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Instructor : 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

Field(s) of Study: Auditing
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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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  • 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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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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    Learning Objectives

    Recognize changes to financial reporting effective in 2022

    Recall the definition of a lease under Topic 842 Identify changes to the requirements for audit evidence

    Level

    Update

    Prerequisites

    Prior experience with GAAP or GAAS

    Advanced Preparation

    None

  • Events
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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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    Learning Objectives

    • Identify accounting standards impacting small business financial reporting
    • Describe how audit standards will impact the audits of small businesses
    • Recall the impact of QM on audit firms

    Level

    Update

    Prerequisites

    Prior experience with US GAAP or GAAS

    Advanced Preparation

    None

  • Events
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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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GASB Statement No. 84, Fiduciary Activities, made major changes to the requirements for reporting fiduciary activities. This course will review the key requirements to determine whether an activity should be reported as a fiduciary activity or as a governmental or business-type activity. Attendees will be able to test their knowledge with case studies. The course also addresses amendments to GASB 84 in particular those for defined contribution plans. 
Key Topics: 
  • Definition of control 
  • Impact of direct financial involvement and administrative involvement 
  • GASB Statements No. 84 and 97 
Field(s) of Study: Accounting Governmental
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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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The AICPA has been busy lately! This course will cover recently issued SASes, SSARS, and SSAEs. Attendees will take a deep dive into the new auditor's reporting suite that will be effective in December 2021. We will also look at the rest of the recently issued audit standards and the major proposals. This course provides attendees with an overview of all the key audit and attest standard-setting activities of the AICPA. 

Key Topics: 

New auditor’s report 

Attestation Update 

Audit evidence 

Auditing estimates 

Field(s) of Study: Accounting
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    Learning Objectives

    • List recently issued auditing and attestation standards 
    • Identify the impact of recently issued SASes, SSARS and SSAEs 
    • Describe changes to the auditor’s report 
    • Recall the impact of SAS 136 on employee benefit plan audits

    Level

    Update

    Prerequisites

    Prior experience with GAAS

    Advanced Preparation

    None

  • Events
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Performing an audit of Student Financial Assistance under the Uniform Guidance requires significant attention to detail. During this course, we will review the requirements from the Department of Education for Title IV funding and the related audit requirements. We will also discuss some of the common deficiencies identified by the Department of Education and best practices for avoiding these recurrent issues.


Key Topics: 

Student Financial Assistance

Title IV

Uniform Guidance


Field(s) of Study: Auditing Governmental
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    Learning Objectives

    • Describe procedures to test compliance with student financial aid

    Level

    Basic

    Prerequisites

    None

    Advanced Preparation

    None

  • 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: Accounting Governmental
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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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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
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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

  • Events
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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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    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

  • Events
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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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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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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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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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    Learning Objectives

    Identify skills need in the change management process 

    Describe change model

    Level

    Basic

    Prerequisites

    None

    Advanced Preparation

    None

  • Events
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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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    Learning Objectives

    • Identify ASUs impacting NFP entities
    • Describe lease accounting under Topic 842
    • Recall the disclosure requirements for contributed nonfinancial assets

    Level

    Update

    Prerequisites

    Prior experience with NFP financial reporting

    Advanced Preparation

    None

  • Events
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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
  • More Info

    Learning Objectives

    Identify ASUs impacting NFP entities

    Recall the disclosure requirements for contributed nonfinancial assets


    Level

    Update

    Prerequisites

    Prior experience with NFP financial reporting

    Advanced Preparation

    None

  • Events
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LIBOR is currently the benchmark for over US $350 trillion in financial contracts worldwide. Yet in 2021, LIBOR (and related IBORs) are going away. The global response to reference rate reform is requiring standard setters to provide practical expedients and exceptions to current modification guidance. This course will review the FASB and GASB standards issued to provide relief for impacted entities. 

Key Topics: 

Reference rate reform 

LIBOR and SOFR 

Field(s) of Study: Accounting
  • More Info

    Learning Objectives

    • Describe the changes to accounting standards to address the termination of LIBOR

    Level

    Update

    Prerequisites

    Prior experience with GAAP

    Advanced Preparation

    None

  • Events
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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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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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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
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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
  • More Info

    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
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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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