The course will start off with a look at the Accounting Standards Updates (ASUs) issued by the FASB that will be effective in 2024 as well as those that may be great for early adoption. The course will also review year 2 issues in lease accounting including how to handle lease modifications. We'll then turn our attention from accounting to auditing, where we will cover the audit standards coming down the pike, including group audit and quality management. Upon completing this course, learners will be able to:

• Recognize changes to financial reporting effective in 2024
• Recall changes to the conceptual framework
• Identify the requirements for lease modification accounting
• Identify changes to the requirements for group audits
• Recall the impact of quality management on A&A practices

For many small businesses, the standards issued by the FASB may have little to no effect as they impact topics that do not reflect the type of transactions that these entities most frequently experience. This class will focus on the Accounting Standards Updates (ASUs) that are most likely to impact small businesses with a focus on ASUs initiated by the Private Company Council (PCC). We'll then look at alternative reporting options to GAAP including FRF for SMEs and IFRS for SMEs for entities who don't necessarily need to prepare GAAP financial statements but want to use accrual accounting. Finally, we will transition to audit standards that small business auditors will need to implement. Upon completing this course, learners will be able to:

• Recall ASUs impacting small businesses
• Identify reporting options for small entities other than GAAP
• Recognize the changes to quality required of small firms
• Recall the elements of the IAASB's LCE standard
• Identify the financial reporting impact of modification of lease contracts

The Professional Ethics Executive Committee (PEEC) of the AICPA has been very busy issuing new and updating existing ethics rules. This course will provide an overview of recently issued and soon to be effective ethics rules that CPAs in both industry and public accounting need to know to be compliant. Upon completing this course, learners will be able to:

• Recall the impact of interpretations issued by PEEC
• Identify changes to the independence standards

We'll start with an update from the Virginia Board of Accountancy. Then we'll move to the AICPA update. The Professional Ethics Executive Committee (PEEC) of the AICPA has been very busy issuing new and updating existing ethics rules. This course will provide an overview of recently issued and soon to be effective ethics rules that CPAs in both industry and public accounting need to know to be compliant. Upon completing this course, learners will be able to:

• Recall the impact of interpretations issued by PEEC
• Identify changes to the independence standards

  2024 VBOA-approved ethics course. This course can be taken to meet the 2024 ethics requirement in Virginia and is valid until January 31, 2025.

Yellow Book and Single Audit engagements are considered must-select engagements for Peer Review. This course will cover the Yellow Book independence requirements which are required any time an auditor is performing a Yellow Book or Single Audit, even when the engagement is for a for-profit entity. We will also take a look at the major changes in the 2024 Compliance Supplement as well as the changes to the Uniform Guidance. Finally, we close with major deficiencies identified by the federal agencies and peer reviewers. Upon completing of this course, learners will be able to:

• Identify changes to Single Audits as a result of the 2024 Compliance Supplement
• Identify the changes to Chapter 5 of Yellow Book
• Recall the independence requirements in Yellow Book
• Recognize common Yellow Book deficiencies
• Recall the independence, CPE, and reporting requirements in Yellow Book
• Recognize changes to the Uniform Guidance
• Recall common deficiencies found in Single Audits

This course begins with a look at the GASB standards effective this year, including GASB 100, Accounting Changes and Error Corrections and GASB 101, Compensated Absences. We'll include practical application of the topics in the form of case studies. Upon completing this course, learners will be able to:

• Recall the impact of GASB 100 and 101 on financial reporting for governments
• Recall the impact of standards effective in 2024

The Not-for-Profit Advisory Committee has been busy discussing several projects that the FASB is working on and their impact on nonprofits. In this course, we will review the key issues and discussions from recent NAC meetings. We'll also take a look at ASUs issued by the FASB that may impact nonprofit financial statements. After a break, we then transition from accounting to auditing with a look at the common deficiencies found in nonprofit Yellow Book audits with a focus on CPE, reporting, and independence. Upon completing this course, learners will be able to:

• Recall the impact of ASUs on nonprofit organizations
• Recall the activities of the Nonprofit Advisory Committee
• Identify the financial reporting impact of modification of lease contracts
• Identify common deficiencies in nonprofit accounting
• Recall the proper accounting agency transactions and functional expenses

