle! Three timely case studies to work out: Materiality, debt covenants and business combinations

• Learn to work effectively with the PCAOB. Review inspection reports and discover frequent findings and responses. Understand how standards affect you and find out about proposed rules

• Develop (or improve) your system to monitor independence. Discuss examples given to illustrate this problematic area

• Identify SEC reporting issues where auditor involvement is key–seen through SEC comment letters to resolution

Course Agenda

2:00-2:10 pm - Welcome/Opening remarks

2:10-3:15 pm - Dealing with the PCAOB

• Your relationship with the PCAOB

• How PCAOB standards affect you

• Surviving a PCAOB inspection:

  • The inspection process

  • Examples of inspection reports

  • Common inspection findings and responses:

    • Fair value measurement

    • Impairment

    • Internal control matters

    • Skepticism and judgment

    • SAB 99 and materiality issues

    • Documentation

• Proposed standards

  • Engagement quality review

• Risk assessment standards

3:15-3:25 pm - Break

3:25-3:55 pm - Developing a System to Monitor  Independence

• Heightened compliance requirements

• Common independence issues

• The audit committee is your client

• Examples of problems

3:55-5:00 pm - Auditor Involvement in Client Filings: Common Reporting Issues

• MD&A

• Restatements

• 404 and disclosure controls

• Form 8-K (Items 40.1 and 40.2)

• Registration statements

5:00-5:10 pm - Break

5:10-6:00 pm - Case Study I: Materiality – Judgment in the audit process

Case Study II: Debt Covenant -  Evaluation and disclosure of current and future compliance

Case Study III: Business Combinations – Intangible valuation and other challenges

6:00 pm - Adjournment

Learning Objective: To teach auditors how to manage the SEC Reporting challenges of smaller businesses.
Delivery Method: Group-Live
Prerequisites/Advance Preparation: None
Program Level: Intermediate.

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