Audit Risk Alert, 2nd Edition

Audit Risk Alert, 2nd Edition

by AICPA
Released March 2020
Publisher(s): Wiley
ISBN: 9781948306904

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Book description

This alert provides auditors with an overview of recent economic, industry, technical, regulatory, and professional developments that may affect how auditors conduct audits and other engagements. An entity’s internal management can also use this alert to address areas of audit concern.

Updates include:

  • Economic and Industry Developments
  • Legislative and Regulatory Developments
  • Audit and Attestation Issues and Developments
  • Revenue Recognition
  • New Lease Standard
  • Accounting for Financial Instruments
  • Recent AICPA Independence and Developments   

Table of contents

  1. General Accounting and Auditing Developments — 2019/20
    1. How This Alert Helps You
    2. Economic and Industry Developments
      1. The Current Economy
      2. Key Economic Indicators
      3. Executive Review of Top Risks for 2019
    3. Legislative and Regulatory Developments
      1. Tax Cuts & Jobs Act
      2. Inspections of Broker-Dealers
    4. Audit and Attestation Issues and Developments
      1. The AICPA Enhancing Audit Quality Areas of Focus
      2. Emerging Technologies: What Practitioners Need to Know
      3. Auditing Standards Board
      4. Accounting and Review Services Committee
      5. Select Matters Identified in Peer Reviews
    5. Revenue Recognition
      1. Overview
      2. Effective or Applicability Date
      3. Overview of the New Guidance
      4. Understanding the Five-Step Process
      5. Additional Guidance Under the Standard
      6. Latest Developments
      7. Conclusion
    6. Reporting Under the New Leases Standard
      1. Issuance and Objective
      2. Applicability and Effective Dates
      3. Main Provisions
      4. Lessee
      5. Lessor
      6. Sale and Leaseback Transactions
      7. Leveraged Lease Arrangements
      8. Subsequent Developments
    7. Accounting for Financial Instruments
      1. Overview
      2. Applicability and Effective Date
      3. Latest Developments
      4. Impairment
      5. Hedge Accounting
    8. Other Accounting Issues and Developments
      1. ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities
      2. ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606
    9. Recent AICPA Independence and Ethics Developments
      1. AICPA Professional Ethics Division: Information System Services
      2. AICPA Professional Ethics Division: State and Local Government Client Affiliates
      3. Independence Interpretation on Hosting Services
    10. Recent Pronouncements at a Glance
      1. Recent Auditing and Attestation Pronouncements and Guidance
      2. Recent Accounting and Financial Reporting Guidance
      3. Recently Issued Technical Questions and Answers
    11. On the Horizon
      1. Auditing and Attestation Pipeline — Nonissuers
      2. Auditing and Attestation Pipeline — Issuers
      3. Accounting and Financial Reporting Pipeline
      4. Independence and Ethics Pipeline
    12. Resource Central
      1. Publications
      2. Continuing Professional Education
      3. Webcasts
      4. Member Service Center
      5. Hotlines
      6. Industry Websites
  2. End User License Agreement

Product information

  • Title: Audit Risk Alert, 2nd Edition
  • Author(s): AICPA
  • Release date: March 2020
  • Publisher(s): Wiley
  • ISBN: 9781948306904