2025 Recorded Course Catalog

Stay informed and prepared with this comprehensive annual update on the latest developments in accounting and auditing. We’ll begin with a deep dive into the Accounting Standards Updates (ASUs) effective in 2025, followed by insights from the FAF's 2024 PCC Review and an overview of FASB’s Invitation to Comment - Agenda Consultation, which will shape the future of accounting standards. On the auditing side, we’ll tackle the essential changes in quality management standards that firms must implement by the end of 2025. The session will also highlight common deficiencies identified by the DOL in EBP (Employee Benefit Plan) engagements and provide a peek at upcoming projects from the Auditing Standards Board (ASB). Join us to gain practical insights and actionable takeaways to navigate these updates with confidence. Upon completing this course, a learner will be able to:

• Recognize the impact of Accounting Standards Updates effective in 2025 on financial reporting
• Recall the changes made to PCC processes as a result of the 2024 PCC Review
• Identify potential topics identified by advisory groups in the FASB's ITC agenda consultation
• Identify the components of quality management
• Recall deficiencies identified by the DOL for EBP audits
• Recall key projects of the Auditing Standards Board

This update course focuses on the accounting and auditing changes that matter most to small businesses. We’ll begin with an overview of the FASB’s Accounting Standards Updates (ASUs) most likely to impact small business entities, followed by insights from the 2024 Private Company Council (PCC) Review and FASB’s Invitation to Comment - Agenda Consultation, which will guide future standard-setting initiatives relevant to small businesses. Next, we’ll explore alternative financial reporting frameworks that may offer practical solutions for small businesses seeking options beyond US GAAP. Finally, we’ll shift to the auditing perspective, examining the new quality management standards that practitioners providing attest services including compilations for small business clients must implement. This session equips you with the insights and tools needed to navigate the evolving landscape of small business accounting and auditing with confidence. Upon completing this course, a learner will be able to:

• Recall the impact of recently issued accounting standards on private company financial reporting
• Recall the changes made to PCC processes as a result of the 2024 PCC Review
• Identify potential topics identified by advisory groups in the FASB's ITC agenda consultation
• Recognize alternative financial reporting options for private entities
• Identify the components of quality management

While the pace of FASB's standard-setting has slowed in recent years, the standards that have been issued will be impactful for many organizations. This course will begin with a review of standards effective in 2025 for public, private, and nonprofit organizations. From there, we’ll explore upcoming standards, FASB exposure drafts, and ongoing projects to ensure you're prepared for what’s next in financial reporting. The second half of the course will shift focus to developments at the AICPA. From quality management to ethics standards and the talent pipeline, there’s no shortage of activity. We’ll start with a detailed look at the quality management standards effective this year and their impact on firms, including changes to the Peer Review Program. Next, we’ll cover essential ethics standards and the latest SSARS updates. We'll also examine common deficiencies in employee benefit plan (EBP) audits and discuss the initiatives of the National Pipeline Advisory Group. Key Takeaways: - Gain clarity on standards effective in 2025 and those on the horizon. - Understand the impact of quality management standards and related peer review changes. - Stay informed on ethics updates, SSARS developments, and ongoing AICPA initiatives. - Learn about common EBP audit deficiencies and strategies to address them. Stay ahead of the curve with this comprehensive update for accountants and auditors. Upon completing this course, a learner will be able to:

• Recognize the impact of Accounting Standards Updates effective in 2025 on financial reporting
• Identify proposed changes to ethics requirements
• Recognize proposed changes to GAAP
• Identify the components of quality management
• Identify the impact of recently issued ethics interpretations on independence
• Recall deficiencies identified by the DOL for EBP audits
• Recognize changes to the peer review process
• Identify the recommendations made by the NPAG to improve the accounting pipeline
• Recall key projects of the Auditing Standards Board
• Recognize the impact of recent standard setting on the applicability of AR-70

  Qualifications: YB24 (1.5 Credits); YB56 (1.5 Credits)

