The U.S. has seen historic levels of federal funding in response to the COVID-19 pandemic. Various laws, including the CARES Act and the American Rescue Plan Act of 2021 have provided billions of dollars to American businesses, state and local governments and not-for-profits. While this funding has provided relief, especially for nonprofits, it may cause complications for many recipients.
The American Institute of CPAs has released a set of questions and answers to help auditors of benefit plan financial statements deal with this complex field and a revised auditing standard.
A recent report from the Institute of Management Accountants discusses how predictive analytics, combined with knowledge of the business and scenario planning, can help organizations make better forecasts.
In early 2020, the COVID-19 pandemic added another element of business disruption for organizations to manage while the effective dates to comply for FASB's new lease accounting standards were quickly approaching.
Auditors issued fewer warnings that U.S. companies risked going out of business in 2020 despite the lethal threat that the coronavirus pandemic posed to retailers, manufacturers, and hospitality businesses.
The following letter was submitted by Lew Kaufman, partner at Cohen, Kaufman, and Associates, LLC, CPAs in Milford. We share with Lew's permission. Don't forget - comments are due by August 31!
Advanced Audits of 401(k) Plans: Best Practices and Current Developments
Nov 15th 9:00am - 4:30pm
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 (Livestream)
Nov 16th 8:45am - 4:30pm
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
Compilation and Review Practice Guide (Livestream)
Nov 17th 8:45am - 4:30pm
SSARS standards Compilation performance requirements Review performance requirements Documentation for compilations and reviews Special purpose frameworks financial statements Legal liability concerns and issues How to perform and document analytical procedures appropriately, including developing expectations Independence and the AICPA Code of Professional Conduct Non-attest services Common issues raised in peer reviews
Advanced Auditing of HUD-Assisted Projects
Nov 18th 8:45am - 4:30pm
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
Latest Developments in Nonprofit Accounting and Auditing
Dec 1st 9:00am - 4:30pm
Implementing the new Yellow Book Developing issues related to performing single audits under the OMB's Uniform Guidance for Federal Awards Key AICPA developments affecting audits of nonprofits including SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Auditor Reporting Statements, and SAS 135, Omnibus Statement on Auditing Standards--2019 Prepare for the implementation of the new FASB ASU on grants, contracts, and contributions (i.e., ASU No. 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made) Develop a deeper understanding of the effects that ASU No. 2016-02, Leases, will have on nonprofits
Risk Assessment During the Recovery
Available Until Apr 30th, 2023
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