This NJCPA annual conference will keep you ahead of the curve in the midst of increased scrutiny of single audits, new standards, prevailing risks and recent trends affecting audit quality in the nonprofit sector.
CPAs and financial professionals working for nonprofit organizations or representing nonprofit clients.
What’s New with Single Audits: A View from the AICPA GAQC (1.5 AA)
Mary Foelster, CPA, CGMA - AICPA
The AICPA Governmental Audit Quality Center (GAQC) has had a few busy years on the single audit front. This session will fill you in on the latest happenings and what's on the horizon. Participants will learn abou the OMB Compliance Supplement and other single audit updates, the latest pandemic funding wrinkles, and advocacy efforts, tools and resources available from the GAQC.
Hot Topics in Nonprofit Accounting and Auditing (1.5 AA)
Alex Buchholz, CPA, M.B.A., CGMA - PKF O'Connor Davies
This session will cover the new leases standard and implementation, the gifts-in-kind standard and revisions to the independent auditor’s report.
Breakout Sessions (Choose One)
1A. Best Practices for Enhancing Single Audit Quality (1.0 AA)
Catherine Syslo, CPA – CohnReznick
Single audits are under constant scrutiny by regulators, federal agencies and peer reviewers. This scrutiny is increasing due to the dramatic rise in federal spending related to the pandemic. Topics to be covered will include common audit quality issues and how to prevent them, independence documentation, major program determination, the use of the compliance supplement, dual purpose testing and more.
1B. Update on Charitable Fundraising Regulations (1.0 TX)
Brett Harris, Esq. - Wilentz, Goldman & Spitzer, P.A.
This session will cover several changes in New Jersey law regulating fundraising activities by non-profit organizations enacted over the last year. Further, since the overwhelming majority of charitable organizations have websites with some version of a “Donate Now” function, advising New Jersey entities extends beyond state borders. Accordingly, this session will also provide an overview of national enforcement efforts and regulatory activities, as well as developing issues, including donor-advised funds, crowdfunding, accepting, or investing in cryptocurrency, nonfungible tokens (NFTs), and other innovative means to support charitable activities.
1C. Crypto Trends and Implications - What Nonprofits Need to Know (1.0 SK)
Dr. Sean Stein Smith, CPA, CFE, CGMA, CMA, DBA – Lehman College
This session will break down the recent trends and directions that continue to drive the crypto asset space further into the mainstream, including a review of current tax and accounting treatments of these instruments. We will discuss the specific implications that crypto assets have on nonprofit organizations, including accepting crypto for donations, valuing different crypto assets, crypto reporting and tax planning strategies.
11:40 a.m.-12:10 p.m.
The New Quality Management Standards and SAS 145 (1.5 AA)
June Toth, CPA, CFF, CITP, CGMA – zbt Certified Public Accounting & Consulting, LLC
Learn how to effectively implement the new quality management standards that were designed for firms to proactively manage quality, strengthen monitoring and remediation processes and continue to tailor their system of quality management. The key concepts of SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, have not changed, but there are revised requirements for documentation as well as new and updated concepts. Enhanced identification and assessment of the risk of material misstatement will drive better risk assessment and enhance audit quality.
Breakout Sessions (Choose One)
2A. Leases – Deep Dive with Case Studies (1.0 AA)
Rick Cole CPA, CGMA - FORVIS
This session will dive deeper into the new lease standard going through examples of what does and doesn’t qualify under the new lease definition as well as learning how to record the journal entries and other implementation concerns.
2B. Board Members' Review of Form 990 (1.0 TX)
Lori Rothe Yokobosky, CPA, MST – CohnReznick
This session will familiarize you with hot topics for IRS exempt organizations and key areas in Form 990 for board members to review. We will also review common errors when completing Form 990 and what to watch out for with nonprofit watchdog organizations.
2C. A Fireside Chat on Cybersecurity Risks, Threats and Fraud (1.0 SK)
Moderator: Todd Renner, Senior Managing Director - FTI Consulting
Panelists to be announced
Learn from a panel of experts how the Department of Justice and the FBI examine fraud and prosecute criminals.
FASB Update (1.5 AA)
Jeff Mechanick, Assistant Director - FASB
This session will provide updates on the most important developments in GAAP affecting nonprofits and share what’s on the horizon to help keep you ahead of the curve. Topics include implementation issues on recent standards (especially GIKs, leases and credit losses); new pronouncements (ASUs); changes to the FASB’s technical and research agendas in response to its 2021 Agenda Consultation; and noteworthy current FASB projects (especially on crypto assets and software costs).