Accounting, Auditing and Financial Reporting Conference

Tuesday, June 8 8:30am - Wednesday, June 9 12:20pm

(Check-In 8:20am)

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8.00 Credits

Member Price $269.00

Non-Member Price $394.00

Overview

This virtual conference will be held during two consecutive 4-hour days (8:30 am - 12:10 pm on June 8 & 8:30 am - 12:20 pm on June 9).

Please note that when you register for this conference you are automatically registering for both days.

This CTCPA conference discusses the most relevant issues facing the accounting profession today.

Sessions include:

FASB Update with Technical Director Hillary Salo

Understanding and Implementing FASB’s New Leases Standard (Topic 842)

Common Peer Review Findings on Attest Engagements

Update on Standards for Audits and Attestation Engagements

Risks, Uncertainties and Going Concern

Financial Statement Fraud in Small Businesses

Designed For

CPAs in public practice and industry

Notice

By registering for this program and, accordingly, receiving the eMaterials, you're acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.

Tuesday, June 8

General Session

8:30am - 9:30am FASB Update with Technical Director Hillary Salo

Hillary Salo Technical Director, FASB

Hillary Salo

Hillary H. Salo was appointed technical director of the Financial Accounting Standards Board (FASB) and chair of the Emerging Issues Task Force (EITF) in August 2020. As technical director, she is responsible for managing the FASB’s technical accounting and research activities and staff.

Ms. Salo, who began her accounting career as a FASB postgraduate technical assistant, rejoined the organization from the New York City office of KPMG LLP, where she was a partner in the audit practice and engagement partner for a large global financial services organization.

Her KPMG career began in 2004 when she joined the company as a senior associate in the Chicago office. For the next nine years, she worked in both the Chicago and New York City offices of KPMG, spending time in both the accounting advisory services group and the audit quality and professional practice group.

Ms. Salo also served as a professional accounting fellow in the Office of the Chief Accountant at the U.S. Securities and Exchange Commission in Washington DC from 2013–15, and then returned to KPMG in New York City in 2015 as a partner.

Ms. Salo earned her undergraduate degree in business administration and her Master of Accountancy at the University of North Carolina at Chapel Hill.

Presented by: Hillary H. Salo - Technical Director, Chair, Emerging Issues Task Force of the Financial Accounting Standards Board (FASB)

Additional speaker details coming soon.

During this one-hour session, FASB Technical Director Hillary Salo will discuss the FASB’s priorities, including its post-implementation review of the leases, credit losses, and revenue recognition standards. She’ll also talk about what standards you need to know about now, major projects on the FASB’s agenda, as well as how stakeholders—including private companies and organizations—can help shape future FASB priorities through the Board’s upcoming agenda consultation project

General Session

9:45am - 10:55am Understanding and Implementing FASB’s New Leases Standard (Topic 842)

Pete Ugo Audit Partner, Crowe LLP

Pete Ugo

Pete Ugo is an audit partner at Crowe LLP, which is the 9th largest CPA firm in the county. He has 23 years of audit and consulting experience with Crowe, and is the leader of the firm’s national not-for-profit and higher education audit practice. He has spent his entire career working in the not-for-profit and higher education industries. His client base includes higher education institutions, foundations, cultural arts, trade and membership and other not-for-profit organizations. Pete is actively involved as a presenter at various national and state conferences related to the not-for-profit industry, and is a member of the AICPA’s Not-for-Profit Expert Panel.

Sean Prince Partner, National Office, Crowe LLP

Sean Prince

Sean Prince is a partner in the Assurance Professional Practice (National Office) of Crowe LLP. In his role, Sean assists engagement teams and firm clients on the interpretation and application of complex accounting guidance, including revenue recognition, lease accounting, transfers of financial assets, consolidation, and pandemic-related accounting matters. Sean leads the firm’s revenue recognition subject matter expert team, and he also serves as one of Crowe’s formal liaisons with the Financial Accounting Standards Board (FASB). Sean is a frequent presenter at various state and national conferences, including webinars sponsored by the AICPA and Financial Executives International (FEI).

