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Title : What's Going on at the GASB

Presented By : Melisa Galasso

The GASB has been working on some big projects lately. This course starts with a look at the GASB standards effective this year, including GASB 94, Public Private Partnerships and GASB 96, Subscription Based IT Arrangements. We will include practical applications in the form of case studies to apply the topics. We will then switch gears to the GASB standards coming down the pike, including the major projects of the GASB.

Field(s) of Study: Accounting Governmental

NASBA Approved

Update Level

4.0 Hrs

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    Learning Objectives

    • Recall the impact of GASB 94 on financial reporting for governments
    • Describe the accounting for subscription based IT arrangements
    • Prepare journal entries compliant with GASB 94
    • Prepare journal entries compliant with GASB 96
    • Recall the impact of standards effective in 2023
    • Recall major projects the GASB is working on
    • Identify GASB standards effective after 2023

    Level

    Update

    Prerequisites

    Prior experience with accounting for governmental agencies

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Title : What is Changing in Risk Assessment (SAS 145)

Presented By : Melisa Galasso

SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, was issued in October 2021. The audit standard amends AU-C 315, including many changes to address common audit deficiencies. This course will provide an overview of SAS 145 and its changes to AU-C 315. Attendees will have an opportunity to evaluate the impact on audit methodology and documentation.

Field(s) of Study: Auditing

Update Level

2.0 Hrs

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    Learning Objectives

    Recall changes to risk assessment requirements

    Identify impact on audit methodology

    Level

    Update

    Prerequisites

    Prior experience with AU-C 315

    Advanced Preparation

    None

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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
Field(s) of Study: Regulatory Ethics

NASBA Approved

Intermediate Level

2.0 Hrs

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    Learning Objectives

    • Identify changes to independence rules in the 2018 Yellow Book
    • Recognize the ethical principles in GAGAS

    Level

    Intermediate

    Prerequisites

    Prior experience with Yellow Book

    Advanced Preparation

    None

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Title : Yellow Book Update

Presented By : Melisa Galasso

More and more entities need Yellow Book engagements, including a growing number of for-profit entities. In this course, we will review the unique independence requirements in GAGAS. We'll also review the new engagements that have been created as alternatives to Single Audits that requires the auditor to follow Yellow Book.

Field(s) of Study: Auditing Governmental

NASBA Approved

Update Level

2.0 Hrs

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    Learning Objectives

    • Describe alternative engagements to single audits subject to Yellow Book 
    • Recall the independence requirements in Yellow Book

    Level

    Update

    Prerequisites

    Knowledge of and experience with Yellow Book and its application to audits

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Title : Single Audit Update

Presented By : Melisa Galasso

This course will start with a review of the impact of the 2023 Compliance Supplement on Single Audits. We will also review common audit deficiencies found in Single Audits with an emphasis on COVID-related funding.

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Field(s) of Study: Auditing Governmental

NASBA Approved

Update Level

2.0 Hrs

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  • More Info

    Learning Objectives

    • Identify changes to single audits as a result of the 2023 Compliance Supplement 
    • Recall common deficiencies found related to COVID-19 funding

    Level

    Update

    Prerequisites

    Knowledge of and Experience with single audits

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Title : Not-for-Profit GAAP Update

Presented By : Melisa Galasso

This course will review the Accounting Standard Updates issued by the FASB that impact nonprofit entities. We will also look at the work of the Not-for-Profit Advisory Committee (NAC) and the projects they are advising the FASB on.

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Field(s) of Study: Accounting Governmental

NASBA Approved

Update Level

2.0 Hrs

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    Learning Objectives

    • Recall the impact of ASUs on nonprofit organizations 
    • Recall the activities of the nonprofit advisory committee

    Level

    Update

    Prerequisites

    Knowledge of and experience with GAAP as applied to government entities

    Advanced Preparation

    None

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Title : Introduction to Yellow Book

Presented By : Melisa Galasso

Performing engagements in accordance with Generally Accepted Government Auditing Standards (GAGAS or “Yellow Book”) requires additional reporting, ethics, and performance requirements. This course will identify and review the guidance found in the Yellow Book and analyze the relationship between Government Auditing Standards and the AICPA Code of Professional Conduct. We will review the Yellow Book requirements for financial statement audits while also touching upon ethical principles and independence.

Key Topics

  • Ethical requirements and independence Reporting
  • Financial statement audit differences
Field(s) of Study: Auditing Governmental

NASBA Approved

Basic Level

2.0 Hrs

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    Learning Objectives

    Describe the unique auditing requirements in the Yellow Book

    Level

    Basic

    Prerequisites

    None

    Advanced Preparation

    None

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Title : Introduction to Single Audit

Presented By : Melisa Galasso

Single Audits are an area of focus for the AICPA's Enhancing Audit Quality Initiative. The Uniform Guidance provides very unique audit requirements when auditing federal funds. This course will look into the unique performance and reporting requirements in Single Audits. Participants will have a basic understanding of internal controls over compliance, compliance requirements, how to use the Compliance Supplement, and the elements of a finding in a Single Audit.

Key Topics:

  • Uniform Guidance
  • Internal Controls over Compliance
  • Reporting
Field(s) of Study: Accounting Governmental

NASBA Approved

Basic Level

2.0 Hrs

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  • More Info

    Learning Objectives

    • Describe the unique auditing requirements in the Uniform Guidance

    Level

    Basic

    Prerequisites

    None

    Advanced Preparation

    None

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Title : Accounting and Attestation for ESG

Presented By : Melisa Galasso

Environmental, Social and Governance (ESG) has become a hot topic among standard setters. This session will look at the work of the FASB, GASB, and AICPA in the areas of ESG. We’ll also look at the types of engagements CPAs can provide to entities who want assurance around their ESG reporting.

Field(s) of Study: Auditing, Accounting

NASBA Approved

Basic Level

2.0 Hrs

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    Learning Objectives

    • Identify types of engagements CPAs can perform on ESG related items
    • Describe current projects of accounting standard setters

    Level

    Basic

    Prerequisites

    None

    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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  • More Info

    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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