What's Going on at the FASB - 9/27 9am ET (4CR)
Title : What's Going on at the FASB?
Presented By : Melisa Galasso
This course will cover the Accounting Standards Updates (ASUs) issued by the FASB that will be effective this year as well as those that will be effective in the near future. The course will address those standards that will be effective for public and private entities in 2021. We’ll close with a review of the lease standard which has been delayed twice for private entities.
Key Topics:
FASB Update
Leases
-
More Info
Learning Objectives
- Describe new ASUs issued by the FASB
- Identify the key financial reporting changes of the leases
- List standards that will be effective in the near future
Level
UpdatePrerequisites
Prior knowledge of GAAP
Advanced Preparation
None
Governmental Auditing Update
Title : Governmental Auditing Update: Yellow Book and Uniform Guidance What You Need to Know
Presented By : Melisa Galasso
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 issued in 2020 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
-
More Info
Learning Objectives
- Identify changes to the auditor’s report
- Analyze how nonaudit services impact independence
- Describe changes to the Uniform Guidance
- Recall impact of COVID19 on Single Audits and GAGAS engagements
Level
UpdatePrerequisites
Prior experience with GAGAS and Uniform Guidance
Advanced Preparation
None
Internal Controls Over Compliance vs Compliance - 9/29 9am ET
Title : Internal Controls Over Compliance vs Compliance
Presented By : Melisa Galasso
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
-
More Info
Learning Objectives
- Properly document internal controls over compliance in conformity with the Uniform Guidance
- Compare ICFR with ICOC
Level
IntermediatePrerequisites
Prior experience with single audits
Advanced Preparation
None
Applying GASB 84 Fiduciary Activities - 9/29 11am
Title : Applying GASB 84 Fiduciary Activites
Presented By : Melisa Galasso
- Definition of control
- Impact of direct financial involvement and administrative involvement
- GASB Statements No. 84 and 97
-
More Info
Learning Objectives
Analyze a transaction to determine if it’s a fiduciary activity
Recognize the reporting requirements for fiduciary activities
Level
UpdatePrerequisites
Prior experience with financial reporting and auditing of governmental entities
Advanced Preparation
None
SSAE 19 - Agreed Upon Procedures - 9/29 1pm
Title : SSAE 19 - Agreed Upon Procedures
Presented By : Melisa Galasso
Agreed Upon Procedures (AUPs) are getting an upgrade. SSAE 19 was issued to address issues found in practice with AUPs. We’ll discuss how to properly perform AUP engagements with a focus on what is changing.
Key Topics:
SSAE 19
AUP changes
-
More Info
Learning Objectives
Describe procedures required in an AUP engagement
Level
UpdatePrerequisites
Prior experience with AUP Engagements
Advanced Preparation
None
SAS 134-141: The New Auditor's Report - 9/29 2pm ET
Title : SAS 134-141: The New Auditor’s Report
Presented By : Melisa Galasso
The AICPA has issued a suite of standards updating the auditor’s report. In this course, we will review SAS 134 in detail which provides the basis for the updated audit report and introduces the concept of KAM. Then we will provide an overview of the impact of this suite on other information included in an annual report, ERISA reports, special purpose frameworks, and compliance audits. This course is essential for auditors of all levels and will provide the overview you need to consider how to draft your updated audit reports.
Key Topics:
New audit report
Materiality
EBP reporting
-
More Info
Learning Objectives
- Identify changes to the auditor's report
- Recognize changes to the ERISA report
- Recall conforming amendments to the 800 and 900 section of the auditing standards
Level
UpdatePrerequisites
Prior experience with audit standards of the AICPA
Advanced Preparation
None
Addressing Common Documentation Deficiencies - 9/30 1pm ET
Title : Addressing Common Documentation Deficiencies
Presented By : Melisa Galasso
The Enhancing Audit Quality Initiative has identified inadequate or nonexistent audit documentation as one of the biggest issues facing the profession. Over half of the engagements reviewed by the AICPA did not meet the requirements of AU-C 230. This course will look at common misconceptions related to audit documentation and help attendees address these deficiencies with best practices.
-
More Info
Learning Objectives
- Describe the minimum documentation requirements from AU-C 230
- Recall common work paper deficiencies identified by the AICPA
Level
IntermediatePrerequisites
Prior experience with GAAS
Advanced Preparation
None
2021 Ethics Update - 9/30 3pm ET
Title : 2021 Ethics Update
Presented By : Melisa Galasso
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
-
More Info
Learning Objectives
- Describe changes to AICPA Professional Ethics Code
- Recognize projects that may impact the profession in the future
Level
UpdatePrerequisites
Prior experience with the AICPA Code of Professional Conduct.
Advanced Preparation
None