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Instructor : 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
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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

Field(s) of Study: Auditing
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    Learning Objectives

    • Describe common deficiencies identified in peer review
    • Identify methods to improve quality
    • Recognize root causes of noncompliance

    Level

    Basic

    Prerequisites

    Experience with compilation and review engagements

    Advanced Preparation

    None

  • Events
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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 to have assurance around their ESG reporting.

Field(s) of Study: Auditing
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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

  • Events
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Professional conduct and ethical behavior form the  cornerstone of the CPA profession. In our profession, ethics is more than just the possession of a strong moral compass. CPAs must understand recent Professional Ethics Executive Committee interpretations impacting the Code of Professional Conduct and be able to apply them to their practice. In this course, we review the new interpretations and provide practical guidance on their impact. We'll also review the projects on PEEC's three-year plan.

Key Topics

  • Staff Augmentation
  • Records Requests
  • PEEDC Three-year Plan
  • Information System Services
  • NOCLAR
Field(s) of Study: Regulatory Ethics
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    Learning Objectives

    • Describe changes to AICPA Professional Ethics Code 
    • Recognize projects that may impact the profession in the future

    Level

    Update

    Prerequisites

    Prior experience with the AICPA Code of Professional Ethics

    Advanced Preparation

    None

  • Events
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This course will cover what's going on at both the FASB and AICPA by reviewing the standards effective this year. We'll start with a review of the Accounting Standards Updates (ASUs) issued by the FASB that will be effective this year including a deep dive into Topic 842, Leases. The course will address those standards that will be effective for both public and private entities in 2022. We'll then turn our attention to the audit side of the house with a focus on SAS 142 which is effective this year. This course is a great way to overview all the A&A standards effective this year.

Key Topics

Leases

FASB Update

Audit Evidence

Field(s) of Study: Accounting, Auditing
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In this course, we will look at the recent activities of the FASB, the Auditing Standards Board (ASB), and Accounting & Review Services Committee (ARSC) that impact small businesses. We will discuss the impact of the new standards and how you can prepare to implement them in a practical way. This course is tailored to focus on topics primarily impacting smaller entities. It does not cover some of the more complex accounting requirements not commonly found in smaller entities.

Key Topics

Private company ASUs

Audit evidence

Quality Management

Field(s) of Study: Accounting, Auditing
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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
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The Auditing Standards Board has completed their update of the three engagement types in the SSAEs. We’ll review the changes to the examination, review and agreed upon procedures standard to provide you with a look at the changes to performance and reporting requirements.


Key Topics:

  • Agreed Upon Procedures
  • Examination Engagements
  • Attestation Standards
Field(s) of Study: Auditing
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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

Field(s) of Study: Auditing
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    Learning Objectives

    • Identify changes to the performance requirements for attestation standards
    • Recall changes to reporting requirements

    Level

    Update

    Prerequisites

    Prior experience with GAAS

  • Events
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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. 

Field(s) of Study: Auditing Governmental
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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

    Intermediate

    Prerequisites

    Prior experience with GAGAS and Uniform Guidance 

  • Events
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COVID19 has impacted how we communicate with our teams. This course will look at communication best practices and provide examples of how audit teams can work collaboratively together to meet the objectives of the audit. We’ll focus on supervising staff, communicating feedback in a virtual environment and adjusting communication styles for our audience.

Key Topics

Remote Auditing Environment 

Feedback in a Digital Environment 

Communication Styles 

What Prevents Confident Communication 

Two-Way Communication 

Digital Impact 

Confidence & Credibility 

Field(s) of Study: Communications and Marketing
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    Learning Objectives

    • Identify best practices in remote auditing 
    • Recognize communication styles

    Level

    Basic

    Prerequisites

    None

    Advanced Preparation

    None

  • Events
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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

Field(s) of Study: Auditing
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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

Field(s) of Study: Auditing
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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
Field(s) of Study: Auditing Governmental
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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

    Update

    Prerequisites

    Prior experience with GAGAS and Uniform Guidance

    Advanced Preparation

    None

  • Events
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GASB has been very busy issuing standards impacting state and local governments. This course begins with a deeper dive into GASB 87, Leases. by reviewing the impact for both lessees and lessors. We will also cover other standards effective this year impacting state and local governments including the recently renamed annual comprehensive financial report and reference rate reform.

Key Topics

GASB Leases

Reference Rate Reform

GASB Update

Field(s) of Study: Accounting Governmental
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  • The Uniform Guidance identifies COSO and Green Book as best practices in internal control. This course will cover the background on COSO and its 2013 update. We’ll also review the application of COSO to Green Book. Attendees will learn how to leverage Part 6 of the Compliance Supplement for documentation of internal controls. 
Field(s) of Study: Auditing Governmental
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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
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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
Field(s) of Study: Accounting Governmental
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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
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Nonprofits face unique accounting challenges. This course will introduce attendees to the financial statements and unique accounting principles applicable to not-for-profit organizations. Specifically, we will focus on the typical transactions and account balances unique to NFPs, including net assets, agency transactions, contributions, endowments, and programmatic investments.

