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Collemi Consulting & Advisory Services, LLC believes in the importance of actively participating in the profession and staying ahead of current trends and issues that impact those involved in U.S. and international financial reporting and auditing.  Salvatore A. Collemi, CPA is regarded as an industry leader and subject matter expert by various organizations and media outlets.

Mr. Collemi is a dynamic and engaging speaker, facilitator and educator. Whether you need him to serve as an opening keynote speaker to set the tone for a conference or trade show or provide expertise on a panel or break-out session, he is accustomed to speaking on a wide range of timely and relevant technical U.S. and International accounting, auditing, quality control, independence and ethics topics. He can work with conference organizers and CPE sponsoring organizations to customize any topic to meet attendees’ educational needs.

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How to Audit in a COVID-19 Environment

July 27 @ 8:00 am - 5:00 pm

$111

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 2021. If the pandemic continues, it could have a material adverse effect on companies’ results of future operations, financial position, and liquidity in fiscal year 2021.

This session will provide external auditors both practical and insightful perspectives on how to navigate an audit engagement of a private company in 2021. 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.

Who Should Attend
Practitioners in public practice who conduct audits of privately-held organizations.

Topics Covered

  • 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

Learning Objectives

  • Identify areas of the audit where risk has gone up significantly due to the pandemic
  • Recognize viable alternative audit procedures to perform
  • Describe how to address potential reporting implications

CPE Credit: 2 hrs for CPAs

Details

Date:
July 27
Time:
8:00 am - 5:00 pm
Cost:
$111
Event Tags:
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Venue

Group Internet Based
NJ United States

Organizer

Wolters Kluwer

For information on booking Salvatore A. Collemi, CPA as a special guest speaker for your next event, contact us today.

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