Auditing Accounting Estimates, Including Fair Value Measurements
The PCAOB has adopted a new standard, Auditing Standard 2501, Auditing Accounting Estimates, Including Fair Value Measurements, and related amendments. This new standard replaces the Board's existing standards on auditing accounting estimates, fair value measurements, and derivative instruments.
The PCAOB objective is to strengthen and enhance requirements for auditing estimates, including fair value measurements. Accounting estimates are becoming more prevalent and significant as financial reporting frameworks evolve and require greater use of estimates, including those based on fair value measurements. They are some of the areas of greatest risk in the audit, requiring additional audit attention and appropriate application of professional skepticism. Auditing accounting estimates have proven challenging for auditors.
This timely, three and a half hour training event is designed for the CPA firm staff members who will be working on PCAOB regulated audits. The attendees will learn how this update to the Auditing Standards should be reflected in the 2020 auditing workpapers.
Instructor - Auditing - Internal Controls - Cybersecurity - PCAOB Standards
John C. Blackshire, Jr. CPA John brings years of experience in accounting, auditing, information technology, consulting and finance. He has worked on a wide array of issues to bring knowledge and workable solutions to an organization’s issues. He has extensive industry experience in application software, consulting, insurance, banking, retail, manufacturing, government and non-profits. He qualifies as an audit committee financial expert under SEC regulations. Demonstrated expertise includes: • Founding and managing, CEO for eighteen years of a project oriented financial software implementation services firm, • Project management skills focusing on large complex financial systems implementations for clients such as American Express, General American Insurance, American General Insurance, Sentry Insurance, FDIC, SBA, Allied Signal, Amoco, etc, • Extensive knowledge of Sarbanes-Oxley compliance: COSO, CobiT, CMMI, internal auditing, software development methodologies & SEC regulations, • Creation of continuing professional education programs, business plans, sales proposals and business oriented publications. Subject matter expertise includes quality control methodologies, project management, risk management, information technology, accounting standards (U.S. GAAP & IFRS), and financial and internal auditing standards, • Development of major packaged software solutions for several commercial software houses, • Internal audit and advisory services to executive management of numerous publicly traded, private and government organizations, • CFO of a startup in the cable television and internet connection industry. Corporate Compliance Seminars The Accountware Group, Inc. Founder and President Prior employment: The Application Support Company (TASC) 1986 to 2004 Walker Interactive Products 1982 to 1985 Insurance Systems of America 1976 to 1982 Peat, Marwick, Mitchell & Company (KPMG) 1973 to 1976 University of South Carolina 1972 to 1973 CC. McGregor & Company 1971 to 1972
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