The Not-for-Profit Advisory Committee (NAC) has been meeting with FASB to discuss the impact of various standards on the nonprofit community. In this course, we will explore the work of the NAC and the impact they've had. We then transition to the Accounting Standards Updates (ASUs) issued by the FASB that are impacting nonprofit entities, including a review of year 2 issues with respect to the leases standard including modification accounting. We will close with a look at common deficiencies found in nonprofit financials. Upon completing this course, learners will be able to:

• Recall the impact of ASUs on nonprofit organizations
• Recall the activities of the Nonprofit Advisory Committee
• Identify the financial reporting impact of modification of lease contracts
• Identify common deficiencies in nonprofit accounting
• Recall proper accounting for agency transactions and functional expenses

This course will review the Accounting Standard Updates issued by the FASB that impact nonprofit entities. We will also look at the work of the Not-for-Profit Advisory Committee (NAC) and the projects they are advising the FASB on. Upon completing this course, learners will be able to:

• Recall the impact of ASUs on nonprofit organizations
• Recognize the activities of the Nonprofit Advisory Committee (NAC)

This course will start with a review of the impact of the 2024 Compliance Supplement on Single Audits as well as the changes to the Uniform Guidance. We will also review common audit deficiencies found in Single Audits. Upon completing this course, learners will be able to:

• Identify changes to single audits as a result of the 2024 Compliance Supplement
• Recognize changes to the Uniform Guidance
• Identify the proper method of identifying and testing internal controls over compliance
• Recall common deficiencies found related to Single Audits

More and more entities need Yellow Book engagements, including a growing number of for-profit entities. In this course, we will review the unique independence requirements in GAGAS. We'll also review the recent changes to quality management in Yellow Book. We'll close with a reminder of common deficiencies found in Yellow Book engagements. Upon completing this course, learners will be able to:

• Identify the changes to Chapter 5 of Yellow Book
• Recognize common Yellow Book deficiencies
• Recall the independence, CPE, and reporting requirements in Yellow Book

Sampling is often identified as a common audit deficiency in peer review. This course will review when is sampling applicable and basics of planning a sample. We'll then focus on the application of sampling in financial statement audits with a look at sampling for substantive procedures. We'll look at the use of monetary unit sampling and tools that can be leveraged to reduce bias in sampling. Upon completing this course, learners will be able to:

• Identify when a procedure requires sampling
• Recall key elements of a sampling plan
• Recognize proper application of AU-C 530 for tests of details
• Perform MUS sampling

Building on Part 1, this course will review the application of sampling in financial statement audits with a focus on sampling for tests of controls. We'll also review the requirements for sampling in Single Audits with a focus on tests of controls and tests of compliance. Upon completing this course, learners will be able to:

• Identify the proper application of AU-C 530 for internal controls
• Recall the requirements for sampling for Single Audits

Environmental, Social and Governance (ESG) has become a hot topic among standard setters. This session will look at the work of the FASB, GASB, and AICPA in the areas of ESG. We'll also look at the types of engagements CPAs can provide to entities who want to have assurance around their ESG reporting. Upon completing this course, learners will be able to:

• Identify types of engagements CPAs can perform on ESG related items
• Recognize current projects of accounting standard setters

Bitcoin and crypto have been in the news recently for a variety of reasons. This course will cover the basics of accounting and auditing for cryptocurrency including recent standard setting by the FASB as well as a look at the AICPA's Accounting for and Auditing of Digital Assets practice aid. Upon completing this course, learners will be able to:

• Recall the impact of recent standard setting by the FASB on digital assets
• Recall audit considerations for cryptocurrencies

Fraud is constantly in the news. Whether it's employee retention credit mills, FTX, or the City of Dixon, it appears like fraud is everywhere. We'll start this session with a review of the common fraud schemes as identified in the 2024 Report to the Nations. We'll also review the commonalities of fraudsters. We'll then look at methods of prevention. We'll close by looking at the auditor's responsibility for the consideration of fraud in AU-C 240. Upon completing this course, learners will be able to:

• Recall common fraud schemesIdentify preventative measures to deter fraud
• Recognize recent frauds in the news
• Recall the data from the 2024 Report to the Nation
• Identify the responsibility of the auditor with respect to fraud

Individuals who work in a governmental environment have many rules of ethics that must be followed. The Government Accountability Office (GAO) issues Yellow Book providing rules related to ethics and independence, which received a significant update in 2018. We'll review some of the key elements of ethics relevant to governmental entities and auditors to prevent independence noncompliance. Upon completion of this course, a learner will be able to:

• Recall safeguards that can be used to reduce threats to an acceptable level
• Identify threats to independence

