Financial Statement Fraud
Title : Financial Statement Fraud
Presented By : Jaclyn Veno
One of the three major forms of occupational fraud, along with corruption and asset misappropriation, is financial statement fraud. From improper asset valuation to fictitious revenues, this course will review financial statement fraud red flags and examine real-life examples.
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Learning Objectives
- Identify trends in financial statement fraud
- Recall examples of financial statement fraud schemes
- Describe audit procedures required to respond to fraud risk
Level
BasicPrerequisites
None
Advanced Preparation
None
Internal Controls Best Practices
Title : Internal Controls Best Practices
Presented By : Melisa Galasso
Internal control frameworks help organizations identify the right controls without recreating the wheel. This webinar is designed to provide an overview of the updated 2013 COSO Internal Control – Integrated Framework as well as the Standards for Internal Control in the Federal Government (AKA the "Green Book“). We will review a history of COSO and its evolution until today. The updated Framework formalizes 17 principles which must be present and functioning in order to demonstrate effective internal controls. We’ll discuss each of these principles and related points of focus in detail including practical waits to implement. We’ll then look at how GAO leveraged the update of COSO to update the Green Book. We’ll then take a closer look at enterprise risk management and provide an overview of how entities can perform an effective risk assessment and mitigate risks through a control self-assessment (CSA) process. We’ll review the steps for control self-assessments and how small to medium entities can leverage CSAs to improve their internal controls.
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Learning Objectives
- Identify types of controls.
- Recall the five components of internal control
- Identify steps in performing a control self-assessment
- Distinguish between ICFR and ICOC
Level
BasicPrerequisites
None
Advanced Preparation
None
Common Deficiencies in EBP Audits
Title : Common Deficiencies in EBP Audits
Presented By : Melissa Critcher
Introducing: Melissa Critcher
During this presentation, the most common mistakes made by employee benefit plan auditors, as well as, plan sponsors will be identified. Best practices for handling specific issues that arise during the course of the engagement will also be explored. This discussion will help auditors recognize potential pitfalls in audit procedures/documentation and assist plan sponsors with compliance issues.
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Learning Objectives
- Identify and address common peer review issues
- Recognize and avoid mistakes made by plan sponsors
- Apply best practices to prevent audit mistakes
Level
IntermediatePrerequisites
Knowledge of and experience with Employee Benefit Plan audits
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
Addressing Common Documentation Deficiencies
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.
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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
IntermediatePrerequisites
Prior experience with GAAS
Advanced Preparation
None
Common Deficiencies in SSARS Engagement
Title : Common Deficiencies in SSARS Engagements
Presented By : Melisa Galasso
While SSARS 21 has been around for nearly a decade, preparation, compilation and review engagements continue to be a hot topic for peer review. This course will concentrate on the most common peer review findings with a focus on how to comply in an efficient but practical perspective. This course will discuss the root cause of noncompliance so that overall engagement quality increases.
Key Topics:
* Compilation and review engagements
* Peer review
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Learning Objectives
- Describe common deficiencies identified in peer review
- Identify methods to improve quality
- Recognize root causes of noncompliance
Level
BasicPrerequisites
Experience with compilation and review engagements
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
Independence Requirements for Auditors
Title : Independence Requirements for Auditors
Presented By : Melisa Galasso
CPAs in public practice are required to maintain independence. In this course, we will discuss concepts associated with independence and review the rules from the AICPA Code of Professional Conduct with a focus on their practical application.
We will also review the recently issued ethics interpretations from the Professional Ethics Executive Committee (PEEC), which impact independence, and discuss practical methods of implementation.
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Learning Objectives
- Identify types of controls
- Recall information on control best practices
Level
BasicPrerequisites
None
Advanced Preparation
None
Public Procurement Basics: Protecting the People's Money
Title : Public Procurement Basics: Protecting the People’s Money
Presented By : Jaclyn Veno
Introducing: Jaclyn Veno
Procurement is a critical component of successful government operations and while there are challenges in public procurement there are a number of guidelines that offer a pathway for success. This course will offer guidance on how governments can meet complicated procurement needs and develop practices that protect public funds.
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Learning Objectives
- Recall the four pillars of public procurement
- Identify public procurement best practices
- Identify key requirements of the procurement standards in the Uniform Guidance
Level
BasicPrerequisites
None
Advanced Preparation
None
What's Changing in Risk Assessment (SAS 145)
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.
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Learning Objectives
Recall changes to risk assessment requirements
Identify impact on audit methodology
Level
UpdatePrerequisites
Prior experience with AU-C 315
Advanced Preparation
None
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