Yellow Book Update
Title : Yellow Book Update
Presented By : Melisa Galasso
More and more entities need Yellow Book engagements, including a growing number of for-profit entities. In this course, we will review the unique independence requirements in GAGAS. We'll also review the new engagements that have been created as alternatives to Single Audits that requires the auditor to follow Yellow Book.
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Learning Objectives
- Describe alternative engagements to single audits subject to Yellow Book
- Recall the independence requirements in Yellow Book
Level
UpdatePrerequisites
Knowledge of and experience with Yellow Book and its application to audits
Yellow Book Ethics
Title : Yellow Book Ethics
Presented By : Melisa Galasso
The 2018 Yellow Book addresses key concepts of ethics including the public interest, integrity, objectivity, and professional behavior. This course will review the key concepts and their application to auditors in a governmental environment. We’ll also review changes to the independence standards in the 2018 Revision.
Key Topics
- Independence
- Ethical principles
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Learning Objectives
- Identify changes to independence rules in the 2018 Yellow Book
- Recognize the ethical principles in GAGAS
Level
IntermediatePrerequisites
Prior experience with Yellow Book
Advanced Preparation
None
Risk Assessment - A Common Deficiency
Title : Risk Assessment - A Common Deficiency
Presented By : Melisa Galasso
The AICPA has determined than 1 in 10 firms are not compliant with the risk assessment standards. This course will discuss how to properly identify risks and assess risks under AU-C 315. We will then review how to respond to identified risks under AU-C 330. The course will focus on the inherent risk model. We will also review common deficiencies and how a proper risk assessment can drive a more efficient and effective audit.
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Learning Objectives
- Recognize the audit risk model
- Perform risk assessment procedures compliant with the audit standards
Level
BasicPrerequisites
None
Advanced Preparation
None
Internal Control Frameworks for Single Audit
Title : Internal Control Frameworks for Single Audit
Presented By : Melisa Galasso
- The Uniform Guidance identifies COSO and Green Book as best practices in internal
control. This course will cover the background on COSO and its 2013 update. We’ll also review the
application of COSO to Green Book. Attendees will learn how to leverage Part 6 of the Compliance
Supplement for documentation of internal controls.
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Learning Objectives
- Describe the five components of internal controls
- List the benefits of internal control frameworks
- Explain the reasons for the COSO 2013 Update
Level
BasicPrerequisites
None
Advanced Preparation
None
Not-for-Profit Accounting Update
Title : Not-for-Profit Accounting Update
Presented By : Melisa Galasso
This course begins with a look at the Accounting Standards Updates (ASUs) issued by the FASB that impact nonprofit entities, including a deep dive into the leases standard, which is effective for many nonprofits this fiscal year. In the second half, we will examine the Not-for-Profit Advisory Committee (NAC), which has been meeting with FASB to discuss the impact of various standards on the nonprofit community. We will explore the work of the NAC and the impact they've had. Finally, we close with another hot topic as we look at common deficiencies found in grant accounting.
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Learning Objectives
- Recall the impact of ASUs on nonprofit organizations
- Identify the financial reporting impact of Topic 842, Leases
- Recall the activities of the nonprofit advisory committee
- Identify common deficiencies in grant accounting
Level
UpdatePrerequisites
Knowledge of and experience with not-for-profit accounting
Advanced Preparation
None
Introduction to Yellow Book
Title : Introduction to Yellow Book
Presented By : Melisa Galasso
Performing engagements in accordance with Generally Accepted Government Auditing Standards (GAGAS or “Yellow Book”) requires additional reporting, ethics, and performance requirements. This course will identify and review the guidance found in the Yellow Book and analyze the relationship between Government Auditing Standards and the AICPA Code of Professional Conduct. We will review the Yellow Book requirements for financial statement audits while also touching upon ethical principles and independence.
Key Topics
- Ethical requirements and independence Reporting
- Financial statement audit differences
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Learning Objectives
Describe the unique auditing requirements in the Yellow Book
Level
BasicPrerequisites
None
Advanced Preparation
None
Introduction to Single Audit
Title : Introduction to Single Audit
Presented By : Melisa Galasso
Single Audits are an area of focus for the AICPA's Enhancing Audit Quality Initiative. The Uniform Guidance provides very unique audit requirements when auditing federal funds. This course will look into the unique performance and reporting requirements in Single Audits. Participants will have a basic understanding of internal controls over compliance, compliance requirements, how to use the Compliance Supplement, and the elements of a finding in a Single Audit.
Key Topics:
- Uniform Guidance
- Internal Controls over Compliance
- Reporting
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Learning Objectives
- Describe the unique auditing requirements in the
Uniform Guidance
Level
BasicPrerequisites
None
Advanced Preparation
None
- Describe the unique auditing requirements in the
Uniform Guidance
Introduction to Not for Profit Accounting
Title : Introduction to Not for Profit Accounting
Presented By : Melisa Galasso
Nonprofits face unique accounting challenges. This course will introduce attendees to the financial statements and unique accounting principles applicable to not-for-profit organizations. Specifically, we will focus on the typical transactions and account balances unique to NFPs, including net assets, agency transactions, contributions, endowments, and programmatic investments.
Key Topics:
- Contributions
- Net asset categories
- Endowments
- Programmatic Investments
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Learning Objectives
- Recall the unique accounting principles and
transactions applicable to NFP organizations
Level
BasicPrerequisites
None
Advanced Preparation
None
- Recall the unique accounting principles and
transactions applicable to NFP organizations
Introduction to Governmental Accounting
Title : Introduction to Governmental Accounting
Presented By : Melisa Galasso
Governmental accounting is very unique. This course will introduce the financial reporting basics for governments, including fund accounting and the modified accrual basis of accounting. Attendees will analyze the layouts of the fund financial statements as well as the government-wide financial statements. The course will also cover the concept of component units, Management Discussion & Analysis (MD&A), and the Annual Comprehensive Financial Report.
Key Topics:
- Fund accounting
- Governmental Financial Statements
- Intro to Governmental Accounting
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Learning Objectives
Describe the unique accounting principles and transactions applicable to governmental entities.
Level
BasicPrerequisites
None
Advanced Preparation
None
Managing Change in an Ever-Changing Profession
Title : Managing Change in an Ever-Changing Profession
Presented By : Melisa Galasso
Change is all around us and the pace of that change continues to accelerate. CPAs who can effectively manage change will be the future leaders of the profession. As organizations and the CPA profession continue to evolve, professionals will need to demonstrate resilience and a future-ready skillset to thrive in this ever-changing world. This course will look at practical ways CPAs can not only accept the change that is happening around them, but also effectively manage that change efficiently and effectively.
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Learning Objectives
Identify skills need in the change management process
Describe change model
Level
BasicPrerequisites
None
Advanced Preparation
None
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