Accounting and Auditing Conference (E2111440)

8:30-10:10 a.m.
Financial Reporting Update
John M. Fleming, CPA, M.B.A.
In light of the events of the past year, there are numerous financial reporting issues for accounting professionals to consider. This session will review the potential GAAP financial reporting impacts and consequences with a focus on common financial reporting issues most companies are likely to face.

10:10-10:30 a.m.
Break

10:30 a.m.-12:10 p.m.
Disclosure Update
John M. Fleming, CPA, M.B.A.
This session will provide an update on disclosures that companies should be aware of for 2021 financial statements and the impact to the disclosures for 2022 financial statements.

12:10-12:40 p.m.
Lunch

12:40-2:20 p.m.
Breakout Sessions (Choose One)

1A. Review of Revenue from Contracts with Customers
John M. Fleming, CPA, M.B.A.
This session will look at revenue standard ASU 2014-09 as amended by ASU 2020-05 (as it is now effective for most companies), and the issues practitioners and users are experiencing with implementation. Consideration for those who are in the midst of implementation will also be discussed.

1B. Fraud Risk Framework
Kenneth A. Heaslip, CPA, CGMA, M.B.A.
The AICPA Forensic and Litigation Services Fraud Task Force recently created three fraud risk frameworks. This session will look at how the three frameworks can be used to determine the most common fraud schemes, and provide practitioners with tips to discuss fraud risk mitigation through prevention, deterrence and detection. It will also look into the new Statement on Standards for Forensic Services (SSFS 1) as well as the changes related to fraud, misstatement and internal control deficiencies in the recently issued Statement on Auditing Standards No. 135 (SAS 135).

1C. Practitioner Concerns with Going Concern
Rebecca M. Lee, CPA, CGMA
This session will dive into all aspects of going concern with regard to the current work environment as well as the newly issued Statements on Auditing Standards. It will cover identification by management of the conditions and events that would address potential going concern issues, the documents and plans to mitigate the issues as well as the required disclosures. It will also cover the auditor’s responsibility for auditing management’s identification, plan of these conditions and events, as well as the adequacy of the disclosures in the financial statements and how to report on the issues. Examples will illustrate concepts discussed.

2:20-2:40 p.m.
Break

2:40-4:20 p.m.
Breakout Sessions (Choose One)

2A. Lease Accounting Overview
John M. Fleming, CPA, M.B.A.
With Topic 842, Leases, now effective for non-public and public not-for-profit reporting entities for annual reporting periods beginning after Dec. 15, 2021, this session will provide participants with the significant differences from legacy Topic 840, Leases. It will also identify implementation issues that may be troublesome such as lease identification due to embedded leases or the lack of a centralized source for lease information.

2B. Understanding the Newly Issued SSARs and SSAE Standards
Kenneth A. Heaslip, CPA, CGMA, M.B.A.
The recently issued SSARs and SSAE standards make significant changes to review engagements and agreed-upon procedures engagements. Because SSAE 19 is now effective for agreed-upon procedures with reports dated on or after July 15, 2021, it is a good time to get any questions answered. SSARS 25 has an effective date of engagements performed in accordance with SSARs on financial statements for periods ending on or after Dec. 15, 2021, so participants may use this session to make final preparations for applying this standard.

2C. In-Depth Look at SASs 142-145
Rebecca M. Lee, CPA, CGMA
The changing environment created by SAS 142, Audit Evidence, and SAS 143, Auditing Accounting Estimates and Related Disclosures, has introduced new, complex issues. This session will look at the documentation, evidence and procedures necessary to apply the new standards. Guidance will be provided for the related disclosure of the use of estimates in financial reporting and focus on the uncertainty of using estimates and management’s bias.