This course will serve as an introduction to conducting effective walkthroughs to gain an understanding of the client's transaction processes as well as identifying internal controls within each process. This course will review the procedures, questions to ask, and documentation requirements of walkthroughs. It will also include real-world examples of the red flags that may arise when executing a walkthrough. Upon completing this course, learners will be able to:

• Recall the purpose of a walkthrough
• Perform proper procedures while conducting a walkthrough
• Identify red flags that may arise while performing walkthrough procedures

Yellow Book and Single Audit engagements are considered must-select engagements for peer review. This course will review the common deficiencies noted by peer reviewers and federal agencies. We'll focus on the requirements of Yellow Book independence, CPE, and reporting. We will also review deficiencies related to internal controls over compliance, compliance testing, and major program determination for Single Audits. We'll close the course with a look at the deficiencies often identified in COVID-related funds. Upon completing this course, learners will be able to:

• Identify common deficiencies in Yellow Book Engagements
• Recall the independence requirements in Yellow Book
• Identify common single audit deficiencies
• Recall common deficiencies found related to COVID-19 funding

This course will review common deficiencies identified by the AICPA and state boards of accountancy. It features discussion on a variety of topics, including analytical procedures, sampling, group audits and risk assessment. We will review the areas of concern and how you can overcome them by employing best practices. Upon completing this course, learners will be able to:

• Identify common audit deficiencies
• Identify proper methods of performing risk assessment and analytical procedures
• Recall best practices for audit sampling and group audits
• Recognize changes to auditing standards for group audits and risk assessment

Quality management will have a big impact on CPA firms. This course will cover both SQMS 1 and 2 as well as the related engagement level standards (SAS 146 and SSARS 26). The new standards will require a risk-based approach to quality management as well as the documentation of an information & communication process. SQMS 1 is required to be implemented at all accounting firms by December 15, 2025 but due to the size of the effort, firms should start their implementation process ASAP. SQMS 2 covers the appointment and eligibility of the engagement quality reviewer and the performance of the reviews. SAS 146 addresses the specific responsibilities of the auditor regarding quality management at the engagement level for an audit of financial statements and the related responsibilities of the engagement partner. SSARS 26 amends AR-C Sections to be consistent with these new standards. This class will provide a deep dive into what you need to know to start your implementation process! Upon completing this course, learners will be able to:

• Recall the components of quality management under SQMS 1
• Recognize the objective of an engagement quality review under SQMS 2
• Identify the specific responsibilities of the auditor regarding quality management under SAS 146
• Recall the responsibilities of the engagement partner in SSARS engagements

This course starts with the 2024 Ethics Update from the VBOA. We continue by reviewing the important ethics concepts addressed in the 2018 Yellow Book including the public interest, integrity, objectivity, and professional behavior. This course will review the key concepts and their application to auditors in a governmental environment. We'll also review changes to the independence standards in the 2018 Revision and ethical principles in GAGAS. Upon completing this course, learners will be able to:

• Identify changes to independence rules in the 2018 Yellow Book
• Recognize the ethical principles in GAGAS

  2024 VBOA-approved ethics course. This course can be taken to meet the 2024 ethics requirement in Virginia and is valid until January 31, 2025.

CPAs in public practice are required to maintain independence. In this course, we will discuss concepts associated with independence and review the rules from the AICPA Code of Conduct with a focus on their practical application. We will also review the recently issued ethics interpretations from the Professional Executive Committee (PEEC), which impact independence, and discuss practical methods of implementation. Upon completing this course, learners will be able to:

• Recall the requirements of independence from the Code of Professional Conduct

Whether your organization is developing a new control framework or seeking to strengthen its current controls, practical development and implementation are critical. This course will review the intersectionality of controls and provide real-world examples and best practices from people to technology and process. Upon completing this course, learners will be able to:

• Identify types of controls
• Recall information on control best practices

The Uniform Guidance identifies COSO and Green Book as best practices in internal control. This course will cover the background on COSO and its 2013 update. We'll also review the application of COSO to Green Book. Attendees will learn how to leverage Part 6 of the Compliance Supplement for documentation of internal controls. Upon completing this course, learners will be able to:

• Recall the five components of internal controls
• List the benefits of internal control frameworks
• Recognize the reasons for the COSO 2013 Update

