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Accounting Estimates, Including Fair Value: Evaluating the Propriety of Areas with Uncertainty

  • Accountant
  • CRMA
  • CPA/CFF
  • CFE
  • CGAP
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
  • CBA/MCBA
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

Some financial statement items cannot be measured precisely, but can only be estimated. Such financial statement items are referred to as accounting estimates.

The nature and reliability of information available to management to support the making of an accounting estimate vary widely, which thereby affects the degree of estimation uncertainty associated with accounting estimates. The degree of estimation uncertainty affects, in turn, the risks of material misstatement of accounting estimates, including their susceptibility to unintentional or intentional management bias.

An accounting estimate is a measurement or recognition in the financial statements of (or a decision to not recognize) an account, disclosure, transaction, or event that generally involves subjective assumptions and measurement uncertainty. Fair value measurement is a form of an accounting estimate.

The objective of the auditor is to obtain sufficient appropriate evidence to determine whether accounting estimates in significant accounts and disclosures are properly accounted for and disclosed in the financial statements.

This CPE course will discuss tips and techniques for gathering sufficient appropriate audit evidence to support conclusions related to accounting estimates.

Major Topics Covered in this CPE Auditing webinar:

  • Identifying areas of estimation uncertainty, including fair value measurements
  • Assessing the risk of material misstatement related to estimates, and testing the estimation process
  • Financial Reporting Requirements
  • Risk Assessment Procedures
  • Understanding the Estimation Process and Relevant Internal Control
  • Further Audit Procedures
  • Challenging Data and Assumptions
  • Developing a Point Estimate or Range
  • The fair value measurement process, including non-readily marketable securities
  • Applying audit procedures to common areas of estimation
  • Evaluating the results of audit procedures for a possible audit adjustment

Learning Objectives

  • To describe typical areas of estimation and related audit risks.
  • To explain how to link the assessed risk of material misstatement to a detailed audit plan.
  • To discuss the importance of challenging management’s assumptions when auditing estimates.
  • To describe fair value modelling techniques, including for non-readily marketable investments.
  • To analyze how to properly evaluate the sufficiency and appropriateness of audit evidence and resulting conclusions when there is accounting uncertainty.

Recommended For

  • This Online CE/CPE Webinar is recommended for CPA, CIA, IAP, QIAL, CMA, CFF, CFE, CVA, CGFM, CBA/ MCBA, CRMA, CGAP, CFIRS, CWS, Internal Auditors, External Auditors, Accountants, CFOs, and Other Professionals interested in learning tips and techniques for gathering sufficient appropriate audit evidence to support conclusions related to accounting estimates.

Who Should Attend?

  • Auditors
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Fraud Examiner
  • Certified Public Accountant (CPA)
  • Certified Valuation Analysts
  • CPA (Industry)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
  • 2 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
  • 2 CPD Credit of Auditing for Certified Financial Forensics (CFF)
  • 2 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
  • 2 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
  • 2 CPE Credit of Auditing for Certified Government Financial Manager (CGFM)
  • 2 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
  • 2 CPE Credit of Auditing for Certified Management Accountants (CMA)
  • 2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 2 CPE Credit of Auditing for Certified Valuation Analyst (CVA)
  • 2 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
  • 2 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
  • 2 CPE Credit of Auditing for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) 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: www.NASBARegistry.org.

Presenter

About Presenter

Jennifer Louis, CPA (US)

President, Emergent Solutions Group LLC

Jennifer F. Louis, CPA has over 25 years of experience in designing and instructing high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organization success. In 2003, she founded Emergent Solutions Group, LLC, where she focuses her energy on designing and delivering high-quality, practical, and engaging accounting and auditing training. She was most recently Director of Audit Product Development at Surgent Professional Education, and prior to that served as Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly-respected training and audit process consulting firm. Before joining AuditWatch, Jennifer was the Financial/Operational Audit Manager at AARP. At the start of her professional career, Jennifer was an Audit Manager for Deloitte & Touche LLP, where she frequently served as a local and national instructor. Jennifer graduated summa cum laude from Marymount University with a BBA-Accounting. Besides loving life on the lake with her husband in Charlotte, NC, she enjoys hiking with her little dog Frodo Beggins, and savoring any precious moments spent with her two young adult boys.

About Company

Emergent Solutions Group LLC

www.emergentgroup.net

Emergent Solutions Group is highly rated in course design and instruction on a wide array of topics, including accounting, auditing, personal development, project management, practice management, and more. Our Services includes : 

1. Developing High-Caliber, Cost-Effective Training Content

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3. "On-Call” Instructing and Speaking

4. Training the Trainer

Faq

FAQs content

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  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review

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HL

Hao Li, CPA (US)

Jun 2nd, 2022

It is very easy to understand!

Accounting Estimates, Including Fair Value: Evaluating the Propriety of Areas with Uncertainty

PREMIUM

2 Credits

Subject Area

Auditing

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