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Title : Deep Dive into Common Auditing Deficiencies

Presented By : Melisa Galasso

This course will review common deficiencies identified by the AICPA and state boards of accountancy. It features discussion on a variety of topics, including analytical procedures, sampling, group audits and risk assessment. We will review the areas of concern and how you can overcome them by employing best practices.

Field(s) of Study: Auditing

Intermediate Level

4.0 Hrs

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    Learning Objectives

    • Describe common audit deficiencies
    • Identify proper methods of performing risk assessment and analytical procedures
    • Recall best practices for audit sampling
    • Recognize changes to auditing standards for group audits and risk assessment

    Level

    Intermediate

    Prerequisites

    Prior experience with GAAS

    Advanced Preparation

    None

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Title : Consideration of Fraud

Presented By : Melisa Galasso

AU-C 240, Consideration of Fraud in a Financial Statement Audit, (formerly SAS 99) provides auditors with guidance on the consideration of fraud when a financial statement audit is conducted and is effective for audits of financial statements. This course will help auditors understand their responsibilities for detecting fraud as well as the audit procedures for responding to the fraud risk analysis. 

Key Topics: Risk assessment; Audit procedures; Definition of fraud

Field(s) of Study: Auditing

NASBA Approved

Basic Level

2.0 Hrs

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    Learning Objectives

    • Define fraud 
    • Describe audit procedures required to respond to fraud risk 

    Level

    Basic

    Prerequisites

    None

    Advanced Preparation

    None

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Title : Financial Statement Fraud

Presented By : Jaclyn Veno

One of the three major forms of occupational fraud, along with corruption and asset misappropriation, is financial statement fraud.  From improper asset valuation to fictitious revenues, this course will review financial statement fraud red flags and examine real-life examples. 

Field(s) of Study: Auditing

NASBA Approved

Basic Level

2.0 Hrs

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    Learning Objectives

    • Identify trends in financial statement fraud 
    • Recall examples of financial statement fraud schemes
    • Describe audit procedures required to respond to fraud risk

    Level

    Basic

    Prerequisites

    None

    Advanced Preparation

    None

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Title : Common Deficiencies in SSARS Engagements

Presented By : Melisa Galasso

While SSARS 21 has been around for nearly a decade, preparation, compilation and review engagements continue to be a hot topic for peer review. This course will concentrate on the most common peer review findings with a focus on how to comply in an efficient but practical perspective. This course will discuss the root cause of noncompliance so that overall engagement quality increases.

Key Topics:

*  Compilation and review engagements

*  Peer review

Field(s) of Study: Auditing

NASBA Approved

Basic Level

4.0 Hrs

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    Learning Objectives

    • Describe common deficiencies identified in peer review
    • Identify methods to improve quality
    • Recognize root causes of noncompliance

    Level

    Basic

    Prerequisites

    Experience with compilation and review engagements

    Advanced Preparation

    None

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Title : Deep Dive into Quality Management

Presented By : Melisa Galasso

Quality management will have a big impact on CPA firms. This course will cover both SQMS 1 and 2 as well as the related engagement level standards (SAS 146 and SSARS 26). The new standards will require a risk-based approach to quality management as well as the documentation of an information & communication process. SQMS 1 is required to be implemented at all accounting firms by December 15, 2025 but due to the size of the effort, firms should start their implementation process ASAP. SQMS 2 covers the appointment and eligibility of the engagement quality reviewer and the performance of the reviews. SAS 146 addresses the specific responsibilities of the auditor regarding quality management at the engagement level for an audit of financial statements and the related responsibilities of the engagement partner. SSARS 26 amends AR-C Sections to be consistent with these new standards. This two hour class will provide a deep dive into what you need to know to start your implementation process!
Field(s) of Study: Auditing

NASBA Approved

Intermediate Level

2.0 Hrs

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    Learning Objectives

    • Recall the components of quality management under SQMS 1
    • Describe the objective of an engagement quality review under SQMS 2
    • Identify the specific responsibilities of the auditor regarding quality management under SAS 146
    • Recall the responsibilities of the engagement partner in SSARS engagements

    Level

    Intermediate

    Prerequisites

    Experience with and knowledge of SQM Standards, SAS 146 and SSARS 26

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Title : 2024 Not-for-Profit Accounting and Auditing Update

Presented By : Melisa Galaso

The Not-for-Profit Advisory Committee has been busy discussing several projects that the FASB is working on and their impact on nonprofits. In

this course, we will review the key issues and discussions from recent NAC meetings. We'll also take a look at ASUs issued by the FASB that may impact nonprofit financial statements. After a break, we then transition from accounting to auditing with a look at the common deficiencies found in nonprofit Yellow Book audits with a focus on CPE, reporting, and independence.

