Audit and Attestation Update - 5/23 8 AM MT (4 CR)
Title : Audit and Attestation Update: What's Going on at the AICPA
Presented By : Melisa Galasso
Now that auditors have adopted the new auditor reporting suite, it is time to turn our attention to SAS 142, Audit Evidence, which is effective this year. This course will review the changes driven by SAS 142 before looking further ahead to SAS 143 through 145 to understand their impact on auditing estimates and risk assessment. These standards will be effective in 2023. We will also provide an update on the changes to examination and review engagements under the SSAEs before closing with the proposed changes to quality management.
Key Topics
Audit Evidence
Risk Assessment
Auditing Estimates
Examination Engagement
Quality Management
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Learning Objectives
- Identify changes to the performance requirements for attestation standards
- Recall changes to reporting requirements
Level
UpdatePrerequisites
Prior experience with GAAS
Common Yellow Book & Single Audit Deficiencies - 5/23 12:20 PM MT (4 CR)
Title : Common Yellow Book and Single Audit Deficiencies
Presented By : Melisa Galasso
This course will review focus areas for peer review of Single Audits and Yellow Book engagements. We discuss the requirements for major program determination, testing compliance, testing internal controls over compliance, sampling, and reporting for Single Audits. We also address Yellow Book CPE and independence requirements. In addition to providing an overview of the common deficiencies and key trends identified by the AICPA, this course will also provide best practices for how entities can properly perform procedures in these areas.
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Learning Objectives
- "Recognize CPE requirements for Yellow Book engagements
- Perform a major program determination compliant with the Uniform Guidance
- Properly identify internal controls over compliance
- Identify compliance requirements in the Uniform Guidance
- Recognize the control risk and internal controls over compliance
- Identify the reporting requirements for Single Audits
- Properly perform sampling under the Uniform Guidance
- Recognize common audit deficiencies
- Recognize the independence requirements for Yellow Book
Level
IntermediatePrerequisites
Prior experience with GAGAS and Uniform Guidance
Deep Dive Into Common Auditing Deficiencies - 5/24 8 AM MT (4 CR)
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 includes discussion on a variety of topics including auditing estimates, internal controls deficiencies, documentation deficiencies, and risk assessment. We will review the areas of concern, the profession’s response to these deficiencies including SASes 143 and 145, and how you can overcome them by employing best practices
Key Topics
Estimates
Documentation
Risk Assessment
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Learning Objectives
- Properly perform risk assessment and documentation
- Recall best practices for auditing estimates
- Recognize changes to auditing standards for estimates and risk assessment
Level
IntermediatePrerequisites
Prior experience with GAAS
Advanced Preparation
None
SAS 134-141: The New Auditor's Report - 5/24 12:20 PM MT (2 CR)
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
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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
UpdatePrerequisites
Prior experience with audit standards of the AICPA
Advanced Preparation
None
The Continued Impact of COVID on Accounting and Auditing - 5/24 2:20 PM MT (2 CR)
Title : The Continued Impact of COVID on Accounting and Auditing
Presented By : Melisa Galasso
This course will address the accounting and auditing for COVID-19 funds ranging from the CARES Act to ARP and everything in between. Attendees will address accounting issues ranging from goodwill and asset impairment to risk and uncertainty disclosures. The AICPA predicts there will be more than 10,000 new single audits due to all the federal funding related to COVID. We’ll address the impact on Single Audits including instructions in the 2021 Compliance Supplement. We’ll close with a look at remote auditing in a COVID environment.
Key Topics:
CARES Acts
Single Audits
Remote work
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Learning Objectives
Identify the impact of COVID-19 on Single Audits
Recognize the impact of COVID-19 on financial reporting
Level
BasicPrerequisites
None
Advanced Preparation
None
Governmental Auditing Update: Yellow Book & Uniform Guidance - 5/25 9AM EST (4 CR)
Title : Governmental Auditing Update: Yellow Book and Uniform Guidance
Presented By : Melisa Galasso
This course covers the important information needed when performing Yellow Book and Single Audit engagements. Areas of focus include the updated independence requirements in Yellow Book as well as the 2021 Yellow Book Technical correction. We'll also review 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 issued in 2020 as well as the impact of COVID-19 on Single Audits.
Key Topics
- SAS 134 and 140
- Yellow Book Update
- Uniform Guidance Update
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Learning Objectives
- Identify changes to the auditor’s report
- Analyze how non audit services impact independence
- Describe changes to the Uniform Guidance
- Recall impact of COVID-19 on Single Audits
Level
UpdatePrerequisites
Prior experience with GAGAS and Uniform Guidance
Advanced Preparation
None
Deep Dive Into Common Auditing Deficiencies -5/25 9 AM EST (4 CR)
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 includes discussion on a variety of topics including auditing estimates, internal controls deficiencies, documentation deficiencies, and risk assessment. We will review the areas of concern, the profession’s response to these deficiencies including SASes 143 and 145, and how you can overcome them by employing best practices
Key Topics
Estimates
Documentation
Risk Assessment
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More Info
Learning Objectives
- Properly perform risk assessment and documentation
- Recall best practices for auditing estimates
- Recognize changes to auditing standards for estimates and risk assessment
Level
IntermediatePrerequisites
Prior experience with GAAS
Advanced Preparation
None
Yellow Book Ethics - 5/25 8 AM MT (2 CR)
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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More Info
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
Introduction to Governmental Accounting - 5/25 11 AM EST (2 CR)
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
Consideration of Fraud - 5/25 10 AM MT (2 CR)
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
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