Audit Digitalization and Its Consequences on the Audit Expectation Gap

Overview

This course provides CPAs with a comprehensive overview of the latest updates from the Financial Accounting Standards Board (FASB) relevant to not-for-profit organizations. In this session, the FASB’s lead staff person for not-for-profits will guide you through recent and potential upcoming changes to GAAP affecting not-for-profits. We’ll focus on some recent ASUs (including ones on common control leases and on crypto assets), implementation matters on the new credit losses (CECL) standard, and some noteworthy current FASB projects (including ones on software costs and on environmental credit programs). This session was recorded on May 30, 2024 at the 2024 Not-for-Profit Conference.

Highlights

• Audit digitization
• Consequences for the audit expectation gap

Objectives

• Apply digital technologies effectively to enhance internal controls in the audit process.
• Demonstrate the application of digital tools in the context of fraud prevention and detection within the audit profession.
• Apply a constructive approach to the audit profession, utilizing digital tools to address challenges and threats associated with the audit expectation gap.

Notice

This is a self-study/on demand course offered by a 3rd party vendor and will NOT be accessible in the My Upcoming CPE section of the ISCPA website. Course access information will be emailed directly to you by CalCPA. The course expires one year from the purchase date. Format = Online Self-Study.