The purpose of this session is to provide an up-to-date highlight of some of the most common matters for consideration, and to provide practical guidance for auditors and preparers.
The COVID-19 pandemic is affecting major economic and financial markets, and virtually all industries and governments are facing challenges associated with the economic conditions resulting from efforts to address it.
Companies will have to report on their operations, financial condition, and cash flows during this crisis, and those reports will have to be audited. There are numerous considerations management and auditors will need to take when preparing and auditing financial statements. There will likely be many interrelated financial reporting and auditing implications of the coronavirus (COVID-19) pandemic and its impact on economic activity.
Entities must carefully consider their unique circumstances and risk exposures when analyzing how recent events may affect their financial reporting. Financial reporting and related financial statement disclosures may need to convey all material current or potential effects of the COVID-19 pandemic. Management must also understand the risks entities face and how they are affected by them.
SEC registrants must consider whether to disclose information in areas such as MD&A or the risk factors section in addition to their disclosures in the footnotes to the financial statements.
Who Should Attend: CFO’s, CEO’s, Board Members Managers, Supervisors Any individual seeking to be a leader
Topics Covered: The purpose of this session is to provide an up-to-date highlight of some of the most common matters for consideration, and to provide practical guidance for auditors and preparers. We will focus on cases where substantial judgment and professional skepticism are necessary to assess the facts and ensure that the operative standards are applied. We will also discuss key considerations and issues for accounting and financial reporting related to COVID-19 and the CARES Act. The bullet points outlined in the learning objectives are intended to provide an overview of areas that will be examined. This course and content will address up-to-date issues as of the webinar date.
Field of Study: Accounting
Lynn Fountain has over 45 years of experience spanning public accounting, corporate accounting and consulting. 24 years of her experience has been working in the areas of internal and external auditing. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. In 2011, as the Chief Audit Executive for an international construction/ engineering firm, she was involved in the active investigation of a joint venture fraud. The investigation included work with the FBI and ultimately led to indictment of the perpetrators and recovery of $13M. Ms. Fountain is currently engaged in her own training and consulting business and is a regular trainer for the AICPA. Ms. Fountain is the author of three separate technical books. “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations” was published by the Institute of Internal Auditors Research Foundation. -“Leading The Internal Audit Function” and -“Ethics and The Internal Auditor Political Dilemma” were published by Taylor & Francis In addition Ms. Fountain was a contributing author to the certification program exam for the National Association of Accountants. She also has certificate programs on various on-line platforms. Ms. Fountain has performed as an adjunct instructor for the School of Business for Grantham University and developed the first internal audit curriculum for the School of Business at the University of Kansas. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate (non-active).
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