PUBLIC EVENTS CALENDAR

OVERVIEW

This course covers FASB Accounting Standard Updates (ASUs) that will impact NFPs. It includes a deep dive into Revenue Recognition for Grants & Contracts and its interplay with Topic 606. Attendees will also gain an understanding of what must be considered in order to implement standards impacting nonprofit entities including leases, the definition of collection, goodwill amortization for nonprofits, and gifts in kind. We close with a look at the potential impact of COVID19 on reporting for nonprofit entities.

HIGHLIGHTS

FASB accounting standard updates, grants, contracts, revenue recognition.

PREREQUISITES

Prior experience with NFP financial reporting.

DESIGNED FOR

Practitioners and members in industry responsible for accounting and financial reporting for NFP entities.

OBJECTIVES

Determine if a transaction is a contribution or exchange transaction. Identify ASUs impacting NFP entities. Define the term collection. Describe lease accounting under Topic 842.

OVERVIEW

This course covers the important changes to Yellow Book as well as Single Audits. We will review the major changes auditors need to understand when performing audits under GAGAS (aka Yellow Book or Government Auditing Standards). Areas of focus include the updated independence requirements, form and organization of the guidance, as well as quality control. We will then switch gears and cover the Uniform Guidance to provide participants with the information they need to properly perform and document a Single Audit under the Uniform Grant Guidance. We’ll focus on considerations that will impact current audits including the most recent compliance supplement including a discussion of the impact of COVID on Single Audits. Attendees will review the new changes to the Uniform Guidance that were recently issued to help attendees be prepared for their single audits.

HIGHLIGHTS

Yellow book. Government auditing standards.

PREREQUISITES

Prior experience with GAGAS and uniform guidance.

DESIGNED FOR

CPAs performing yellow book and uniform guidance audits.

OBJECTIVES

Describe the changes to Yellow Book. Analyze how nonaudit services impact independence. Identify recently issued changes to the Uniform Guidance. Recall impact of COVID19 on Single Audits and GAGAS engagements.

The pandemic left no industry untouched and the nonprofit sector, which relies on in-person events, volunteerism and fundraising for operations had a big challenge to face in light of remote work, forced closures and changing guidelines. See how organizations, auditors and even board volunteers worked through it and are planning what’s next.

What you will learn

• COVID funding grant issues and the CARES Act.
• What-if scenario planning in an age of disruption.
• When strategy, innovation and accounting standards combine.
• Policies for good governance.

This course is designed for accountants in public practice and industry that focus on nonprofit and governmental entities. During the Update (Day 2 of boot camp), we will build upon the foundational understanding established in the Introduction course and review recent occurrences in the areas of nonprofit and governmental accounting and auditing. In the morning, we cover key accounting standards impacting nonprofits and governments now and in the near future. In the afternoon, we switch gears and review the changes happening for governmental audits. This course is valuable as a standalone for experienced professional and follow-up for those who recently completed Day 1 of our Yellow Book Boot Camp.

OVERVIEW

This course will review focus areas for peer review for Single Audits and Yellow Book engagements. We will review the requirements for major program determination, testing compliance, testing internal controls over compliance, sampling, and reporting for Single Audits. We also address Yellow Book CPE and independence requirements. This course will provide an overview of common deficiencies found during peer review and how entities can effectively and efficiently perform these procedures.

HIGHLIGHTS

Singe audits. Yellow book. Internal controls.

PREREQUISITES

Prior experience with governmental auditing.

DESIGNED FOR

Accountants in public practice who serve governmental and nonprofit entities.

OBJECTIVES

Describe CPE requirements for Yellow Book engagements. Perform a major program determination compliant with the Uniform Guidance. Properly identify internal controls over compliance. Compare internal controls over compliance with compliance tests. List the reporting requirements for Single Audits.

Description

Whether you’re preparing for an audit or performing one, get the up-to-date information you need about changing standards, regulations and other topics that affect your work in the local government space.

Explore the audit process with respected experts who are familiar with the issues you’re facing. Find the insights, tools and connections you need to make sure you’re ready for audit season.

Who should attend

CPAs, auditors, city officials and other financial professionals who perform or are involved in local government audits

This course covers the important changes to Yellow Book as well as Single Audits. We will review the major changes auditors need to understand when performing audits under GAGAS (aka Yellow Book or Government Auditing Standards). Areas of focus include the updated independence requirements, form and organization of the guidance, and quality control. We will then switch gears and cover the Uniform Guidance to provide participants with the information they need to properly perform and document a Single Audit under the Uniform Grant Guidance. We’ll focus on considerations that will impact current audits including the most recent compliance supplement including a discussion of the impact of COVID on Single Audits. Attendees will review the new changes to the Uniform Guidance that were recently issued to help attendees be prepared for their Single Audits.