Auditors who audit client financial statements have been affected by COVID-19 and are now required to continue their professional education. There are best CPE courses that can provide the necessary training for accounting professionals who deal with COVID-related accounting modifications. These are the areas that require coronavirus-related training in order to ensure that the areas are properly audited.

There are many areas that auditors working in public accounting should look at for additional training from cpe online courses about COVID-19 financial scenarios. The first is to look into courses on how COVID has heightened the audit risk in certain areas of financial reporting. 

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You can also consider additional training in the following areas:

• Internal controls – Examining the design and implementation of relevant internal controls, and how they have been affected and modified by the coronavirus.

• Fraud risk – Examining the three sides of the fraud triangle: opportunity, incentive, and rationalization. Then, we analyze the areas of fraud risk that have been identified and also identify new areas for clients.

• Noncompliance to laws and regulations – review the regulations that are part of many of the relief programs for businesses affected by a coronavirus. The complexity of certain relief programs can increase the risk of noncompliance.

• Auditing accounting estimates – It is crucial to audit the accounting estimates given the coronavirus. These estimates can be manipulated to make financial statements appear stronger than they actually are.

• FASB Accounting Standard Codification Topic 606 is the revenue recognition standard for financial statement accounting. This standard focuses on how businesses enter into agreements with customers to transfer goods or services.