28 Oct 2020

Highlights

  • CPE Credit:
  • 2 hours for CPAs
  • Level: Intermediate
  • NASBA Field of Study: Accounting (1 hour), Auditing (1 hour)
  • Group: Internet-based
  • Program Prerequisites: General knowledge of ASC Topic 842 and AICPA Professional Standards.
  • Regular Fee $100.00
  • Group Participant Fee $77.00

The revised effective date for private companies’ adoption of the new leasing standard (ASC Topic 842, Leases) is now January 1, 2022! Question: Will you be prepared to properly audit such transactions?

This session is designed to provide external auditors with practical and insightful perspectives on how to audit transactions under the Financial Accounting Standards Board’s (FASB) new leasing standard. You’ll learn the new accounting and financial reporting requirements and how to substantively and analytically test them in accordance with Professional Standards.

Who Should Attend: Practitioners in public practice who conduct audits of privately-held organizations who have adopted ASC Topic 842.

Topics Covered

  • ASC Topic 842, Leases
  • FASB’s new take on how operating leases will now be recognized on the balance sheet
  • New presentation and disclosure requirements
  • Practical application and how to properly audit them
  • Learning Objectives
  • Recognize the FASB’s new leasing standard requirements
  • Identify the new accounting and reporting requirements of leases
  • Identify which audit procedures to perform
  • Recognize how to properly audit the transition requirements and initial adoption of the new standard

20 Oct 2020

Highlights

  • CPE Credits: 2.0 hours
  • Course Level: Intermediate

The revised effective date for private companies’ adoption of the new leasing standard (ASC Topic 842, Leases) is now January 1, 2022! Question: Will you be prepared to properly audit such transactions?

This session is designed to provide external auditors with practical and insightful perspectives on how to audit transactions under the Financial Accounting Standards Board’s (FASB) new leasing standard. You’ll learn the new accounting and financial reporting requirements and how to substantively and analytically test them in accordance with Professional Standards.

Who is the course designed for: Practitioners in public practice who conduct audits of privately-held organizations who have adopted ASC Topic 842.

Topics Covered:

  • Learning about ASC Topic 842, Leases, particularly the FASB’s new take on how operating leases will now be recognized on the balance sheet as well as the new presentation, disclosure requirements, practical application, and how to properly audit them.

Learning Objectives:

  • Explain the FASB’s new leasing standard requirements
  • Describe and discuss the new accounting and reporting requirements of leases
  • Discuss which audit procedures to perform
  • How to properly audit the transition requirements and initial adoption of the new standard

30 Sep 2020

OVERVIEW

  • CPE Credit: 2 hours for CPAs
  • Level: Basic
  • NASBA Field of Study: Auditing (2 hours)
  • Program Prerequisites:None
  • Advance Preparation: None

What does it take to have a properly designed and effective quality control system that leads your CPA firm to receive a pass with no findings on your next AICPA peer review report or PCAOB Inspection? Find out how to prepare yourself for your next peer review or PCAOB inspection and see what you can do to create a strong quality control environment for your attest practice. Offering realistic and practical guidance, this CPE session will assist you on how to properly conduct an internal inspection of your attest practice in accordance with Professional Standards during the “off years” in between your next AICPA peer review and/or PCAOB inspection.

Who Should Attend

CPA firm practitioners who are subject to the AICPA and/or PCAOB oversight who perform compilation, review, and/or auditing of financial statements of small and midsize private and publicly-traded entities.

Topics Covered

  • Guidance on how to create a firm environment that focuses on quality
  • Basic steps for self-monitoring and performing internal inspections
  • Key considerations related to establishing an effective quality control system based on the AICPA Statements on Quality Control Standards
  • Address significant recurring quality control and engagement deficiencies and how to address and prevent them
  • Prepare your attest practice personnel for your next AICPA Peer Review, including decisions to make and how to gather and maintain the correction information

Learning Objectives

  • Identify both practical and insightful perspectives on how a CPA firm will properly conduct an internal inspection in accordance with Professional Standards
  • Recognize and apply best practices on how to create a firm environment that focuses on quality
  • Describe basic steps for self-monitoring and performing internal inspections
  • Differentiate the key considerations related to establishing an effective quality control system based on the AICPA Statements on Quality Control Standards
  • Identify significant recurring quality control and engagement deficiencies and how to address and prevent them
  • Recognize how to properly prepare your attest practice personnel for your next AICPA Peer Review, including decisions to make and how to gather and maintain the correction information

29 Sep 2020

OVERVIEW

  • CPE Credits: 2.0 hours
  • CE Credits: 0.0 hours
  • Subject Area: Auditing
  • Course Level: Intermediate
  • Instructional Method: Group Internet Based
  • Prerequisites: Experience in performing audits.
  • Advanced Preparation: None
  • Who should attend? CPA. Small, Medium, Large

Learn the latest improper revenue recognition practices, how to conduct an effective fraud interview with management, those charged with governance and non-accounting / non-management personnel, and how to deal with possible management override of controls and how to properly identify of fraud risk factors.

The session will also discuss the key requirements of AU-C 240 that are typically missed by auditors!

Who is the course designed for: 

  • External auditors who perform audits of privately-held companies.

Topics Covered:

  • Techniques to Strengthening Your Professional Skepticism
  • How to Conducting a Proper Fraud Risk Interview
  • Improper Revenue Recognition Practices
  • How to Address the Risk of Management Override of Controls
  • Identifying Fraud Risk Factors

Learning Objective:

The objective of this course is to provide both practical and insightful guidance on how external auditors can strengthen their professional skepticism and manage fraud risk in order to comply with Professional Standards.

23 Sep 2020

 

Program Level: Intermediate

This session will provide external auditors both practical and insightful perspectives on how to navigate an audit engagement of a private company in 2020.  You’ll learn which areas of the audit have increased in risk due to COVID-19 as well as what alternative audit procedures are available to engagement teams in circumstances where traditional audit procedures are not possible. You’ll acquire a clearer and deeper understanding of what will be needed to be done in order properly perform audit engagements under this difficult environment in accordance with Professional Standards.

Who is the course designed for: 
Practitioners in public practice who conduct audits of privately-held organizations.

Topics Covered:
• Proper planning of an audit engagement during the pandemic
• Changes in the risk assessment procedures in response to COVID-19
• How to gain an understanding of an organization’s internal control environment remotely
• Properly communicating with management, board of directors and those charged with governance
• Increase in going concern assessments
• Significant financial reporting and disclosure implications

Learning Objectives

  • Identify areas of the audit where risk has gone up significantly due to the pandemic.
  • A discussion of viable alternative audit procedures to perform
  • Addressing potential reporting implications