Key Topics:

  • Contributions
  • Net asset categories
  • Endowments
  • Programmatic Investments
Field(s) of Study: Accounting Governmental
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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
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Change is all around us and the pace of that change continues to accelerate. CPAs who can effectively manage change will be the future leaders of the profession. As organizations and the CPA profession continue to evolve, professionals will need to demonstrate resilience and a future-ready skillset to thrive in this ever-changing world. This course will look at practical ways CPAs can not only accept the change that is happening around them, but also effectively manage that change efficiently and effectively. 

Field(s) of Study: Business Management & Organization
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This course covers FASB Accounting Standard Updates (ASUs) that impact NFPs. It includes a deep dive into the new disclosure requirements for contributed nonfinancial assets in ASU 2020-07. We also review the impact of COVID-19 on accounting for various federal funding in response to the global pandemic. Then we will turn our attention to the audit side of the house and focus on changes to the auditor's report. The course closes with a look at the new compliance supplement and changes to the Uniform Guidance.

Key Topics

COVID-19

Gifts in Kind

Auditor Reporting

Uniform Guidance


Field(s) of Study: Accounting Governmental, Auditing Governmental
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This course covers FASB Accounting Standard Updates (ASUs) that impact NFPs. It includes a deep dive into the new disclosure requirements for contributed nonfinancial assets in ASU 2020-07. We also review the impact of COVID-19 on accounting for various federal funding in response to the global pandemic. Finally, attendees will also gain an understanding of what must be considered in order to implement standards impacting nonprofit entities including leases.

Key Topics

COVID-19

Leases

Gifts in Kind

Field(s) of Study: Accounting Governmental
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This course covers FASB Accounting Standard Updates (ASUs) that impact not-for-profit entities. It includes a deep dive into the new disclosure requirements for contributed nonfinancial assets in ASU 2020-07. We also review the impact of COVID19 on accounting for various federal funding in response to the global pandemic.

Key Topics

COVID-19

Gifts in Kind


Field(s) of Study: Accounting Governmental
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The COVID19 pandemic further highlighted the importance of providing users of financial statements with information concerning risks and uncertainties. While certainly no one was predicting a global pandemic, different entities have weathered the pandemic differently. This course will review the requirements for risk and uncertainty disclosures, while also providing example disclosures. Then we will turn our attention to the accounting and auditing requirements for going concern. Many businesses did not weather the pandemic, while many others are still not sure they will be able to continue under the current operating requirements. This course will provide a look at best practices in disclosures as well as the auditor’s responsibility for going concern as emphasized in SAS 134. 

Key Topics: 

SAS 134 

Risk disclosures 

Field(s) of Study: Auditing
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    Learning Objectives

    • Recognize the audit risk model 
    • Perform risk assessment procedures compliant with the audit standards

    Level

    Basic

    Prerequisites

    None

    Advanced Preparation

    None

  • Events
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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

Field(s) of Study: Auditing
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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

    Update

    Prerequisites

    Prior experience with audit standards of the AICPA

    Advanced Preparation

    None

  • Events
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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
  • More Info

    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

  • Events
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This course will keep you informed about what’s going on in Uniform Guidance including the new compliance supplement including a focus on ARPA funding. We will also review the 2020 update to the Uniform Guidance. We close with a look at Part 6 of the Compliance Supplement with a focus on internal controls over compliance which is a common audit deficiency. This course will help firms keep up to date with the information they need to perform Single Audits in these changing times.

Key Topics

Changes to Uniform Guidance

ARPA Funding

Internal Controls Over Compliance

Field(s) of Study: Auditing Governmental
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    Learning Objectives

    Recognize the impact of COVID on Single Audits

    Identify changes to the Uniform Guidance

    Recall how to leverage Part 6 when documenting internal controls over compliance

    Level

    Update

    Prerequisites

    Prior experience with single audits

    Advanced Preparation

    None

  • Events
    March 24, 2023 @ 9:00 AM - ET Single Audit Update - 3/24 9 AM ET (2 CR)
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Agreed Upon Procedures (AUPs) are getting an upgrade. SSAE 19 was issued to address issues found in practice with AUPs. We’ll discuss how to properly perform AUP engagements with a focus on what is changing. 

Key Topics: 

SSAE 19 

AUP changes 

Field(s) of Study: Auditing
  • More Info

    Learning Objectives

    Describe procedures required in an AUP engagement 

    Level

    Update

    Prerequisites

    Prior experience with AUP Engagements

    Advanced Preparation

    None

  • Events
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