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

Overview

Specifically tailored for practitioners who not only perform audits but also 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 soon-to-be-effective Statements on Quality Management Standards (SQMS). Lastly, we will cover the results of the FASB’s final PIR report on ASC 606, Revenue.

Major Topics:

• Small and medium-sized business-related FASB ASUs, including recent PCC activities
• Recently issued AICPA standards
• Ethics and independence updates and interpretations
• Newly issued SSARS and SSAE standards
• SASs effective for 2025 audits and beyond

Learning Objectives:

• Understand recently issued Accounting Standards Updates (ASUs) relative to nonpublic business entities
• Review recently issued accounting and nonaudit attestation pronouncements, including PCC activities
• Understand new guidance applicable to auditing, SSARS, and attest engagements
• Be aware of other important AICPA guidance affecting small and medium-sized business practitioners
• Understand key provisions of the Stage 3 final report from the FASB on ASC 606