Presented by: Pete Ugo, CPA - Partner at Crowe LLP

Sean Prince - Partner, Assurance Professional Practice (National Office), Crowe LLP

FASB's new Leases standard is here!  Effective for CY 2020 (FY 2020-2021) for public business entities and not-for-profits with conduit debt (after the optional one-year deferral in ASU 2020-05) and soon after for all others, Topic 842 will significantly change the way in which leases are reported in financial statements. This session will primarily focus on lessee accounting and discuss the key elements of the new standard, especially those requiring significant judgment, including some real-life examples.

General Session

11:10am - 12:10pm Common Peer Review Findings on Attest Engagements

Salvatore Collemi Managing Member & Founder

Salvatore Collemi

Salvatore A. Collemi, CPA, is the Managing Member & Founder of Collemi Consulting & Advisory Services, LLC. Mr. Collemi brings more than two decades of experience with U.S. and international financial reporting and professional standards, corporate governance and risk management practices of public accounting firms.

Collemi Consulting & Advisory Services, LLC’s mission is to strive to promote and enhance global audit quality.

His practice provides outsourced high-level strategic and technical guidance to external auditors, litigation attorneys, C-suite, valuation experts and institutions that support the CPA profession. Services include a full range of U.S. and International accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review & PCAOB Inspection preparation, perform internal inspections, customized CPE training, independence & ethics consultations, financial statement preparation, bookkeeping, time & billing, etc. Mr. Collemi is also available as a keynote speaker at company retreats.

As a former Staff Accountant in the Division of Corporation Finance, a Technical Manager in the National Peer Review Program and national office technical partner at leading institutions such as the SEC, AICPA and several mid-size to large international public accounting firms, Mr. Collemi has demonstrated the impact of U.S. and International financial reporting, internal control systems and regulatory compliance acumen as they affect privately-held and publicly-traded companies.

As a recognized subject matter expert on IFRS, Mr. Collemi was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014.

Presented by: Salvatore A. Collemi, CPA - Managing Member & Founder, Collemi Consulting & Advisory Services, LLC

The session's goal is to provide real life examples of where practitioners have been challenged in either performing and/or documenting their procedures and how you can avoid in becoming the next statistic by peer reviewers and regulators. You will learn common pervasive A&A, quality control and independence issues noted during AICPA peer reviews and internal inspections conducted by CPA firms. When you complete this seminar, you will be able to understand the common pitfalls and to avoid where practitioners have had difficulties in either performing and/or documenting their procedures.

Wednesday, June 9

General Session

8:30am - 10:00am Update on Standards for Audits and Attestation Engagements

Michael Glynn Sr. Mgr-Audit & Attest Standards Team, AICPA

Michael Glynn

Michael P. (Mike) Glynn is a Senior Manager in the AICPA Audit and Attest Standards Team. In this capacity, Mike serves as the staff liaison to the Accounting and Review Services Committee (ARSC). In addition, Mike supports the activities of Auditing Standards Board (ASB) and its subcommittees by assisting members in drafting and deliberating authoritative professional standards and interpretations.

Prior to joining the Audit and Attest Standards Team, Mike was a technical manager in the AICPA SEC Practice Section (SECPS). In that capacity, Mike supported the Quality Control Inquiry Committee (QCIC) by participating in deliberations of QCIC cases and participating in meetings with the Securities and Exchange Commission regarding the SEC’s oversight of the self-regulatory process. Prior to joining the SECPS, Mike was a technical manager in the AICPA Professional Ethics Division.

Prior to joining the AICPA in April 1998, Mike worked at Ernst & Young LLP in New York.


Mike also serves as a member of the New York State Society of CPAs’ Accounting and Review Services Committee.

Mike is a graduate of Pace University with a BBA in public accounting.

Presented by: Michael P. Glynn, CPA, CGMA - Senior Manager, Audit & Attest Standards Team, AICPA

This session will be an interactive session with a senior technical manager with the AICPA’s Audit & Attest Standards Team.  The session will include an in-depth discussion of the new auditor reporting standards – which are effective for audits of financial statements for periods ending on or after December 15, 2021.  The session will also include discussion of recently issued standards for agreed-upon procedures engagements and examinations which provide increased flexibility for practitioners performing such engagements as well as other recently issued and proposed auditing standards.

