This course covers the important changes to Yellow Book as well as Single Audits. We will review the major changes auditors need to understand when performing audits under GAGAS (aka Yellow Book or Government Auditing Standards). Areas of focus include the updated independence requirements, form and organization of the guidance, and quality control as well as common deficiencies. We’ll also look at the AICPA’s reporting standard and its impact on the auditor’s report as well as the Compliance report for Single Audits. We will then switch gears and cover the Uniform Guidance including the most recent changes to the Uniform Guidance as well as the impact of COVID on Single Audits.

Key Topics:

• 2018 Yellow Book including CPE requirements for Yellow Book
• COVID19 GAGAS Alert
• SAS 134 and 140
• Uniform Guidance Update
  

The COVID19 pandemic further highlighted the importance of providing users of financial statements with information concerning risks and uncertainties. While certainly no one was predicting a global pandemic, different entities have weathered the pandemic differently. This course will review the requirements for risk and uncertainty disclosures, while also providing example disclosures. Then we will turn our attention to the accounting and auditing requirements for going concern. Many businesses did not weather the pandemic, while many others are still not sure they will be able to continue under the current operating requirements. This course will provide a look at best practices in disclosures as well as the auditor’s responsibility for going concern as emphasized in SAS 134. 

Key Topics: 

SAS 134 

Risk disclosures 

Based on an AICPA Enhancing Audit Quality study, 23% of all single audits subject to enhanced oversight were materially non-conforming with professional standards due to failure to properly test controls over compliance. 

This course will provide an overview of internal controls over compliance specifically related to Single Audits. We will discuss how to apply the concept of internal controls to various compliance requirements. Additionally, a common finding in the audits of governmental entities receiving federal grants is the misidentification of controls and mistaking compliance for a control. That's why this course will also focus on identifying compliance versus controls over compliance. 

Key Topics: 

Internal controls over compliance 

Compliance requirements 

COSO 

LIBOR is currently the benchmark for over US $350 trillion in financial contracts worldwide. Yet in 2021, LIBOR (and related IBORs) are going away. The global response to reference rate reform is requiring standard setters to provide practical expedients and exceptions to current modification guidance. This course will review the FASB and GASB standards issued to provide relief for impacted entities. 

Key Topics: 

Reference rate reform 

LIBOR and SOFR 

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. 

Not-For-Profit entities are challenged with many unique accounting issues. This course reviews ASUs directly or indirectly impacting nonprofit entities and it features a deep dive into ASU 2018-08 and its impact on revenue recognition for grants and other contracts including application for Paycheck Protection Program (PPP). As we turn from accounting to auditing, we will look at the new auditor’s report effective in December 2021. We close with a review of Yellow Book alerts regarding COVID19 and the impact of fraud on risk assessment. This course provides an overview of the key items impacting nonprofit entities. 

Key Topics: 

New Auditors Report 

Government Stimulus Accounting 

Yellow Book Alerts

This course covers the important changes to Yellow Book as well as Single Audits. We will review the major changes auditors need to understand when performing audits under GAGAS (aka Yellow Book or Government Auditing Standards). Areas of focus include the updated independence requirements, form and organization of the guidance, and quality control as well as common deficiencies. We’ll also look at the AICPA’s reporting standard and its impact on the auditor’s report as well as the Compliance report for Single Audits. We will then switch gears and cover the Uniform Guidance including the most recent changes to the Uniform Guidance as well as the impact of COVID on Single Audits.

Key Topics:

• 2018 Yellow Book including CPE requirements for Yellow Book
• COVID19 GAGAS Alert
• SAS 134 and 140
• Uniform Guidance Update
  

This course covers FASB Accounting Standard Updates  (ASUs) that impact NFPs. It includes a deep dive into Revenue Recognition for Grants & Contracts and its its impact on accounting for PPP and other federal funding in response to the global pandemic. Attendees will also gain an understanding of what must be considered in order to implement standards impacting nonprofit entities including leases, the definition of collection, goodwill amortization for nonprofits, and gifts in kind. We also address the impact of COVID19 on reporting for nonprofit entities. 

Key Topics: 

COVID19 
ASU 2018-08 
Leases 
Gifts in Kind

LIBOR is currently the benchmark for over US $350 trillion in financial contracts worldwide. Yet in 2021, LIBOR (and related IBORs) are going away. The global response to reference rate reform is requiring standard setters to provide practical expedients and exceptions to current modification guidance. This course will review the FASB and GASB standards issued to provide relief for impacted entities. 

Key Topics: 

Reference rate reform 

LIBOR and SOFR 

Professional conduct and ethical behavior form the  cornerstone of the CPA profession. In our profession, ethics is more than just the possession of a strong moral compass. CPAs must understand recent Professional Ethics Executive Committee interpretations impacting the Code of Professional Conduct and be able to apply them to their practice. In this course, we review the new interpretations and provide practical guidance on their impact. We'll also review the projects on PEEC's three-year plan.

Key Topics

Hosting

Records Requests

PEEC Three-year Plan

Information System Services

NOCLAR