PCAOB Auditing Standard 2501 Update

This event qualifies for 2 CPEs

The PCAOB has adopted a new standard, AS 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. This rulemaking is a companion to the rulemaking on the auditor's use of the work of specialists.

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 has proven challenging for auditors.

This timely, two hour morning CPE 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.

Speaker and Presenter Information

John C. Blackshire, Jr., CPA is the CEO of The Accountware Group, Inc. (TAG) of Austin, TX. He has over 30 years of business management, internal control, software development and auditing experience. TAG helps companies improve their business processes, implement financial systems, and comply with the requirements of the Sarbanes-Oxley Act.

During John's career, he has conducted internal control audits, designed business operations, implemented automated financial systems, and created quality control methodologies. He has written numerous articles, system user guides, presented continuing education seminars, and published booklets on best practices in accounting, finance and information technology management.

John started his professional career at KPMG as a financial auditor. His clients included insurance companies, banks, manufacturing firms and non-profits. A number of his clients were public companies. He spend several years in the financial software business designing, supporting and selling financial systems.

John received his undergraduate degree in accounting from the University of South Carolina. He is a member of the Institute of Internal Auditors (IIA) and helped plan their International Conference, and is a member of the international business fraternity Delta Sigma Pi and the honor’s accounting fraternity Beta Alpha Psi. John and David Marshall have been presenting informative and entertaining seminars on internal control, corporate governance and Sarbanes-Oxley Act compliance since 2003.

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Air Force, Army, Navy & Marine Corps, Intelligence Agencies, DOD & Military, Office of the President (includes OMB), Dept of Agriculture, Dept of Commerce, Dept of Education, Dept of Energy, Dept of Health & Human Services, Dept of Homeland Security, Dept of Housing & Urban Development, Dept of the Interior, Dept of Justice, Dept of Labor, Dept of State, Dept of Transportation, Dept of Treasury, Dept of Veterans Affairs, EPA, GSA, USPS, SSA, NASA, Other Federal Agencies, Legislative Agencies (GAO, GPO, LOC, etc.), Judicial Branch Agencies, State Government, County Government, City Government, Municipal Government, CIA, FEMA, Office of Personnel Management, Coast Guard, National Institutes of Health, FAA, Census Bureau, USAID, National Guard Association, EEOC, Federal Government, State & Local Government, FDA, Foreign Governments/Agencies, NSA, FCC