Audit - Level 3

Annual Update for Accountants and Auditors

 Recently issued ASUs, including an update on revenue recognition, financial instruments, and leases  Current FASB exposure draft and projects  Audit and Attest engagements update  Recent PCAOB guidance  Latest activity from ARSC

Understanding and Testing Control and Compliance in a Single Audit (Morning Session)

The essential internal control concepts applied in a single audit How the auditor obtains an understanding of controls over compliance and then tests the effectiveness of those controls in a single audit How the auditor plans and performs tests of compliance in a single audit The identification and reporting of control and compliance findings

Not-for-Profit Organizations Conference

Risk-Based Audit Standards

Risk assessment process and procedures  Audit planning and strategy  Internal control environment  Risk assessment audit standards  AI basics, applications and practical uses  Audit procedures to mitigate risk  Materiality and tolerable misstatement considerations  Documentation, communication and best practices  Linked and tailored audit procedures

FASB and AICPA Update

This program focuses on all things the accounting professional should be aware of including:  Accounting standard updates (ASUs)  FASB projects  Audit service issues  ARSC initiatives, preparation, compilation and review updates, and initiatives  AICPA activities and profession update

Going Concern Accounting and Reporting Considerations in the COVID-19 Environment (Morning Session II)

Current FASB accounting standards related to going concern, including the new requirements of ASU 2014-15 Evaluating risk of material misstatement in financial reports related to improper presentation and disclosure of going concern uncertainty The responsibility of an independent accountant for evaluating going concern uncertainty under various levels of engagement to perform attest and nonattest services New requirements of SAS No. 132 and SSARS No. 24 related to an auditor's responsibility for considering going concern uncertainty

Surgent's Advanced Audits of 401(k) Plans: Best Practices and Current Developments

Annual update of the changes affecting 401(k) plans Compliance issues associated with eligibility and enrollments, remittances, lack of oversight, compensation, vesting, etc. Best practices for engagement planning, internal controls, risk assessment, and detailed testing How to avoid common mistakes made while performing audit procedures Plan mergers and acquisitions Common audit reporting and disclosure issues The new audit standard for employee benefit plans Instructor Name: Melissa Critcher, CPA, PC

Accounting for Expenses in a NFP (Morning Session)

Expense reporting  Natural and functional expense reporting

Preparation, Compilation, and Review Engagements: Update and Review (Afternoon Session)

Overview of preparation, compilation, and review guidance  Accounting and reporting issues  Current practice issues  Common deficiencies in peer reviews  Current and future standard setting projects

Current and Upcoming FASB Issues (Morning Session 1)

Recently issued ASUs, including broad and narrow topics  Current FASB exposure draft and projects  Private company financial reporting  Other important accounting matters

Current Audit Environment and ASB Activity (Morning Session 2)

Environment and implications affecting audit planning and risk assessment  Key changes in recently issued Statements on Auditing Standards and exposure drafts  Recently issued auditing interpretations  Recently issued SSAEs and proposed changes

Surgent's Advanced Audits of 401(k) Plans: Best Practices and Current Developments

Annual update of the changes affecting 401(k) plans Compliance issues associated with eligibility and enrollments, remittances, lack of oversight, compensation, vesting, etc. Best practices for engagement planning, internal controls, risk assessment, and detailed testing How to avoid common mistakes made while performing audit procedures Plan mergers and acquisitions Common audit reporting and disclosure issues The new audit standard for employee benefit plans Instructor Name: Melissa Critcher, CPA, PC

