27 Jul 2021

On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally.

The full impact of the COVID-19 outbreak continues to evolve. As such, it is uncertain as to the full magnitude that the pandemic will have on organizations’ financial condition, liquidity, and future results of their operations. Organizations’ management are actively monitoring the situation on their financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, companies are not able to estimate the effects of the COVID-19 outbreak on their results of operations, financial condition, or liquidity for fiscal year 2021. If the pandemic continues, it could have a material adverse effect on companies’ results of future operations, financial position, and liquidity in fiscal year 2021.

This session will provide external auditors both practical and insightful perspectives on how to navigate an audit engagement of a private company in 2021. 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 Should Attend
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
  • Recognize viable alternative audit procedures to perform
  • Describe how to address potential reporting implications

CPE Credit: 2 hrs for CPAs

13 Jul 2021

Companies that have become victims of some type of fraud, whether it be financial reporting fraud or theft of assets, have proclaimed “We should have known!” Yes, in most cases the companies or employees at some level should have or did, in fact, know. The warning signs were there but not recognized. A common misconception is that the auditor or accountant will identify it. This fast-paced session will discuss some of the more common, unrecognized signs and how to identify them before the fraud occurs. Real case examples will be presented with suggestions to prevent or to detect the possibility of fraud occurring.

Objectives

Participants will be able to:

  • Identify warning signs of fraud
  • Develop and perform appropriate testing procedures
  • Understand the number of ways fraud can occur in an EBP

Highlights

  • Identifying the warning signs of fraud
  • Addressing the risk of fraud
  • Planning efficient and effective brainstorming sessions
  • Identifying party in interest transactions
  • Identifying plan operational deficiencies
  • Reporting on prohibited transactions
  • Case studies

Who Will Benefit

Industry accountants, external accountants, and auditors to learn how to recognize the warning signs of fraud, how to develop a fraud risk team, and reduce the risk of fraud. The sponsor or accountant of a plan who would like to learn more about exercising fiduciary responsibility when a fraud occurs. The auditor who would like to become more proficient in planning the brainstorming discussion for fraud by reviewing the commonly missed components required in the brainstorming session.

2 Accounting Credits

2 Auditing Credits

12 Jul 2021

The literature specific to nonprofit organizations continues to evolve and become more complex. Using the popular and fast-moving “Frequently Asked Questions” format, this course was compiled from questions asked of the author in their capacity as a technical reviewer and advisor to firms and nonprofit organizations. This course also provides an update on emerging governance issues.

Objectives

Participants will be able to:

  • Address major accounting and disclosure issues
  • Understand the governance issues faced by nonprofits in today’s highly scrutinized and regulated environment
  • Address auditing issues that arise in audits under the Uniform Guidance

Highlights

  • Complex accounting and disclosure issues and changes to nonprofit financial reporting
  • Governance issues including ways to enhance board oversight and cybersecurity risk
  • Frequently missed issues in single audits and not-for-profit financial statement audits
  • GAO’s Yellow Book
  • Single audit developments

Who Will Benefit

  • Practitioners working with nonprofits in public practice
  • Accountants working in nonprofit organizations who need to keep on top of current accounting and disclosure requirements

4 Accounting Credits

4 Auditing Credits

22 Jun 2021

CPE Credit: 2 hours for CPAs

What does it take to properly perform an agreed-upon procedures (AUP) engagement under the AICPA Professional Standards? Find out in this session as we explore in detail AUP engagements, as they are one of the most misunderstood and under-utilized service out there for accountants. An AUP engagement is one in which a CPA firm or sole practitioner is engaged by a client to issue a report on findings based on specific procedures requested by their client (the “subject matter”). The client engages the CPA firm or sole practitioner to go on a “fact-finding” mission and report back to management what they have found and let management decide what to do next with that information. In these types of engagements, there is no assurance provided by the accountant.

Who Should Attend
CPA firms and sole practitioners who are either performing or considering performing AUP engagement services for small to mid-size private entities.

Topics Covered

  • Dispelling the myths surrounding agreed-upon procedures engagements
  • Nature and extent of this unique service
  • Identifying the terms subject matter and responsible party for the procedures performed
  • Proper reporting of findings to be included in the report

 

Learning Objectives

  • Recognize both practical and insightful perspectives on how a CPA firm or sole practitioner take into consideration the most recent changes for AUP engagements
  • Recognize the most common ways AUP engagements are used
  • Describe how to properly identify who is responsible party and what procedures should be performed

 

Level
Intermediate

17 Jun 2021

What does it take to have a properly designed and operating effectively quality control system that leads your CPA firm to receive a pass with no findings on your next peer review report? Find out how you can create a strong quality control environment for your assurance practice. Offering practical guidance, this session will assist you in the process for selecting the appropriate peer reviewer and to determine the right year-end for your practice.

Recent changes to enhance the peer review process by incorporating best practices of effective peer reviewers into the Peer Review standards, interpretations, and related guidance are also covered in this course. These changes are intended to reinforce the need for adequate planning and preparation for a peer review by both firms and peer reviewers to allow sufficient time for proper identification of systemic causes and appropriate remediation, when necessary.

Who Should Attend
CPA firms and practitioners who are subject to the AICPA Peer Review who perform audits, reviews, compilations and other attestation services for small and mid-size private entities.

Topics Covered

  • Best practices on how to create an environment that focuses on quality;
  • Basic steps for monitoring and performing internal inspections
  • Key considerations related to establishing a quality control system based on the AICPA Statements on Quality Control Standards
  • Address significant recurring engagement deficiencies and how to prevent them
  • How to properly prepare for your next AICPA Peer Review, including decisions to make and how to gather and maintain the correction information

Learning Objectives

  • Recognize practical and insightful perspectives on how a CPA firm will prepare for its upcoming AICPA Peer Review

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