2024 Single Audit Update
Title : 2024 Single Audit Update
Presented By : Melisa Galasso
This course will start with a review of the impact of the 2024 Compliance Supplement on Single Audits as well as the changes to the Uniform Guidance. We will also review common audit deficiencies found in Single Audits.
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Learning Objectives
- Identify changes to single audits as a result of the 2024 Compliance Supplement
- Recognize changes to the Uniform Guidance
- Identify the proper method of identifying and testing internal controls over compliance
- Recall common deficiencies found related to Single Audits
Level
UpdatePrerequisites
Prior experience with the Uniform Guidance
Advanced Preparation
None
Independence For Auditors - AICPA, PCAOB, GAO & DOL
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.
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Learning Objectives
Recognize the requirements for independence under AICPA, GAO, DOL and PCAOB
Level
UpdatePrerequisites
Prior experience with independence rules
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
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 Controls Over Compliance vs Compliance
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
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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
Deep Dive into Common Auditing Deficiencies
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.
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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
IntermediatePrerequisites
Prior experience with GAAS
Advanced Preparation
None
What's Going on at the FASB (2024)
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.
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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
UpdatePrerequisites
Prior experience with GAAP
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
Consideration of Fraud
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
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Learning Objectives
- Define fraud
- Describe audit procedures required to respond to fraud risk
Level
BasicPrerequisites
None
Advanced Preparation
None
Topic 842 - Implementing Leases Workshop
Title : Topic 842 - Implementing Leases Workshop
Presented By : Melisa Galasso
This updated course offers an in-depth look at the FASB leases standard (ASC 842), which requires organizations to recognize lease assets and liabilities on the balance sheet. This comprehensive course will cover recognition, measurement, presentation and disclosure requirements, while also focusing on a key area of change which is proper identification of a lease using a principles-based approach. We will discuss implementation requirements from both the lessee and lessor accounting models. In addition, we explore a variety of scenarios including short-term leases, purchase options, variable lease payments, and remeasurement. This course offers practical journal entry examples, lessons learned from implementation, and explores recently issued amendments to the lease accounting guidance.
Key Topics
Leases
Topic 842
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Learning Objectives
- Define a lease under the new leases standard
- Apply recognition and measurement requirements of the new leases standard
- Describe the presentation and disclosure requirements of the new leases standard
- Prepare journal entries necessary to account for leases as both a lessee and lessor
Level
IntermediatePrerequisites
Prior experience with accounting for leases
Advanced Preparation
None
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