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Agenda

Date: September 24, 2019

8:30-10:10 A.M. General Session

Accounting & Auditing Update (A&A)

James Newhard, CPA, Loscalzo Institute

This session is a must to keep CPAs, accountants, and financial professionals on top of the changes they need to know to be effective. The course authors evaluate and emphasize those changes with broad application and develop detailed practical guidance and illustrations.

 

10:10-10:20 A.M. Networking Break

IIt's time to network with colleagues and visit sponsor tables.

 

10:20 A.M.-Noon. Breakout Sessions
  1. Risk Alerts: Developments in Preparation, Compilation & Review Services (A&A)

    Rebecca Lee, CPA, CGMA, Loscalzo Institute

    This session will review how SSARS 21, along with SSARS 22, 23, and 24 have radically changed how SSARS engagements are conducted. In addition to compilation and review services, practitioners can now offer preparation services that allow them to offer financial statement services in streamlined and more flexible procedures.

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  3. Lease Accounting: ASU 2016-02, As Amended (A&A)

    James Newhard, CPA, Loscalzo Institute

    This session will 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.

     

  4. Identifying & Avoiding Ethical Traps (Ethics)

    Susan K. Wolcott, CPA, CMA, Ph.D., WolcottLynch

    Ethical behavior is at the center of an accountant’s professional responsibilities. Yet, biases and other traps can interfere with good intentions. During this session, you will use an ethical reasoning model and explore factors that prevent ethical behavior. Using a case study, you will learn about cognitive biases and explore ways to prevent their negative impact.

     

Noon-1 P.M. Lunch 

It's time to network with colleagues and visit sponsor tables.

 

1-2:40 P.M. Breakout Sessions
  1. New Audit Guidance on Forming an Opinion & Reporting: Omnibus Statement & Reporting on Employee Benefit Plans (A&A)

    Rebecca Lee, CPA, CGMA, Loscalzo Institute

    What’s wrong with the Opinion currently being used? Users are constantly wanting more useful information to analyze financial statements and believe that the Auditors’ report could provide relevant information that has come to the auditor’s attention during the audit. The new structure for the auditor report would provide more information about certain significant aspects of the audit. This proposal would follow the projects by the PCAOB and the IAASB. Once issued the responsibilities of management for the preparation and fair presentation of the financial statement would be expanded. Also, key issues discovered in the audit would be communicated to those charged with governance. Examples of the new proposed report letter will be covered.

    In addition, the session will provide a look at the proposed report letter and procedures for an ERISA Section 103(a)(3)(C) audit. The Department of Labor believes that the Auditors report should address specific issues that explain the nature of what previously referred to as a “limited scope audit.”

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  3. Revenue Recognition: Most Recent Guidance (A&A)

    James Newhard, CPA, Loscalzo Institute

    ASU 2014-09, as amended (Topic 606) will impact most U.S. GAAP financial statements either due to measurement and recognition changes from legacy U.S. GAAP and/or additional disclosure requirements compared to prior guidance. This session will cover key provisions of the ASU as well as discuss transition and business implications of the new guidance.

     

  4. Supporting Organizational Ethical Behavior (Ethics)

    Susan K. Wolcott, CPA, CMA, Ph.D., WolcottLynch

    Because of their professional focus on ethics, accountants have an opportunity to play a key role in helping their organizations develop and implement ethical practices. During this session, you will explore ways to support organizational ethics and learn about common organizational impediments to ethical behavior. Using a case study, you will learn about ways to support ethical systems and practices.

     

2:40-2:50 P.M. Networking Break 

It's time to network with colleagues and visit sponsor tables.

2:50-4:30 P.M. Breakout Sessions
  1. Risk Assessment Revised: Are You Assessing Audit Risk Properly? (A&A)

    Rebecca Lee, CPA, CGMA, Loscalzo Institute

    It has been more than ten years since AU-C Section 315 revisited the risk assessment process and identified 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 non-conforming 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 commonly missed or misunderstood requirements and provide solutions to eliminate non-compliance.

  2. Fraud: The 2018 Report to the Nations (A&A)

    James Newhard, CPA, Loscalzo Institute

    Instances of financial statement fraud have occurred ever since the first financial statement were prepared. Financial statement fraud poses a significant threat to all businesses regardless of size. In this session, we will discuss the 2018 Report to the Nations, the global study on occupational fraud and abuse.

 

4:30 P.M. Adjourn

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