Field(s) of Study: Auditing Governmental, Accounting Governmental

NASBA Approved

Update Level

4.0 Hrs

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    Learning Objectives

    • Recall the impact of ASUs on nonprofit organizations
    • Recall the activities of the nonprofit advisory committee
    • Identify common deficiencies in Yellow Book Engagements
    • Recall the independence requirements in Yellow Book

    Level

    Update

    Prerequisites

    Prior experience with nonprofit financial reporting and GAGAS

    Advanced Preparation

    None

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Title : Electronic Audit Evidence in Employee Benefit Plans

Presented By : Melissa Critcher

A significant amount of information is electronically initiated, recorded, processed, or reported, and information to be used as audit evidence may be available only in electronic form. During this session we will look at different types of information commonly presented to an auditor during the audit of an employee benefit plan, and identify considerations for auditors when evaluating information to be used as audit evidence.

Field(s) of Study: Auditing

NASBA Approved

Update Level

2.0 Hrs

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    Learning Objectives

    • Identify types of information obtained during employee benefit plan audits
    • Recognize what constitutes audit evidence in accordance with SAS 142, Audit Evidence
    • Determine if sufficient appropriate audit evidence has been obtained
    • Identify ways in which auditors might document the type, source, form, and procedures performed to information used as audit evidence

    Level

    Update

    Prerequisites

    Knowledge of and experience with employee benefit plans

    Advanced Preparation

    None

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Title : Independence for Auditors - AICPA, PCAOB, GAO, and DOL

Presented By : Melisa Galasso

This course will look at the various rules related to Independence and compare and contrast the requirements. This overview course will help auditors understand the nuances of independence and insure they meet the requirements to perform attest services for their clients. We will review the requirements for the AICPA, GAO, DOL and PCAOB.

Field(s) of Study: Auditing

NASBA Approved

Update Level

4.0 Hrs

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    Learning Objectives

    Recognize the requirements for independence under AICPA, GAO, DOL and PCAOB

    Level

    Update

    Prerequisites

    Prior experience with independence rules
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Title : What's Going on at the FASB (2024)

Presented By : Melisa Galasso

The course will start with the Accounting Standard Updates effective in 2024 for public entities, private entities, and nonprofits. We will also review year 2 implications of the leases standard including modification accounting. We will then switch our attention to the items coming down the pike, including a look at the projects identified by the FASB's Invitation to Comment: Agenda Consultation.

Field(s) of Study: Accounting

NASBA Approved

Update Level

4.0 Hrs

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    Learning Objectives

    • Identify the impact of ASUs that are effective in 2024 on financial reporting
    • Describe the impact of the lease modification on financial reporting
    • Identify FASB ASUs that will be effective after 2024

    Level

    Update

    Prerequisites

    Prior experience with GAAP

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Title : 2024 Governmental Auditing Update: Yellow Book & Uniform Guidance

Presented By : Melisa Galasso

Yellow Book & UNI Guidance  Yellow Book and Single Audit engagements are considered must-select engagements for Peer Review. This course will cover the Yellow Book independence requirements which are required any time an auditor is performing a Yellow Book or Single Audit, even when the engagement is for a for-profit entity. We'll take a look at the major changes in the 2024 Compliance Supplement as well as the changes to the Uniform Guidance. We'll close with major deficiencies identified by the federal agencies and peer reviewers. Identify changes to single audits as a result of the 2024 Compliance Supplement Describe the changes to Chapter 5 of Yellow Book.

Field(s) of Study: Auditing

NASBA Approved

Update Level

4.0 Hrs

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    Learning Objectives

    • Recognize changes to the Uniform Guidance 
    • Recall common deficiencies found related to Single Audits 
    • Recall the independence requirements in Yellow Book Identify the proper method of identifying and testing internal controls over compliance

    Level

    Update

    Prerequisites

    Prior experience with GAGAS and the Uniform Guidance

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