Stay ahead of the curve with this essential training designed for not-for-profit accountants and auditors. This course provides a comprehensive update on the latest developments impacting nonprofit financial reporting and auditing. On the accounting side, we will review the latest FASB standard-setting activities affecting NFPs, including programmatic investments and their interplay with the CECL standard. Additionally, we will explore the IFR4NPO project, a global initiative aimed at establishing universal financial reporting standards for nonprofits. Transitioning to auditing, this course covers the 2024 Yellow Book updates, the shift from quality control to quality management, and key audit matters with early adoption options. We'll also address Single Audit updates, GAO reports on improper payments and fraud, the Financial Data Transparency Act (FDTA), and recent Department of Education guidance on related parties. Key takeaways include: - Understanding FASB’s impact on nonprofit financial reporting. - Insights into global initiatives like IFR4NPO. - Preparation for quality management implementation by the end of 2025. - Updates on the 2024 Yellow Book and Single Audit requirements. - Awareness of recent governmental guidance and transparency standards. This course equips you with the knowledge to ensure compliance, enhance audit quality, and support effective financial reporting for not-for-profit organizations. Don’t miss this opportunity to stay informed and ready for the year ahead. Upon completing this course, a learner will be able to:

• Identify elements of the proposed IFR4NPO standards
• Recall the impact of recent standard setting on programmatic investments
• Recognize the impact of recent ASUs on nonprofit financial reporting
• Identify the components of quality management
• Recall the components of quality management in the 2024 Yellow Book
• Identify changes to single audits as a result of the 2025 Compliance Supplement
• Recognize the impact of the 2024 Uniform Guidance on Single Audits
• Identify the key findings in GAO's Improper Payments: Information on Agencies’ Fiscal Year 2023 Estimates report (GAO-24-106927)
• Recognize the requirements of the FDTA
• Identify the impact of the DOE's Related Party Disclosure Requirements on education audits
• Identify the strategies recommended to fight fraud from the AICPA’s Government Performance and Accountability Committee's Detecting Government Fraud report

Stay ahead in the evolving landscape of employee benefit plan (EBP) audits with this essential 2025 update. This course covers key regulatory changes, including the SECURE 2.0 Act, newly effective accounting and auditing standards (SAS 145 and Quality Management Standards), and insights from the Department of Labor’s latest findings on audit quality. We’ll also dive into emerging hot topics shaping the EBP audit environment, equipping you with the knowledge to enhance compliance, mitigate risks, and deliver exceptional audit quality. Whether you’re a seasoned professional or new to EBP audits, this session will provide actionable insights to keep you confident and prepared. Upon completing this course, a learner will be able to:

• Identify the key provisions of the SECURE 2.0 Act and their implications for employee benefit plan (EBP) audits
• Recall the impact of new accounting and auditing standards on EBP audit procedures and risk assessment.
• Identify insights from the latest Department of Labor findings and hot topics in EBP audits to develop strategies that enhance audit quality and mitigate risks.

Sampling is often identified as a common audit deficiency in peer review. This course will review when is sampling applicable and the 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 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
• Describe 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-
• Describe audit considerations for cryptocurrencies

The Enhancing Audit Quality Initiative has identified inadequate or nonexistent audit documentation as one of the most significant issues facing the profession today. Over half of the engagements reviewed by the AICPA failed to meet the requirements of AU-C 230, highlighting a critical need for improvement. This course addresses common misconceptions about audit documentation and provides actionable strategies to overcome these deficiencies. Attendees will learn best practices to ensure compliance with professional standards, enhance audit quality, and mitigate risks associated with poor documentation. Whether you are an experienced professional or new to auditing, this course will help you strengthen your documentation practices and uphold the highest standards of the profession. Upon completion of this course, a learner will be able to:

• Identify the minimum documentation requirements from AU-C 230
• Recall common work paper deficiencies identified by the AICPA

Fraud is constantly in the news. Whether it's employee retention credit mills, FTX, or the City of Dixon, it appears that 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 with a look 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 schemes
• Identify 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 while 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

