Here are the July 2020 topics:
Enhancing Trust in Global Audit and Assurance Engagements
Field of Study: Auditing
The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that was founded in March 1978. IAASB’s mission is to,“serve the public interest by setting highquality international standards for auditing, quality control, review, other assurance, and related services, and by facilitating the convergence of international and national standards.” Tom Seidenstein, chairman of the IAASB, discusses his role and his priorities during his tenure.
Along Came the PPPFA
Field of Study: Accounting
A common theme in this pandemic is questions. We all have them – questions about the virus itself, life after the virus, the “new normal.” But not all questions are about our lives. The AICPA is also bombarded with questions about accounting and auditing standards as well as the CARES Act, PPP and PPPFA. Kristy Illuzzi, CPA, staff liaison for the PCPS Technical Issues Committee at the AICPA, starts our segment by telling us about one of the most frequently asked questions relating to audit and accounting due to this pandemic.
Impact of Pandemics in U.S. and Global Economies – Part II
Field of Study: Economics
We are currently in a time where the future is uncertain, and economic forecasts are unpredictable. Much like projections of where COVID-19 is going to go, looking at the situation objectively, this is the greatest variance in economic forecasting since World War II. As states start opening up businesses, the recovery stage can have many shapes and forms. The economic models refer to different recovery types known as the “V,” the “W,” the “L” shape and the “Swoosh.” Dr. Robert McNab, professor of economics at Old Dominion University, Strome College of Business, continues our prior month’s segment by explaining the correlation between the shape of recovery, the GDP growth and the unemployment rate.
Ethics and the Human Concern – Part II
Field of Study: Regulatory Ethics
The COVID-19 pandemic poses unprecedented risks to the world economy. The International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) are committed to doing their part in support of a global response. In addition to transitioning to fully digital platforms to facilitate stakeholder outreach, they developed, commissioned or sourced reference materials to each Board to help their stakeholders continue their work. Dr. Stavros Thomadakis, Chairman of IESBA, continues our prior month’s segment and starts by sharing his perspectives on the Coronavirus pandemic and how the economic crisis may impact the application of the Code of Ethics and the International Independence Standard.
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