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How to Audit Under the New Leasing Standard


This course is designed for practitioners in public practice who conduct audits of privately-held organizations that have adopted ASC Topic 842.
Cost $40.00
CPE Credits 2.0 hours
Subject Area 2.0 - Auditing
CE Credits 0.0 hours
Course Level Intermediate
Instructional Method Group Internet Based
Prerequisites Program Prerequisites: General knowledge of ASC Topic 842 and AICPA Professional Standards
Advanced Preparation None
Course Description

The revised effective date for private companies’ adoption of the new leasing standard (ASC Topic 842, Leases) is now January 1, 2022! Question: Will you be prepared to audit such transactions properly?

This session is designed to provide external auditors with practical and insightful perspectives on how to audit transactions under the Financial Accounting Standards Board’s (FASB) new leasing standard. You'll learn the latest accounting and financial reporting requirements and how to substantively and analytically test them in accordance with professional standards.

Topics Covered:

  • Learning about the new leasing standard (ASC Topic 842, Leases), particularly the FASB's new take on how operating leases will now be recognized on the balance sheet as well as the new presentation, disclosure requirements, practical application, and how to audit them properly

Learning Objectives:

  • Define the FASB’s new leasing standard requirements

  • Identify and discuss the new accounting and reporting requirements of leases

  • Determine which audit procedures to perform

  • Determine how to properly audit the transition requirements and initial adoption of the new standard

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Salvatore A. Collemi, CPA, is the Managing Member & Founder of Collemi Consulting & Advisory Services, LLC. Mr. Collemi brings more than two decades of experience with U.S. and international financial reporting and professional standards, corporate governance and risk management practices of public accounting firms.

Frequently Asked Questions
  • To receive CPE credit, you must register for the webinar before it starts.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • To receive CPE for multiple attendees, at least one person must sign up for the webinar. The post-webinar email contains a link to instructions for the proctor letter. Alternatively, you may log in to your account following the webinar and click on the MY ACCOUNT button to find a link to instructions. For paid courses, payment needs to be made for each attendee before credit will be issued.

NASBA Approved (Sponsor Id#: 111889) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

About Our Presenter

Collemi Consulting & Advisory Services, LLC provides trusted technical accounting and auditing expertise when you need it the most. Serving a full range of constituents in the public accounting profession, we help identify issues before they become problems.