CPE Catalog & Events

Critical concepts related to applying the Yellow Book, including when the standards are applicable; the types of engagements involved; and the relationship between the Yellow Book and other standards The Yellow Book standards related to ethics; independence; professional judgment; competence and CPE; quality control; and peer review The Yellow Book requirements related to performing and reporting on financial audits and how those requirements affect the audit in areas like internal control

What is artificial intelligence? What are the different forms of artificial intelligence? The difference between artificial intelligence and machine learning The types of problems artificial intelligence can solve The role of algorithms How artificial intelligence will affect accounting and finance careers Data governance, security, and privacy How accounting firms are using AI today The role of artificial intelligence in asset management

Major Topics: Proper documentation as a means of audit quality Factors impacting the nature and extent of documentation Illustrative workpapers and exercises Use of practice aids and other mechanisms as means of audit documentation Checklist for self-review of workpapers

2017-2020 peer review results Common sources of peer review deficiencies AICPA Peer Review Program areas of focus for peer reviews

AICPA’s Enhancing Audit Quality initiative Feedback from peer reviews, including areas driving deficiencies in audit Elements of an effective risk assessment and how to link to audit procedures performed Understanding internal controls and making the decision whether or not to test them Best practices in documentation

Common accounting estimates Accounting guidance related to loss and gain contingencies Audit guidance related to auditing accounting estimates Overview of the requirements of SAS 143

Major Topics: Accounting basics for accounts payable, accrued expenses and debt Risk associated with accounts payable, accrued expenses and debt Key controls related to accounts payable, accrued expenses and debt Procedures commonly used to audit debt, including compliance with restrictive covenants

•     Risks of material misstatement associated with auditing accounts receivable •     Internal controls associated with accounts receivable •     Substantive procedures used in auditing accounts receivable •     External confirmation audit considerations, including evaluating responses for propriety •     Evaluating the valuation of accounts receivable •     The AICPA’s new SAS on auditing estimates

Refining key planning and general auditing considerations to the not-for-profit environment Characteristics of not-for-profit financial statements that require special attention The auditor’s fraud considerations in auditing not-for-profit entities Audit procedures to become comfortable with management’s recording and reporting of contributions and promises to give Auditing a not-for-profit entity’s transition from natural to functional expenses Auditing considerations and techniques related to net assets, compliance with tax laws and regulations, collections, and split-interest agreements Considerations related to Yellow Book and single audits

Major Topics: Assessing risk Internal control related to property and equipment Audit procedures for property and equipment Construction of assets including capitalizing interest Lease accounting requirements and disclosure of right of use asset Disclosure of property and equipment

AICPA’s Enhancing Audit Quality initiative Recent revisions to Quality Management standards Feedback from peer reviews, including areas driving deficiencies in audit Elements of an effective risk assessment and how to link to audit procedures performed Understanding internal controls and making the decision whether or not to test them Best practices in documentation

Commencement of a bankruptcy proceeding Protections provided to debtors under the Bankruptcy Code Key procedural aspects of bankruptcy The automatic stay Differences between Chapters 7, 11, and 13 bankruptcy cases The bankruptcy discharge Proofs of claim Plans of reorganization Litigation that can arise during bankruptcy Creditor committees Bankruptcy trustees Avoidable preferences and fraudulent transfers Special rights afforded to landlords and secured creditors

Commencement of a bankruptcy proceeding Protections provided to debtors under the Bankruptcy Code Key procedural aspects of bankruptcy The automatic stay Differences between Chapters 7, 11, and 13 bankruptcy cases The bankruptcy discharge Proofs of claim Bankruptcy trustees Special rights afforded to secured creditors

The key requirements, options, and best practices seen in each of the basic financial statements Today’s core accounting and reporting requirements related to contributions and how to effectively and efficiently apply them How to analyze and incorporate the needs of financial statement users into a not-for-profit’s financial statements and disclosures

Determining the acquisition date Recognizing and measuring the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree Acquisition of contingencies Noncontrolling interests Recognizing and measuring goodwill or gain from a bargain purchase Measurement period adjustments

Marketing plans and how they provide direction and strategy for business growth Fundamentals of an effective website The growing importance of social media Strategies for obtaining and cultivating referral sources The benefits and challenges of networking organizations Creating a niche in saturated industries Using online publishing to meet your growth objectives

Networking organizations  Obtaining referral sources

Managing interruptions   The role of to-do lists  Creating an effective time management plan  Staying on track of your time management plan  Blocking out time

An overview of the business evaluation process Negotiation points and goals from buyer and seller standpoints An overview of confidentiality agreements, memorandums of understanding, and asset purchase agreements Recognizing the need for due diligence in acquisitions, including checklists of important points Deemed asset sales – §338 and §338(h)(10) The use of “F reorganizations” in lieu of §338(h)(10) The impact of the §197 amortizable intangibles regulations on the acquisition and disposition of a business Allocating purchase price for tax advantage Impact of the net investment income tax (NIIT) and the §199A pass-through deduction on the tax due on the sale of a pass-through entity Changes in strategy under the new tax laws Liquidation as an alternative to the sale of a business Planning to avoid double taxation Special problems and opportunities when an S corporation is the buyer or seller Installment sale and interest issues Avoiding tax pitfalls and recognizing tax planning opportunities

An overview of the beginning of the process and documents for preliminary tax planning Recognizing the need for due diligence in acquisitions, including checklists of important points Deemed asset sales – §338 and §338(h)(10) The impact of the §197 amortizable intangibles regulations on the acquisition and disposition of a business Allocating purchase price for tax advantage Planning to avoid double taxation under the repeal of the General Utilities doctrine Special problems and opportunities when an S corporation is the buyer or seller Installment sale and interest issues Avoiding tax pitfalls and recognizing tax planning opportunities Unique issues in buying and selling LLC/partnership interests Impact of the net investment income tax (NIIT) and the §199A pass-through deduction on the tax due on the sale of a pass-through entity Individually owned goodwill