Discover critical insights from the latest Department of Labor studies on employee benefit plan audits and tackle the pressing issue of audit deficiencies head-on. This course dives deep into the most common errors undermining audit quality and explores the underlying causes of these issues. Through practical strategies, engaging case studies, and regulatory guidance, participants will learn how to close gaps in compliance, enhance audit execution, and protect plan participants and beneficiaries. Whether you're an experienced auditor or new to benefit plan audits, this course will equip you with the tools needed to elevate audit quality and ensure regulatory compliance. Upon completion of this course, a learner will be able to:

• Recognize the most common errors in employee benefit plan audits as highlighted by recent Department of Labor studies and their implications for audit quality.
• Identify root causes of common deficiencies, consequences, and practical solutions for improvement.
• Identify actionable strategies for improving audit execution, including better planning, documentation, and testing.
• Recognize how peer review processes, specialized training, and regulatory tools can mitigate deficiencies and elevate overall audit quality.

Preparation, compilation and review engagements continue to be a hot topic for peer review despite SSARS 21 having been around for nearly a decade. This course will concentrate on the most common peer review findings with a focus on how to comply in an efficient but practical perspective. This course will discuss the root cause of noncompliance so that overall engagement quality increases. Upon completing this course, learners will be able to:

• Describe common deficiencies identified in peer review
• Identify methods to improve quality
• Recognize root causes of noncompliance

This course provides an in-depth exploration of AU-C 240, Consideration of Fraud in a Financial Statements Audit. Participants will gain practical insights into identifying, assessing, and responding to fraud risks within the context of financial statement audits. Through engaging lectures, real-world examples, and case studies, the course examines the nature and characteristics of fraud, including fraudulent financial reporting and misappropriation of assets. It also delves into the auditor's responsibilities under AU-C 240 for planning and performing audits with fraud considerations, techniques for identifying fraud risk factors and assessing risks of material misstatement, and methods for designing and implementing effective audit procedures. Additionally, participants will explore best practices for communicating and documenting findings related to potential or identified fraud. Ideal for auditors at all experience levels, this course equips attendees with the knowledge and tools necessary to navigate fraud-related complexities and maintain audit integrity. Upon completion of this course, a learner will be able to:

• Identify the components of the fraud triangle and their role in financial fraud.
• Recall AU-C 240 requirements for addressing fraud risks in audits.
• Recognize red flags and patterns of fraud.
• Recall audit techniques to address identified fraud risks effectively.
• Recognize best practices for documenting, communicating, and escalating fraud findings.

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 two-hour 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

One of the three major forms of occupational fraud, along with corruption and asset misappropriation, is financial statement fraud. From improper asset valuation to fictitious revenues, this course will review financial statement fraud red flags and examine real-life examples. Upon completing this course, learners will be able to:

• Identify trends in financial statement fraud
• Recall examples of financial statement fraud schemes

Cash is essential to every business, and is often one of the first accounts audit staff are exposed to. This course will cover the basics of auditing cash, including the related audit assertions, risks, & threats to the cash balance. During this course, we will also highlight the various substantive auditing procedures that staff should perform, and also walk through some real-world examples. Upon completing this course, learners will be able to:

• Recall the audit assertions applicable to the cash balance
• Recognize the risks & threats related to the cash balance
• Identify substantive auditing procedures that are used to obtain comfort over cash

It is imperative that audit staff understand the fundamentals of expenses & payables. This course will cover the basics of auditing expenses, accrued liabilities, and other payables, including the related audit assertions, risks, & threats to the expenses & payables balances. During this course, we will also highlight the various substantive auditing procedures that staff should perform, and also walk through some real-world examples. Upon completing this course, learners will be able to:

• Recall the audit assertions applicable to the expenses & payables balances
• Recognize risks & threats to the expenses & payables balances
• Identify substantive auditing procedures that are used to obtain comfort over expenses & payables

Inventory observations are often a right of passage for audit staff. This course will cover the basics of auditing inventory, including the related audit assertions, risks, & threats to inventory. During this course, we will also highlight the various substantive auditing procedures that staff should perform, and also walk through how to conduct a physical inventory observation. Upon completing this course, learners will be able to:

• Recall the audit assertions applicable to inventory
• Recognize risks & threats related to the inventory balance
• Identify substantive auditing procedures that are used to obtain comfort over inventory