General Session

10:15am - 11:15am Risks, Uncertainties and Going Concern

Melisa Galasso Founder and CEO, Galasso Learning Solutions LLC

Melisa Galasso

Melisa Galasso is the founder and CEO of Galasso Learning Solutions LLC. A CPA with nearly 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She also supports essential professional development, audit level training, and train the trainer efforts. Melisa is a Certified Professional in Talent Development (CPTD) and has earned the Association for Talent Development Master Trainer™ designation. Her passion for instructional design and adult learning techniques is one of the differentiators that set her apart from other CPE providers. Within the industry, Melisa serves on the FASB’s Not-for-Profit Advisory Committee (NAC), AICPA Council, and the VSCPA’s Board of Directors. She previously served on the AICPA’s Technical Issues Committee (TIC) and is a past-Chair of the NCACPA’s A&A committee. Melisa also authors the AICPA’s State and Local Government Guide and serves as a SME for the Center for Plain English Accounting.

Presented by: Melisa Galasso, CPA, CPTD - Founder and CEO, Galasso Learning Solutions LLC

The COVID-19 pandemic further highlighted the importance of providing users of financial statements with information concerning risks and uncertainties. While certainly no one was predicting a global pandemic, different entities have weathered the pandemic differently. This course will review the requirements for risk and uncertainty disclosures, while providing example disclosures. Then we will turn our attention to the accounting and auditing requirements for going concern. Many businesses did not weather the pandemic, while many others are still not sure they will be able to continue under the current operating requirements. This course will provide a look at best practices in disclosures as well as the auditor’s responsibility for going concern as emphasized in SAS 134.
After attending this session, participants will be able to recall key disclosures related to risks, uncertainties and going concern, and identify changes to the auditor’s report for going concern.

General Session

11:20am - 12:20pm Financial Statement Fraud in Small Businesses

Robert Minniti President and Owner, Minniti CPA, LLC

Robert Minniti

Dr. Minniti is the President and Owner of Minniti CPA, LLC. Dr. Minniti is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator in the state of Arizona. Dr. Minniti received his doctoral degree in business administration from Walden University, received his MBA degree and Graduate Certificate in Accounting from DeVry University’s Keller Graduate School of Management, and received his Bachelor of Science in Business Administration degree from the University of Phoenix. Dr. Minniti taught graduate and undergraduate courses in forensic accounting at DeVry University, Grand Canyon University, Kaplan University, Northwestern University, and the University of Phoenix. He designed graduate and undergraduate courses for Grand Canyon University, Northwestern University, and Anthem College. He is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, internal control development, business continuation planning, risk management, cyber security, privacy laws, data security, Sarbanes-Oxley compliance work and business consulting. In addition to his practice Dr. Minniti is an instructor teaching continuing professional education classes for the American Institute of Certified Public Accountants, Compliance Online, Wolters Kluwer CPE Link/CCH, AccountingEd, Global Compliance Panel, Clear Law Institute, CPE Solutions, Canopy CPE, BankersWeb, Global CPE, The Institute of Management Accountants, the National Association of Valuators and Analysts, the Association of Certified Fraud Examiners, the Institute of Internal Auditors, various state CPA Societies, and corporate CPE training. Dr. Minniti is currently serving as a board member on the National Association of Certified Valuators and Analysts’ (NACVA) Litigation Forensics Board (LFB) and as a committee member on the Arizona State Board of Accountancy’s Law Review Advisory Committee.

For Additional Information
LinkedIn Profile: www.linkedin.com/in/robertminniti
Company Website: www.minniticpallc.com

Presented by: Dr. Robert K. Minniti, DBA, CPA, CFE, Cr.FA, CVA, MAFF, CFF, CGMA, PI - President and Owner of Minniti CPA, LLC

If you are an accountant, auditor or a preparer of financial statements you need to be aware of the red flags for fraud in the financial statements of small businesses.  Other users of the financial statements including shareholders, regulators, and creditors, will also find this useful. We will discuss potential red flags for fraud in the financial statements including the types of transactions that can be used to create fraudulent financial statements. We will review frauds conducted by employees and business owners. Real world examples will be provided with an emphasis on fraud in nonpublic businesses. 

This course is appropriate for CPAs, CMAs, CFFs, CGMAs, MAFFs, internal auditors, CIAs, external auditors, managers, CFOs and others responsible for financial statement preparation or review.

Non-Member Price $394.00

Member Price $269.00