Discuss compliation and review changes, learn about the fraud triangle and explore new lease accounting guidance from industry leading experts.
DESIGNED FOR
Whether you are a CPA in public practice or private accounting, this conference is a must to keep you one step ahead in a constantly changing business environment.
HIGHLIGHTS
8-8:30 a.m.
Registration and Continental Breakfast
8:30-10:30 a.m.
FASB Update
John M. Fleming, CPA, MBA
Many changes have taken place at the FASB. Discuss an overview of Accounting Standard Updates during 2018 and 2019 with broad application. A quick synopsis will address all other ASUs.
10:30-10:40 a.m.
Morning Break
10:40 a.m.-12:10 p.m.
Financial Statement Fraud
John M. Fleming, CPA, MBA
What is the Fraud Triangle? What does it have to do with Financial Statement Fraud? Explore motivations to commit fraud through case studies and the Report to the Nations Concerning Occupational Fraud.
12:10 -1 p.m.
Lunch
1-2:40 p.m.
Concurrent Sessions. Please choose one.
1A. Lease Accounting – ASU 2016-02, As Amended
John M. Fleming, CPA, MBA
Review the new lease accounting guidance for lessees effective for private companies reporting on GAAP for periods beginning after December 15, 2019. Lease classification as operating and finance leases will be discussed as well as pattern of expense issues for subsequent measurement of leases.
1B. Recent Compilation and Review Issues
James J. Newhard, CPA
Discuss the recent changes that have taken place in compilation and review services with the issuances of SSARS 21 through 24. In addition, the practice issues associated with providing preparation services will be discussed.
1C. Risk Assessment Revised – Are You Assessing Audit Risk Properly?
Rebecca M. Lee, CPA
This session reviews AU-C Section 315 procedures which revisit the risk assessment process and identify the risk assessment procedures required in properly planning an audit. The steps appear simple: Identify, assess and respond to the risk of material misstatement (RMM). While this seems straight forward, the peer reviewers have found that one in ten firms currently fail to comply with the procedures of AU-C 315. Skipping just one step can lead to a nonconforming engagement. A common misconception with small business clients is that since they have few internal controls that risk will automatically be assessed at high. But this assumption may skip fundamental requirements. How does the firm avoid such costly mistakes? Join this session to explore missed or misunderstood requirements and provide solutions to eliminate non-compliance.
2:40-2:50 p.m.
Afternoon break
2:50-4:30 p.m.
Concurrent Sessions. Please Choose one
2A. Lease Accounting – ASU 2016-02, As Amended (Repeated)
John M. Fleming, CPA, MBA
Review the new lease accounting guidance for lessees effective for private companies reporting on GAAP for periods beginning after December 15, 2019. Lease classification as operating and finance leases will be discussed as well as pattern of expense issues for subsequent measurement of leases.
2B. Reporting to Third Parties Financial and Non-Financial Matters
James J. Newhard, CPA
CPAs are often asked to write letters to third parties on behalf of their clients. CPAs are often in the best position to provide necessary information, their credibility is needed, and providing such information can be a valuable client service. This session will explore when professional standards will apply in these cases. It will compare the Audit, SSARS and Attestation standards and discuss when each are applicable.
2C. Peer Review Update
Rebecca M. Lee, CPA
This session will address the most common peer review matters as identified by the AICPA and PCAOB. These matters include recurring deficiencies in accounting and disclosure in audit, review, compilation and preparation engagements.
COURSE LEVEL
Intermediate
PREREQUISITES
None
ADVANCE PREPARATION
None