Date: Wednesday, November 11 & 12, 2020
Time: 12:00 PM – 5:o0 PM ET
On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally.
The full impact of the COVID-19 outbreak continues to evolve. As such, it is uncertain as to the full magnitude that the pandemic will have on organizations’ financial condition, liquidity, and future results of their operations. Organizations’ management are actively monitoring the situation on their financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, companies are not able to estimate the effects of the COVID-19 outbreak on their results of operations, financial condition, or liquidity for fiscal year 2020. If the pandemic continues, it could have a material adverse effect on companies’ results of future operations, financial position, and liquidity in fiscal year 2020.
This session will provide external auditors both practical and insightful perspectives on how to navigate the challenges in auditing a privately-held entity in 2020. You’ll learn which areas of the audit have increased in risk due to COVID-19 as well as what alternative audit procedures are available to engagement teams in circumstances where traditional audit procedures are not possible. You’ll acquire a clearer and deeper understanding of what will be needed to be done in order properly perform audit engagements under this difficult environment in accordance with Professional Standards.
Practitioners in public practice who conduct audits of privately-held organizations.
• Proper planning of an audit engagement during the pandemic
• Changes in the risk assessment procedures in response to COVID-19
• How to gain an understanding of an organization’s internal control environment remotely
• Properly communicating with management, board of directors and those charged with governance
• Increase in going concern assessments
• Significant financial reporting and disclosure implications
• Identify areas of the audit where risk has gone up significantly due to the pandemic.
• A discussion of viable alternative audit procedures to perform
• Addressing potential reporting implications
NASBA Field of Study: Auditing (2 hours)
Program Prerequisites: General knowledge of AICPA Professional Standards
Advance Preparation: None
Salvatore A. Collemi, CPA
Collemi Consulting & Advisory Services, LLC
Salvatore A. Collemi, CPA has a keen understanding into the mindset of both regulators and standard-setters—and can leverage that knowledge to help a variety of different clients maintain their integrity in financial reporting. He regularly guides U.S. and international public accounting firms, litigation attorneys, valuation experts, the C-suite and related institutions that support the profession in order to maintain a high-level of audit quality.
With more than two decades of global business experience, servicing a broad base of both commercial and financial services industries, Mr. Collemi’s career highlights includes:
Join us for a webinar on
How CPA Firms Can Navigate Through These Uncharted Times
Date: Thursday, June 18, 2020
Time: 3:00 pm ET
Zoom: Link provided after registration
During these uncertain and unprecedented times, CPA firms need remain current and be ‘future ready’ to address many new daily challenges and obstacles to continue operating in a ‘new normal.’ In addition, with momentous health risks in and outside of the workplace, an unpredictable economy, and changes in the accounting firm marketplace, dealing with current practice management issues makes planning for the future more critical. While these challenging times create a difficult course to navigate, constantly learning, adapting, and modifying your firm’s strategy to overcome obstacles will allow your firm to survive this “perfect storm.”
About the Speakers
Joe Tarasco and Nancy Damato of Accountants Advisory Group
Accountants Advisory Group assists the leaders of today’s public accounting firms by consulting in all areas of firm practice management, including succession and strategic planning, mergers and acquisitions, advisory and finder services, marketing and lead generation, strategy and implementation, recruiting and search services, firm governance, partner compensation structure, practice development, virtual partner and marketing retreat facilitation services, and leadership consulting.