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Conference on Credit Unions 2019

CU1913 - Auditing CECL: AICPA Practice Aid

Oct 22, 2019 1:40pm ‐ Oct 22, 2019 2:55pm

Standard: $49.00


The purpose of this session is to summarize key provisions of FASB Accounting Standards Codification (ASC) 326, Financial Instruments — Credit Losses, and to address key considerations in auditing the allowance for credit losses related to loans under the ASU and disclosure considerations. This session is intended to provide auditors with information that may help them improve the effectiveness and efficiency of their audits and practices when auditing CECL. Preparers of financial statements might also find this helpful in developing their accounting estimates and the controls over the estimates. This session will highlight key areas within the auditing process, including obtaining an understanding of the entity, assessing the risks, identifying the controls relevant to the audit, designing an audit response, performing audit procedures, and evaluating the audit results, to name a few.

Learning Objective:
  • Gain a detailed understanding of implementation and audit considerations with respect to the new CECL standard


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