What’s New? 2021 Assurance and Accounting Update

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This practical session addresses effective and upcoming auditing, other assurance and accounting standards changes including:

Auditing and Assurance Standards Board (AASB)
This portion of the course focuses on imminent and future standards changes and what practitioners need to know in implementing these changes. As we review the new standards, the emphasis is on the impact of the new standards including guidance on documentation. We address CAS changes relevant to your firm as well as review changes in other assurance and related services standards including practice inspection findings. Finally, we will introduce the new suite of Quality Management standards to help you understand the future effect on your firm.

Accounting Standards Board (AcSB)
There have been many changes in accounting standards changes for accounting standards for private entities, less so for not-for-profit and public sector organizations. We will cover all changes but focus on critical changes such as those related to Section 3856 Financial Instruments Retractable and Mandatorily Redeemable Shares and to Section 3041 Agriculture which may result a significant impact on your client’s financial statements. Understand these, and other, accounting changes to help you be prepared.

Verifiable CPD 
2.0 Hours

Learning Objectives
At the end of the session, participants will be able to:

  • Appreciate the requirements of effective and upcoming assurance and other related services standards
  • Evaluate the impact of new standards on your existing engagements
  • Understand the implications of new and revised accounting standards
  • Comprehend the implications of the new Quality Management standards
  • Improve your ability to identify issues in client engagements and react accordingly