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Agenda

Date: September 25, 2018

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

FASB Updates

Kenneth Heaslip, Loscalzo Institute

 

This session will provide an overview of changes made by accounting standard updates. Only pronouncements with broad application will be covered in detail. For other issues, a quick synopsis will be provided.

 

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. DOL Update Including New Audit Report Letter and Procedures

    Rebecca Lee, CPA, CGMA, Loscalzo Institute

    Significant changes are coming soon to your Employee Benefit Plan Audits!  Don’t miss this critical update.  The Department of Labor’s influence and oversight continues on Employee Benefit Plan audits with the new (proposed) audit standard. The limited scope audited, while allowed by DOL, has long been considered a significant risk to auditor. Much of the risk can be attributed to misunderstanding by plan sponsors, fiduciaries and auditors of their respective responsibilities.   Clarification has been needed and this standard will provide a better understanding of each parties’ responsibility.  The auditor report letter, engagement letter and representation letter will see significant changes while documentation of new specific procedures will be required to ensure that adequate evidence is accumulated to support the reports.

  2.  

  3. Financial Statements for Private Companies, Including SSARS Update

    Kenneth Heaslip, Loscalzo Institute

    Closely held and small companies have different needs than larger entities. They rely more on their outside CPA to produce financial statements and often do not need the complexities of GAAP.  Many times, a tax basis non-disclosure statement is enough. This session will give an overview of accounting frameworks, CPA reporting options, and the current ethical considerations when CPAs are involved in producing financial statements for private companies. Issues related to CPAs in industry will be covered along with those for CPAs in private practice.

Noon-1 P.M. Lunch 

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

 

1-2:40 P.M. Breakout Sessions
  1. Current Practice Issues in Peer Review

    Rebecca Lee, CPA, CGMA, Loscalzo Institute

    This “not to miss” session will address the most common peer review matters as identified by the AICPA and the PCAOB.  Even though these deficiencies are common doesn’t mean they are new.   However, they can contribute to a non-conforming engagement which can result in peer review results of pass with deficiency or worse, a failed peer review.  Don’t fall victim to these deficiencies.  Join this session to explore the issues and find common sense solutions.

     
  2.  

  3. Revenue Recognition - The Latest Industry Guidance on ASC 606

    Kenneth Heaslip, 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 new 4-hour program will overview the key provisions of the ASU, identify and apply the new five-step revenue recognition model, describe the new disclosure requirements, as well as discuss transition and business implications of the new guidance. In addition, selected industry implementation guidance developed by the AICPA will be discussed.

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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. Current Fraud Schemes in Benefit Plan Audits

Rebecca Lee, CPA, CGMA, Loscalzo Institute

But Not in My Employee Benefit Plan - right? The President of Any Client, USA ranted “Fraud cannot happen with a small 401(K) plan-am I liable?”  But it did happen and now for the plan sponsor and/or fiduciary, exercising fiduciary responsibility when a fraud occurs takes on a new meaning. 

For internal and external accountants, learn to recognize the warning signs of fraud, develop a fraud risk team (this could be 1 person) and reduce the risk of fraud.   The session will review real cases of Employee benefit plans frauds and the number of ways it can occur, even with a 401 (K) plan.  For the auditor, become more proficient in planning the required brain storming discussion for fraud.  

2. Fraud from Outside Parties

Kenneth Heaslip, Loscalzo Institute

But Not in My Employee Benefit Plan - right? The President of Any Client, USA ranted “Fraud cannot happen with a small 401(K) plan-am I liable?”  But it did happen and now for the plan sponsor and/or fiduciary, exercising fiduciary responsibility when a fraud occurs takes on a new meaning. 

For internal and external accountants, learn to recognize the warning signs of fraud, develop a fraud risk team (this could be 1 person) and reduce the risk of fraud.   The session will review real cases of Employee benefit plans frauds and the number of ways it can occur, even with a 401 (K) plan.  For the auditor, become more proficient in planning the required brain storming discussion for fraud.  

 

4:30 P.M. Adjourn

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