Professional Development and Event Catalog

As entities continue to oursource financially significant processes, auditors will need to rely on third party assessments of the effectiveness of the controls over these processes. These assessments are called SOC1 reports. Understanding the scope, level of testing and results of such reports is critical to the successful completion of any financial statement audit. In this course, we'll review the relevant information which auditors need to know about SOC1s, including their professional standards guidance, scope (Type 1 or 2), coverage and user auditor response to control deficiencies identified by the service auditor.

Single auditing can seem complex. With thousands of pages of potential AICPA, GAO, and OMB literature coming together for the audit of one client, auditors can easily lose focus and confidence in what they are supposed to do; however, it does not have to be that way. This course is designed to sharpen your skills and knowledge in performing single audits and eliminate wasted efforts.

Many of us expect to use logic when it comes to how we allocate our investments. The adage of "buy low, sell high" is a saying that makes logical sense. So, why do we always seem to do the opposite? Every day we are faced with decisions, and we are often influenced by two seemingly opposing voices that come from two different parts of our brain. The frontal cortex processes lots of information to help us make logical and informed choices. But there's also a small part of the brain, known as the reflexive brain, that is responsible for emotions and survival instincts. Often, this reflexive brain can have a detrimental effect on the way we handle our investments. This course will discuss some behavioral biases that affect our financial decisions. As humans, we need to be aware of how our reflexive behavior impacts our investment decision-making ability. By uncovering and understanding these biases, we may have a better chance of meeting our long-term financial goals.

Managing a strong network is one of the most important things you can do to grow professionally. Yet despite its importance, maintaining an effective network is often not taught in undergraduate and graduate schools. The good news is that managing and growing a network is easier than it sounds. In fact, most professionals have some level of basic networking skills simply from helping someone find a job, attending an industry conference, or seeking professional connections through social media. Effective networking involves more than simply collecting contacts. Strong networks should be relevant to your career and consist of people you trust. Personal networks are just as important as professional networks and the two often overlap. In this course, we explore ways to strengthen and grow networks by examining proven strategies that have helped individuals meet their personal and professional goals.

Specifically tailored for practitioners who not only perform audits but provide other attest and nonattest services to small and medium-sized businesses, this course is a comprehensive update covering recently issued accounting, auditing, and SSARS standards, as well as other professional guidance impacting small and medium-sized business accountants. The course uses practical examples and illustrations to help you understand and apply the new guidance and will get you up to speed on the things that are most important to your smaller and medium-sized clients. This course covers recently released FASB ASUs, AICPA Auditing Standards, AICPA SSARSs, and the not yet effective Statements on Quality Management Standards (SQMS). Lastly, we will cover ongoing issues and pain points following ASC 842 becoming effective.

Social Security seems poised for changes in benefits and eligibility age. The leading edge of the baby boomer generation has already reached retirement age. Financial and tax planners can expect increased demand for strategies that dovetail Social Security with other retirement and estate planning objectives. This course provides tax and financial planning professionals with both the background information on the Social Security system and the strategies clients will need in dealing with Social Security, and the myriad other related retirement planning issues.

Social Security seems poised for changes in benefits and eligibility age. The leading edge of the baby boomer generation has already reached retirement age. Financial and tax planners can expect increased demand for strategies that dovetail Social Security with other retirement and estate planning objectives. This course provides tax and financial planning professionals with both the background information on the Social Security system and the strategies clients will need in dealing with Social Security, and the myriad other related retirement planning issues.

For roughly 90% of American retirees, Social Security income will be the foundation of their retirement income. Yet, many are ill-prepared and lack understanding of the critical aspects of making an informed claiming decision. Further challenged to separate fact from fiction, consumers crave accurate information from knowledgeable professionals to make the most out of these coveted monthly benefits. This course dispels common myths about Social Security that lead to confusion and replaces them with the truth to an empowered retirement. Help your clients navigate their claiming age decisions with greater confidence, equipped with the essential truths they should consider before pushing the Social Security "on" button.

Starting and owning a small business has often been referred to as the "Third Pillar of Wealth," right behind investments and owning real estate. Essentially, all businesses start off as "small businesses." Small businesses, however, require a large amount of preparation in order to successfully launch and grow. Starting a business requires the owners and managers to address a host of issues, including an understanding of applicable laws, appropriate financing, staffing requirements, marketing, liability protection, and many more. This course provides a broad overview of the critical issues business owners, as well as their professional advisors, must consider when starting and growing a small business. There is extensive research regarding best practices in this area, and this webinar is intended to distill down such information and focus on what is critical to get a small business up and running as seamlessly as possible.

