Auditing Standard No. 6 and FAS 154: Guiding Clients Through the New Requirements

Ensuring Consistency in Financial Statements

Recording of a 100-minute CPE webinar with Q&A


Conducted on Thursday, April 17, 2008

Program Materials

Description

In late January, the PCAOB approved Auditing Standard No. 6, an important piece of new guidance designed to improve auditors' reporting on items that affect the consistency of public and private company financial statements.

Once the SEC approves the standard, auditors will face detailed responsibilities to assess consistency and report whether changes in financial statements arise from changes in accounting principle or corrections of misstatements. Together with FASB's Statement No. 154 on accounting changes and error corrections, Auditing Standard No. 6 will establish new benchmarks your firm will have to meet on reviewing financial statements.

Listen as our panel of accounting veterans bottom-lines the key terms of Auditing Standard No. 6 and FAS 154, and suggests some practical approaches needed to adjust your oversight.

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Benefits

The panel explains and prepares you to react to these and other key issues:

  • How to evaluate and disclose new positions arising from either changes in accounting principles or corrections of misstatements.
  • What Auditing Standard No. 6's removal of the GAAP hierarchy means for your work.
  • How to reconcile Auditing Standard No. 6 with FAS 154's retrospective application for reporting changes in accounting principle.

Faculty

Barry Smith
Barry Smith
Managing Director
SMART - Accounting & Consulting Services

He has nearly 30 years of experience working with corporate clients and is the Technical Review Managing Director for...  |  Read More

Dennis Muse
Dennis Muse
Principal and National Director of SEC Services
Reznick Group

He has more than 24 years of accounting firm and industry experience, including stints as an associate director with...  |  Read More

Greg Fletcher
Greg Fletcher
Associate Chief Auditor
Public Company Accounting Oversight Board