Beginning In-Charge Staff Training - Level III

What is Expected of the In-Charge (2.5 Hours) Participants first build a composite list of the responsibilities of an effective in-charge based on their firms' practices. The list is then used as a basis for discussing the kinds of actions that participants can take to improve their chances for achieving success in their firms. Plan Engagements (5.5 Hours) The in-charge's responsibilities for engagement planning are the focal points for this session. The steps that should be followed in proper planning are identified through the use of a case. This is followed by a discussion of the deterrents to planning that exist in actual practice and identification of ways to partially or fully overcome the deterrents. The emphasis in the entire planning session is on how to plan more effectively. The second part of the planning session pertains to the proper use and common abuses of audit budgets as a planning tool. It also includes a case and discussion about strategies for obtaining better client assistance. Assess Risk and Materiality (3.5 Hours) In this session participants first define and differentiate types of risk assessment; engagement risk and the risk of material misstatement. The impact that these risks have on audit evidence requirements is then discussed. Participants also discuss the concept of materiality. Materiality decisions need to be made both in the planning phase of an engagement and in the evaluation phase. The first case in this module is used to illustrate how risk assessment and the determination of a preliminary judgement of materiality can be used to minimize engagement cost while still permitting high quality engagement performance. The final case requires participants to assess the risk of fraud, including conducting a fraud brainstorming session for a client. Nonstatistical Audit Sampling (2.5 Hours) Nonstatistical audit sampling concepts are typically difficult for participants to apply to audit engagements. This module begins with a discussion on properly applying audit standards. In a case continued from the previous module, participants practice making correct sampling decisions for the audit of one major financial statement account. The final case illustrates the concept of projecting sample misstatements to the population, including the consideration of sampling error. Meet Client Needs (1.5 Hours) One purpose of this session is to illustrate the four primary elements of effective selling and how these elements can be used by in-charges to help the firm sell additional services to existing clients. Using the conclusions reached, a general discussion is held about how to use management letters as a client relations and sales tool. There is specific discussion on the purposes of management letters, elements of effective letters, development of management letter ideas and writing better letters. Complete Engagements (2.5 Hours) Inexperienced in-charges typically have difficulty getting an engagement completed. This session is designed to give them ideas and teach them how to do a better job in that area. Early problem identification, tying up loose ends throughout the engagement, early review of assistants' work and self review are stressed as ways to reduce completing-the-engagement difficulties. Review Assistants' Work (3 Hours) This session emphasizes identifying objectives and developing a methodology in reviewing assistants' working papers. Early review, proper documentation and effective communication of review notes are essential parts of the discussion. A major case provides practice in reviewing a section of a set of working papers. Supervision (3 Hours) Supervision and motivation of assistants is a major topic in Supervisory Staff Training. It is introduced in this program to help participants understand the importance of good supervision and to teach them some on-the-job supervision techniques. Fundamental characteristics of good supervisors and common characteristics found in poor supervisors are identified through a series of short case studies. There are also cases and discussion dealing with teaching assistants and effectively assigning responsibilities to assistants.

Advanced Audits of 401(k) Plans: Best Practices and Current Developments

Annual update of the changes affecting 401(k) plans  Compliance issues associated with eligibility and enrollments, remittances, lack of oversight, compensation, vesting, etc.  Best practices for engagement planning, internal controls, risk assessment, and detailed testing  How to avoid common mistakes made while performing audit procedures  Plan mergers and acquisitions  Common audit reporting and disclosure issues  The new audit standard for employee benefit plans

FASB and AICPA Update

This program focuses on all things the accounting professional should be aware of including:  Accounting standard updates (ASUs)  FASB projects  Audit service issues  ARSC initiatives, preparation, compilation and review updates, and initiatives  AICPA activities and profession update

FASB and AICPA Update (Livestream)

This program focuses on all things the accounting professional should be aware of including:  Accounting standard updates (ASUs)  FASB projects  Audit service issues  ARSC initiatives, preparation, compilation and review updates, and initiatives  AICPA activities and profession update

Advanced Auditing of HUD-Assisted Projects

HUD audit environment  Audit standards for audits of HUD-assisted projects  Fieldwork standards for audits of the HUD-assisted projects  Audits of HUD-regulated lenders  Reporting standards for audits of HUD-assisted projects  Annual financial statement requirements  Mortgagees

Surgent's Annual Accounting and Auditing Update

Recently issued FASB Accounting Standards Updates, PCC Update and items on the FASB's Technical Agenda Leases -- Topic 842 Financial accounting and reporting considerations related to Going Concern Recently issued SASs and other AICPA activity SSARS No. 21, Clarification and Recodification and other recently issued SSARS Peer review and other audit quality issues Other important A&A practice matters Instructor Name: Richard Daisley, CPA

Risk Assessment During the Recovery

Misconceptions leading to noncompliance with AU-C sections 315 and 330 Understanding the entity and its environment, including internal control Assessing the risks of material misstatement Performing audit procedures in response to assessed risks New risks to consider as a result of the COVID-19 pandemic