Courses Currently Available On Demand

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

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

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

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

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

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

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

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

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 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