Accounting & Auditing Conference

Our Accounting and Auditing Conference will include an update on standards for audits, changes to nonprofit financial statements, how to create a culture of privacy and security at your organization, hot topics in peer review and a FASB update. 

Schedule:

8:05 – 9:50 a.m. - Update on Standards for Audits, Reviews, Compilations, and Preparation Engagements

Michael Glynn, CPA, CGMA, senior technical manager, audit & attest standards team, AICPA

9:50 – 10:20 a.m. - Morning Break

10:20 – 11:55 a.m. - Changes to the Nonprofit Financial Statements - Time to Prepare

Marci Thomas, CPA, MHA Loscalzo Associates Ltd.

11:55 - 12:40 p.m. - Lunch

12:40 - 2:15 p.m. - How to Create a Culture of Privacy & Security within your Organization.

Rob Ferrini, NAPLIA

2:15 - 2:35 p.m. - Afternoon Break

2:45 - 4:30 p.m. - FASB Update

Stacey Painter, CPA, Loscalzo Associates Ltd.

Basic Course Information

*Participants will have the opportunity to join in an interactive discussion with a senior technical manager from the AICPA Audit & Attest Standards Team regarding current issues involving audit, attestation, review, compilation, and financial statement preparation engagements. Included will be a discussion of continuing issues with respect to the implementation of SSARS No. 21 as well as recent activities of the AICPA’s Auditing Standards Board and Accounting and Review Services Committee.

*Presentation of Financial Statements of Nonprofit Entities, is perhaps the most talked about standard specifically impacting not-for-profit entities in several years. Although it is primarily a disclosure standard, some not-for-profits may also need to make accounting adjustments to their financial statements; for example, to present a deficit situation in endowments in a restricted net asset class rather than in unrestricted net assets. Since many of the more disruptive changes have been deferred pending further discussion by the FASB, this standard should not be too difficult to implement. But the number of changes to existing disclosure means that entities and their auditors need to be knowledgeable in order to include them all. This session will discuss the changes to the nonprofit financial statements and will include a set of financial statements using the new standards to use in the discussion. The standard is effective for annual financial statements issued for fiscal years beginning after December 15, 2017 and for interim periods within fiscal years beginning after December 15, 2018. Early implementation is encouraged.

*Ransomware is now up 6,000% with 70% of businesses admitting that they pay the ransom to obtain their data. The average cost per record breached is $158 and for professional service firms the cost jumps to $223. IT departments are struggling to keep intruders out and to put reasonable measures in place to protect company data and the privacy of their clients' information. HR and finance personnel are ad hoc privacy officers and the demands are becoming a full-time job. The topic is overwhelming and discouraging.This session will focus on practical tips and a road map on how to address the increasing risk of data management, how to build data privacy and security into the company culture, and how to engage employees to be part of the process.

*Provide an overview of changes made by accounting standard updates issued after May 2016. Only pronouncements with broad application will be covered in detail. For other issues, a quick synopsis will be provided.

*Accounting & Auditing

*Nonprofit

*Attest