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Instructor : Melisa Galasso

  • 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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    Learning Objectives

        • Describe the five components of internal controls 
        • List the benefits of internal control frameworks 
        • Explain the reasons for the COSO 2013 Update 

    Level

    Basic

    Prerequisites

    None

    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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    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

  • Events
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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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    Learning Objectives

    Analyze a transaction to determine if it’s a fiduciary activity

    Recognize the reporting requirements for fiduciary activities

    Level

    Update

    Prerequisites

    Prior experience with financial reporting and auditing of governmental entities

    Advanced Preparation

    None

  • Events
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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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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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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, and how you can overcome them by employing best practices. 

Key Topics: 

Estimates 

Internal controls 

Documentation 

Risk Assessment 

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

Hosting

Records Requests

PEEC Three-year Plan

Information System Services

NOCLAR

Field(s) of Study: Regulatory Ethics
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*** This course is for CPAs licensed in the Commonwealth of Virginia and has been approved by the Virginia Board of Accountancy in 2021.  ***


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

Hosting

Records Requests

PEEC 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 Conduct. 

    Advanced Preparation

    None

  • Events
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This course covers the important changes to Yellow Book as well as Single Audits. We will review the major changes auditors need to understand when performing audits under GAGAS (aka Yellow Book or Government Auditing Standards). Areas of focus include the updated independence requirements, form and organization of the guidance, and quality control as well as common deficiencies. We’ll also look at 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 to the Uniform Guidance as well as the impact of COVID on Single Audits.

Key Topics:

  • 2018 Yellow Book including CPE requirements for Yellow Book
  • COVID19 GAGAS Alert
  • SAS 134 and 140
  • Uniform Guidance Update
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 modified accrual accounting. We will discuss budgetary accounting and the use of encumbrances. We will review the rules on exchange and nonexchange transactions. We’ll also analyze the layouts of the fund financial statements as well as the government-wide financial statements. The class will also cover the concept of component units and close the accounting section with a discussion on the concepts of Management Discussion & Analysis (MD&A) and other RSI that are specific to governmental entities.

Field(s) of Study: Accounting Governmental
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    Learning Objectives

    • Describe the unique accounting principles and transactions applicable to governmental entities

    Level

    Basic

    Prerequisites

    None

    Advanced Preparation

    None

  • Events
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Nonprofits face unique accounting issues.  This session will introduce attendees to the financial statements and unique accounting principles applicable to not-for-profit organizations. Specifically, this session will focus on the typical transactions and account balances unique to NFPs, including, net assets, agency transactions, contributions, endowments, and programmatic investments.

Field(s) of Study: Accounting Governmental
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    Learning Objectives

    • Describe the unique accounting principles and transactions applicable to NFP organizations

    Level

    Basic

    Prerequisites

    None

    Advanced Preparation

    None

  • Events
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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.

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.

Field(s) of Study: Accounting 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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Not-For-Profit entities are challenged with many unique accounting issues. This course reviews ASUs directly or indirectly impacting nonprofit entities and it features a deep dive into ASU 2018-08 and its impact on revenue recognition for grants and other contracts including application for Paycheck Protection Program (PPP). As we turn from accounting to auditing, we will look at the new auditor’s report effective in December 2021. We close with a review of Yellow Book alerts regarding COVID19 and the impact of fraud on risk assessment. This course provides an overview of the key items impacting nonprofit entities. 


Key Topics: 

New Auditors Report 

Government Stimulus Accounting 

Yellow Book Alerts

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 Revenue Recognition for Grants & Contracts and its its impact on accounting for PPP and other federal funding in response to the global pandemic. Attendees will also gain an understanding of what must be considered in order to implement standards impacting nonprofit entities including leases, the definition of collection, goodwill amortization for nonprofits, and gifts in kind. We also address the impact of COVID19 on reporting for nonprofit entities. 

Key Topics: 

COVID19 
ASU 2018-08 
Leases 
Gifts in Kind

Field(s) of Study: Accounting Governmental
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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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    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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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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This course offers an in-depth look at the new 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.

Field(s) of Study: Accounting
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This course will cover the Accounting Standards Updates (ASUs) issued by the FASB that will be effective this year as well as those that will be effective in the near future. The course will address those standards that will be effective for public and private entities in 2021. We’ll close with a review of the lease standard which has been delayed twice for private entities. 


Key Topics: 

FASB Update

Leases 

Field(s) of Study: Accounting
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This course reviews accounting standards issued by the Government Accounting Standards Board (GASB) that will be effective this year as well as those that will be effective in the near future. In addition to reviewing the standards, we will also focus on implementation strategies and challenges. Finally, we will turn our attention to the future by discussing GASB’s current projects and exposure drafts. 

Key Topics: 

Fiduciary Activities 

Leases 

SBITAs 

Revenue & Expense Recognition 

Financial Reporting Model 

Field(s) of Study: Accounting Governmental
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