AU-C Section 315 requires the auditor to gain an understanding of the entity and its environment and the entity's internal controls in order to design appropriate audit procedures. This course will review the key requirements of COSO which is one of the most widely used internal control frameworks. We'll also review the limitations of internal controls. Additionally, this course will introduce the risk assessment process and the various audit procedures to evaluate controls and to determine whether to test operating effectiveness of controls. Upon completing this course, learners will be able to:

• Identify the five components of COSO
• Recognize examples of control activities
• Recall the limitations of internal controls

Based on the AICPA Enhancing Audit Quality study, 23% of all single audits subject to enhanced oversight were materially non-conforming with professional standards due to failure to properly test controls over compliance. This course will provide an overview of internal controls over compliance specifically related to Single Audits. We will discuss how to apply the concept of internal controls to various compliance requirements. Additionally, a common finding in the audits of governmental entities receiving federal grants is misidentifying controls and mistaking compliance for a control. That's why this course will also focus on identifying compliance versus controls over compliance. Upon completing this course, learners will be able to:

• Recognize best practices in documenting internal controls over compliance in conformity with the Uniform Guidance
• Identify differences between ICFR and ICOC

Ethics and professional skepticism are a cornerstone of public accounting. This course will review the Code of Ethics for Professional Accountants that practitioners must adhere to. This course will outline the pressures, opportunities, and rationalizations that lead to instances of fraud. In addition, this class will walk through some interactive examples to illustrate various scenarios of noncompliance during engagements. Upon completing this course, learners will be able to:

• Recognize noncompliance with ethical standards during engagements
• Recall the five fundamental principles of ethics for professional accountants

Governmental accounting is very unique. This course will introduce the financial reporting basics for governments, including fund accounting and the modified accrual basis of accounting. Attendees will analyze the layouts of the fund financial statements as well as the government-wide financial statements. The course will also cover component units, Management Discussion & Analysis (MD&A), and the Annual Comprehensive Financial Report. Upon completing this course, learners will be able to:

• Recall the requirements of governmental financial reporting
• Identify organizations that follow governmental financial reporting standards
• Recognize why governmental entities require different financial reporting requirements than for-profit and non-profit nongovernmental entities
• Identify definitions of key governmental terms

Nonprofits face unique accounting challenges. This course will introduce attendees to the financial statements and unique accounting principles applicable to not-for-profit organizations. Specifically, we will focus on the typical transactions and account balances unique to NFPs, including net assets, agency transactions, contributions, endowments, and programmatic investments. Upon completing this course, learners will be able to:

• Recall the unique accounting principles and transactions applicable to NFP organizations
• Identify the basic financial statements of nonprofit organizations
• Recall the accounting for contributions
• Identify net asset classifications for nonprofit organizations

Single Audits are an area of focus for the AICPA's Enhancing Audit Quality Initiative. The Uniform Guidance provides very unique audit requirements when auditing federal funds. This course will look into the unique performance and reporting requirements in Single Audits. Participants will leave with a basic understanding of internal controls over compliance, compliance requirements, how to use the Compliance Supplement, and the elements of a finding in a Single Audit. Upon completing this course, learners will be able to:

• Recall the unique auditing requirements in the Uniform Guidance
• Recognize the requirements of major program determination
• Identify when a single audit is required

Performing engagements in accordance with Generally Accepted Government Auditing Standards (GAGAS or Yellow Book) requires additional reporting, ethics, and performance requirements. This course will identify and review the guidance found in the Yellow Book and analyze the relationship between Government Auditing Standards and the AICPA Code of Professional Conduct. We will review the Yellow Book requirements for financial statement audits while also touching upon ethical principles and independence. Upon completing this course, learners will be able to:

• Recognize the unique auditing requirements in the Yellow Book
• Recognize the independence requirements for Yellow Book engagements
• Identify the CPE requirements for Yellow Book engagements
• Recall the reporting requirements of Yellow Book

At its height, LIBOR was the benchmark for over US $350 trillion in financial contracts worldwide. Yet, due to concerns over the manipulation of the rate, standard setters determined that LIBOR should be discontinued. The global response to reference rate reform required financial reporting standard setters to provide practical expedients and exceptions to current modification guidance. This course will provide an overview of the standards issued (including amendments) from both the FASB and GASB to address the transition away from LIBOR. Upon completing this course, learners will be able to:

• Recall the optional expedients for entities as a result of reference rate reform

