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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 

Field(s) of Study: Accounting

NASBA Approved

Update Level

4.0 Hrs

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    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

    Update

    Prerequisites

    Prior knowledge of GAAP

    Advanced Preparation

    None

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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
Field(s) of Study: Auditing Governmental

NASBA Approved

Update Level

4.0 Hrs

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    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

    Update

    Prerequisites

    Prior experience with GAGAS and Uniform Guidance

    Advanced Preparation

    None

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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 

Field(s) of Study: Auditing Governmental

NASBA Approved

Intermediate Level

1.0 Hrs

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    Learning Objectives

    • Properly document internal controls over compliance in conformity with the Uniform Guidance 
    • Compare ICFR with ICOC 

    Level

    Intermediate

    Prerequisites

    Prior experience with single audits

    Advanced Preparation

    None

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Title : Applying GASB 84 Fiduciary Activites

Presented By : Melisa Galasso

GASB Statement No. 84, Fiduciary Activities, made major changes to the requirements for reporting fiduciary activities. This course will review the key requirements to determine whether an activity should be reported as a fiduciary activity or as a governmental or business-type activity. Attendees will be able to test their knowledge with case studies. The course also addresses amendments to GASB 84 in particular those for defined contribution plans. 
Key Topics: 
  • Definition of control 
  • Impact of direct financial involvement and administrative involvement 
  • GASB Statements No. 84 and 97 
Field(s) of Study: Accounting Governmental

NASBA Approved

Update Level

1.0 Hrs

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    Learning Objectives

    Analyze a transaction to determine if it’s a fiduciary activity

    Recognize the reporting requirements for fiduciary activities

    Level

    Update

    Prerequisites

    Prior experience with financial reporting and auditing of governmental entities

    Advanced Preparation

    None

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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 

Field(s) of Study: Auditing

NASBA Approved

Update Level

1.0 Hrs

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    Learning Objectives

    Describe procedures required in an AUP engagement 

    Level

    Update

    Prerequisites

    Prior experience with AUP Engagements

    Advanced Preparation

    None

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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

Field(s) of Study: Auditing

NASBA Approved

Update Level

2.0 Hrs

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    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

    Update

    Prerequisites

    Prior experience with audit standards of the AICPA

    Advanced Preparation

    None

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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.

Field(s) of Study: Auditing

NASBA Approved

Intermediate Level

2.0 Hrs

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    Learning Objectives

    • Describe the minimum documentation requirements from AU-C 230
    • Recall common work paper deficiencies identified by the AICPA

    Level

    Intermediate

    Prerequisites

    Prior experience with GAAS

    Advanced Preparation

    None

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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

Field(s) of Study: Regulatory Ethics

NASBA Approved

Update Level

2.0 Hrs

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  • More Info

    Learning Objectives

    • Describe changes to AICPA Professional Ethics Code 
    • Recognize projects that may impact the profession in the future

    Level

    Update

    Prerequisites

    Prior experience with the AICPA Code of Professional Conduct. 

    Advanced Preparation

    None

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