This presentation discusses recent accounting and auditing standards, their potential jury implications, and provides important dos and don’ts to protect CPAs and their clients. 

What do you need to know if a client used a “mill” to claim the employee retention credits (ERC)? What if the client already received the ERC refund? Should it be recognized as income or liability? This session will cover the accounting and auditing guidance for these situations. Many government assistance programs were created in response to the Covid-19 pandemic, and they often had requirements to qualify for the program and/or forgiveness. While all businesses would self-certify as to their compliance with qualifying for the program or the related forgiveness requirements, some entities have been in the press for not complying with the program requirements. Furthermore, the government agencies have the right to audit the compliance in many instances. This creates some interesting accounting and auding issues for the clients that were aggressively pursuing these programs. 

This session will explore the critical challenges small accounting practitioners face, including enhancing risk assessment approaches, identifying and addressing common deficiencies in revenue recognition, and managing emerging risks that affect current engagements. Attendees will gain practical, actionable insights to strengthen their practice, improve compliance, and navigate evolving professional standards with confidence.