The AICPA has determined that 1 in 10 firms are not compliant with the risk assessment standards. This course will discuss how to properly identify risks and assess risks under AU-C 315. We will then review how to respond to identified risks under AU-C 330. The course will focus on the inherent risk model. We will also review common deficiencies and how a proper risk assessment can drive a more efficient and effective audit. Upon completing this course, learners will be able to:

• Recognize the audit risk model
• Perform risk assessment procedures compliant with the audit standards

SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, was issued in October 2021. This audit standard amends AU-C 315, making many changes to address common audit deficiencies. This course will provide an overview of SAS 145 and its changes to AU-C 315. Upon completing this course, learners will be able to:

• Identify changes to AU-C 315
• Recognize key components of the new risk assessment standard

This updated course offers an in-depth look at the FASB leases standard (ASC 842), which requires organizations to recognize lease assets and liabilities on the balance sheet. This comprehensive course will cover recognition, measurement, presentation, and disclosure requirements while also focusing on a critical area of change, which is the proper identification of a lease using a principles-based approach. We will discuss implementation requirements from both the lessee and lessor accounting models. In addition, we explore a variety of scenarios, including short-term leases, purchase options, variable lease payments, and remeasurement. This course offers practical journal entry examples and lessons learned from implementation, while also exploring recently issued amendments to the lease accounting guidance. Upon completing this course, learners will be able to:

• Define a lease under the new leases standard
• Apply recognition and measurement requirements of the new leases standard
• Recognize the presentation and disclosure requirements of the new leases standar
• Prepare journal entries necessary to account for leases as both a lessee and lessor

We kick off this course with a look at the GASB standards that are effective this year including GASB 100, Accounting Changes and Error Corrections and GASB 101, Compensated Absences. We will then switch to audit sign of the house with the changes in the 2024 Yellow Book. We'll close by examining the impact of the 2024 Compliance Supplement on Single Audits and the changes to the Uniform Guidance. Upon completing this course, learners will be able to:

• Recall the impact of GASB 100 and 101 on financial reporting for governments
• Recall the impact of GASB standards effective in 2024
• Recognize the changes to Chapter 5 of Yellow Book
• Identify changes to Single Audits as a result of the 2024 Compliance Supplement Recognize the changes to Uniform Guidance

SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, was issued in October 2021. The audit standard amends AU-C 315, including many changes to address common audit deficiencies. This course will provide an overview of SAS 145 and its changes to AU-C 315. Attendees will have an opportunity to evaluate the impact on audit methodology and documentation. Upon completing this course, learners will be able to:

• Recall changes to risk assessment requirements
• Identify the impact of SAS 145 on audit methodology

The AICPA's Auditing Standards Board has several large projects that will be impacting entities in the near future. We'll take a deep dive into the changes related quality management as well as group audits. We'll also review common audit deficiencies. This course will keep auditors up to date on the work of the ASB. Upon completing this course, learners will be able to:

• Identify the potential impact of the SQMS standards on firms
• Recognize common audit deficiencies
• Recall the core elements of quality management
• Recall the changes to group audits
• Recognize the impact of the major projects of the ASB

The course will start with the Accounting Standard Updates effective in 2024 for public entities, private entities, and nonprofits. We will also review year two implications of the leases standard, including modification accounting. We will then switch our attention to the items coming down the pike, including a look at the projects identified by the FASB's Invitation to Comment: Agenda Consultation. Upon completing this course, learners will be able to:

• Identify the impact of ASUs that are effective in 2024 on financial reporting
• Recall changes to the conceptual framework
• Recognize the impact of the lease modification on financial reporting
• Identify FASB ASUs that will be effective after 2024
• Recognize the potential impact of key projects on the FASB agenda

The GASB has been working on some big projects lately. We kick off this course with a look at the GASB standards that are effective this year including GASB 100, Accounting Changes and Error Corrections and GASB 101, Compensated Absences. We will then switch gears to the GASB standards coming down the pike, including the major projects of the GASB. Upon completing this course, learners will be able to:

• Recall the impact of GASB 100 and 101 on financial reporting for governments
• Recall the impact of standards effective in 2024
• Recall major projects of the GASB
• Identify GASB standards effective after 2024

The 2018 Yellow Book addresses key concepts of ethics, including the public interest, integrity, objectivity, and professional behavior. This course will review those key concepts and their application to auditors in a governmental environment. We also review changes to the independence standards in the 2018 Revision. Upon completing this course, learners will be able to:

• Identify changes to independence rules in the 2018 Yellow Book
• Recognize the ethical principles in GAGAS