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Title : 2024 Accounting and Auditing Update

Presented By : Melisa Galasso

The course will start off with a look at the Accounting Standard Updates (ASUs) issued by the FASB that will be effective in 2024 as well as those that may be great for early adoption. The course will also review year 2 issues in lease accounting including how to handle lease modifications. We'll then turn our attention from accounting to auditing where we will cover the audit standards coming down the pike including group audit and quality management.

Field(s) of Study: Auditing, Accounting

NASBA Approved

Update Level

4.0 Hrs

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    Learning Objectives

    • Recognize changes to financial reporting effective in 2024
    • Identify the requirements for lease modification accounting
    • Identify changes to the requirements for group audits
    • Recall the impact of quality management on A&A practices

    Level

    Update

    Prerequisites

    Prior experience with GAAP and GAAS

    Advanced Preparation

    None

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Title : What's Changing in A&A for Governmental Entities (2024)

Presented By : Melisa Galasso

We kick off this course with a look at the GASB standards that are effective this year including GASB 100, Accounting Changes and Error Corrections and GASB 101, Compensated Absences. We will then switch to the audit side of the house to examine the impact of the 2024 Compliance Supplement on Single Audits and the changes to the Uniform Guidance. We close with a look at common deficiencies found in Single Audits. 

Field(s) of Study: Accounting Governmental

NASBA Approved

Update Level

4.0 Hrs

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    Learning Objectives

    • Recall the impact of GASB 100 and 101 on financial reporting for governments
    • Recall the impact of standards effective in 2024
    • Identify changes to single audits as a result of the 2024 Compliance Supplement
    • Recall common deficiencies found related to Single Audits
    • Recognize changes to the Uniform Guidance

    Level

    Update

    Prerequisites

    Prior experience with governmental financial reporting and auditing

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Title : 2024 Accounting and Auditing Update for Small Businesses

Presented By : Melissa Galasso

For many small businesses, the standards issued by the FASB may have little to no effect as they impact topics that do not reflect the type  of transactions that these entities most frequently experience. This class will focus on the Accounting Standards Updates (ASUs) that are most likely to impact small businesses with a focus on ASUs initiated by the Private Company Council (PCC). We'll then look at alternative reporting options to GAAP including FRF for SMEs and IFRS for SMEs for entities who don't necessarily need to prepare GAAP financial statements but want to use accrual accounting. Finally, we will transition to audit standards that small business auditors will need to implement. 

Field(s) of Study: Auditing, Accounting

Update Level

4.0 Hrs

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    Learning Objectives

    • Recall ASUs impacting small businesses 
    • Identify reporting options for small entities other than GAAP
    • Recognize the changes to quality required of small firms 

    Level

    Update

    Prerequisites

    Prior experience with GAAP and GAAS

    Advanced Preparation

    None

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Title : 2024 Arizona Ethics

Presented By : Melisa Galasso

This course is designed to meet the four-hour ethics CPE requirements mandated by the state law in which the course is offered. We'll start the session with a review of key areas of the Arizona Administrative Rules for CPE and Professional Conduct. Then we'll review the key Arizona Revised Statutes relating to licensing and registration. We'll then transition to the AICPA ethics standards as the Professional Ethics Executive Committee (PEEC) of the AICPA has been very busy issuing new and updating existing ethics rules. This course will provide an overview of ethics rules that are recently issued and soon to be effective. CPAs in both industry and public accounting need to know these to be compliant. 
Field(s) of Study: Regulatory Ethics

NASBA Approved

Update Level

4.0 Hrs

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    Learning Objectives

    • Recall the impact of interpretations issued by PEEC Identify changes to the independence standards 
    • Recall state laws, regulations and rules regarding the practice of public accounting 

    Level

    Update

    Prerequisites

    Prior experience with the Code of Professional Conduct

    Advanced Preparation

    None

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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

Field(s) of Study: Accounting

NASBA Approved

Intermediate Level

4.0 Hrs

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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

    Intermediate

    Prerequisites

    Prior experience with accounting for leases

    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 : Introduction to Government Budgeting

Presented By : Alex Romero

The introduction to governmental budgeting course is an overview of the typical timeline and process a government uses when creating their annual budget. Topics covered include, the basics of governmental budgeting, establishing priorities for the budget, the common steps and timeline of the budget process, what, when and how we should be monitoring the budget throughout the year, and how long-term budgets fit in with the annual budget process.

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Field(s) of Study: Accounting Governmental

NASBA Approved

Basic Level

2.0 Hrs

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    Learning Objectives

    • Recall the basics of governmental budgeting and the development of the budget priorities
    • Recognize the steps involved in creating the annual government budget
    • Identify what, when, and how to monitor the budget throughout the year
    • Recognize the importance of long-term budgeting for a government and communicating the budget message

    Level

    Basic

    Prerequisites

    None

    Advanced Preparation

    None

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Title : SAS 145 - Risk Assessment

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.

Key Topics 

Risk Assessment

AU-C 315

Field(s) of Study: Auditing

NASBA Approved

Update Level

1.0 Hrs

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    Learning Objectives

    Identify changes to AU-C 315

    Describe the new risk assessment standard

    Level

    Update

    Prerequisites

    Prior experience with risk assessment standards of the AICPA

    Advanced Preparation

    None

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Title : Power Skills: Your Guide to Professionalism and Client Interaction

Presented By : Jacyln Veno

Client interactions and professionalism are at the core of what we do as accountants. However, communication with clients is not always as straightforward as it may seem. Sometimes there will be difficult conversations and disagreements that can be tough to navigate. During this course, we will discuss best practices when communicating with the client, and also walk through complicated scenarios to practice what we learn.

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Field(s) of Study: Auditing

NASBA Approved

Basic Level

2.0 Hrs

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    Learning Objectives

    • Recall best practices in professionalism during oral and written communication with clients

    Level

    Basic

    Prerequisites

    None

    Advanced Preparation

    One year of auditing experience

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Title : 2024 Governmental Auditing Update: Yellow Book & Uniform Guidance

Presented By : Melisa Galasso

Yellow Book & UNI Guidance  Yellow Book and Single Audit engagements are considered must-select engagements for Peer Review. This course will cover the Yellow Book independence requirements which are required any time an auditor is performing a Yellow Book or Single Audit, even when the engagement is for a for-profit entity. We'll take a look at the major changes in the 2024 Compliance Supplement as well as the changes to the Uniform Guidance. We'll close with major deficiencies identified by the federal agencies and peer reviewers. Identify changes to single audits as a result of the 2024 Compliance Supplement Describe the changes to Chapter 5 of Yellow Book.

Field(s) of Study: Auditing

NASBA Approved

Update Level

4.0 Hrs

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    Learning Objectives

    • Recognize changes to the Uniform Guidance 
    • Recall common deficiencies found related to Single Audits 
    • Recall the independence requirements in Yellow Book Identify the proper method of identifying and testing internal controls over compliance

    Level

    Update

    Prerequisites

    Prior experience with GAGAS and the Uniform Guidance

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