A business conducted as a C corporation can be purchased through an asset acquisition or a stock acquisition. In an asset acquisition, the buyer purchases the business by purchasing the assets that make up the C corporation's ongoing business. In a stock acquisition, the buyer purchases the stock of the C corporation that owns all or a majority of the business assets. The seller and the buyer are usually at odds over how to structure the acquisition. Tax practitioners advising their business clients should be fully conversant in the tax rules that apply to stock and asset acquisitions. Discussing and explaining those rules is the focus of this course.

As the population of the United States ages, tax practitioners will be asked to advise their individual clients with respect to when they should begin to take Social Security benefits. This program will provide you with the background to knowledgeably discuss the benefit options available to Social Security beneficiaries and the alternative payment options available to married couples, dependents, a surviving spouse, and a divorced individual.

All would agree that successful communications are key to any successful venture, including audits. However, given the tight deadlines, complex issue resolution and the often remote working environment of the audit teams and clients, there are many barriers to achieving effective communications on audit engagements. In this module, we'll review common barriers to effective communication, models for effective communication which are easy to understand and utilize, the importance of both verbal and non-verbal communication skills, and the often over-looked element of communication - effective listening.

Since the early 2000s, the estate tax burden on taxpayers has gradually decreased along with the number of practitioners specializing in the field. Nevertheless, some of your most wealthy clients will have a taxable estate. For these select clients, making large gifts before death can be extremely tax efficient for the client and profitable for the practitioner filing the gift tax return. Learning how to file a basic gift tax return can help you attract and retain clients, increase your value-add, and generate revenue.

Since the early 2000s, the estate tax burden on taxpayers has gradually decreased along with the number of practitioners specializing in the field. Nevertheless, some of your most wealthy clients will owe estate tax and this issue will eventually be thrust upon you. Finding an affordable, competent specialist who you trust to work with you and your client may be difficult. Learning the basics of the tax and how to complete the form will give you confidence to help your clients navigate that difficult time.

Some of your clients have estate plans that provide for testamentary trusts. Other clients make gifts to irrevocable trusts during their lifetime. And some will die with probate estates. Therefore, you should have a basic understanding of how the income tax applies uniquely to trusts and estates. For example, "distributable net income" (DNI) is a trust-only concept that is essential to understand. Plus, the deductions for fiduciary fees, charitable deductions and certain miscellaneous deductions (such as investment advisory fees, and attorney/accountant fees) are treated differently than for individual taxpayers. However, with a decent understanding of the basic income tax and net investment income tax (NIIT) rules, you can add significant value to your clients.

The life cycle of the small business can be summed up in three segments: 1) starting the business; 2) operating the business; and 3) getting out of the business. This course focuses on getting out of the business. The most elusive element of owning a small business can be finding the proper exit strategy. This course is designed to provide the business consulting practitioner with tools and concepts to advise the small business owner and assist them in developing the right exit strategy. The course covers exit strategies related to third-party sales and succession planning within a family.

The life cycle of the small business can be summed up in three segments: 1) starting the business; 2) operating the business; and 3) getting out of the business. This course focuses on getting out of the business. The most elusive element of owning a small business can be finding the proper exit strategy. This course is designed to provide the business consulting practitioner with tools and concepts to advise the small business owner and assist them in developing the right exit strategy. The course covers exit strategies related to third-party sales and succession planning within a family.

This program will cover the tax legislation embodied in the Inflation Reduction Act (IRA) in detail so that those attending can properly advise their clients if and how these various tax changes impact their individual and business planning. This comprehensive course will detail all of the relevant facets applicable to planning for both you and your clients.

Ethics are the hallmark of our profession, and we must be uncompromising in our commitment to acting ethically. However, many ethical dilemmas arise unexpectedly as we perform our daily tasks, and challenge us, as there often appears to be several ways forward. We need to decide which is the correct one. In this game, the learner plays the role of an auditor at Surging Auditors LLP and must complete common activities from their daily task list. As they complete these tasks, the player navigates unexpected encounters with colleagues, clients, and friends with questions that challenge decision-making skills and knowledge of the AICPA Code of Professional Conduct and other ethics guidance. Those responses and decisions are measured to ensure the player maximizes opportunities that benefit the firm and themselves while remaining independent and within ethical boundaries.

In this hands-on game, participants are helping to prepare an internal control testing plan for Home D‚cor & More (HDM). They must assess controls related to HDM's inventory cycle to determine which financial statement assertions each control satisfies, the quality of the control's design, and whether there is adequate segregation of duties. Then, they will complete the HDM control testing plan, including the level of reliance to place on each control and the test of control methods. Each participant wants to be spot-on with the evaluation before submitting the information to a manager for feedback.