Audit Expectations During the CECL Transition
The AICPA CECL auditing subgroup is meeting regularly to set industry-wide standards for how CECL will be approached from an audit and assurance perspective. Early takeaways from the group’s work have indicated a clear bias toward practices that produce a sound, defensible allowance for credit losses as well as model evaluation efforts that ensure internal controls and transparency.
The key takeaways that this webinar will walk through include:
- Anchoring to Incurred notion results, which may be compounding inaccurate assumptions
- Extending existing qualitative practices under new modeling approaches
- Trading long-term pain to achieve short-term gain
This session will be specifically useful for Finance and Accounting executives in addition to Credit personnel.