This course will look at the various rules related to Independence and compare and contrast the requirements. This overview course will help auditors understand the nuances of independence and ensure they meet the requirements to perform attest services for their clients. We will review the requirements for the AICPA, GAO, DOL, and PCAOB. Upon completing this course, learners will be able to:

• Recognize the requirements for independence under AICPA, GAO, DOL and PCAOB

Whether your organization is developing a new control framework or seeking to strengthen its current controls, practical development and implementation is 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 the operating effectiveness of controls. Upon completing this course, learners will be able to:

• Recognize the five components of COSO
• 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

Step into the heart of the Cretaceous Conservatory for an unforgettable inventory observation adventure! In this immersive simulation, you’ll travel to a remote island where the inventory isn’t just vast—it’s alive. As an auditor responsible for ensuring accuracy in the company’s dinosaur-development operations, you’ll face wild risks, navigate complex inventory procedures, and confront the unexpected. Through hands-on scenarios, you’ll learn to identify misstatements, evaluate unique inventory challenges, and apply standard observation techniques—all while staying one step ahead of potential disaster. Can you survive the wilds of the Cretaceous and emerge as the ultimate inventory explorer, or will the risks prove too much to handle? Upon completing this course, a learner will be able to:

• Recognize potential risks associated with inventory misstatements that an auditor should be aware of during an observation.
• Recall the standard procedures for observing and counting inventory during a physical inventory count.
• Identify key documentation required before, during, and after an inventory observation.
• Identify sufficient, appropriate inventory observation selections through identification of individually significant items and sampling methodology
• Recall potential risks associated with inventory or unique inventory situations
• Identify responses to risks and variances identified during an inventory observation

Client interactions and professionalism are at the core of what we do as accountants. However, communication with clients is not always as straightforward as it may seem. Sometimes there will be difficult conversations and disagreements that can be tough to navigate. During this course, we will discuss best practices when communicating with the client, and also walk through complicated scenarios to practice what we learn. Upon completing this course, learners will be able to:

• Recall best practices in professionalism during oral and written communication with clients

This course is an introduction to preparation, compilation, & review engagements. During this course, we will compare and contrast these different engagements by reviewing the procedures that should be performed, different reports, as well as the level of assurance specific to each type of engagement. Upon completing this course, learners will be able to:

• Recognize the difference between preparation, compilation, & review engagements
• Identify the specific procedures related to preparation, compilation, & review engagements

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 is buzzing with activity in 2025, and this course will ensure you stay ahead of the curve. We’ll begin by exploring the new quality management standards which will be effect this year and their impact on practice management. From there, we’ll dive into the latest ethics standards, recent SSARS updates, and changes to the Peer Review Program driven by quality management requirements. To round out the session, we’ll examine common deficiencies in employee benefit plan (EBP) audits and highlight the initiatives of the National Pipeline Advisory Group to address the talent pipeline challenge. Don’t miss this comprehensive overview of what’s happening at the AICPA! Upon completing this course, a learner will be able to:

• Identify the components of quality management
• Identify the impact of recently issued ethics interpretations on independence
• Recall deficiencies identified by the DOL for EBP audits
• Recognize changes to the peer review process
• Identify the recommendations made by the NPAG to improve the accounting pipeline
• Recall key projects of the Auditing Standards Board
• Recognize the impact of recent standard setting on the applicability of AR-70

  Qualifications:  YB24 (1.5 Credits); YB56 (1 Credit)

Understanding how to effectively audit prepaid expenses is a key skill for audit staff. This course provides a comprehensive overview of the fundamentals, including the applicable audit assertions and common risks and threats associated with the prepaid expense balance. Participants will learn how to perform substantive auditing procedures to ensure accuracy and reliability, with guidance on applying these techniques to real-world scenarios. Designed to enhance practical knowledge, this session equips auditors with the tools and confidence needed to navigate prepaid expense audits with proficiency. Upon completing this course, learners will be able to:

• Recall the audit assertions applicable to the prepaid expense balance
• Recognize risks & threats related to the prepaid expense balance
• Identify substantive auditing procedures that are used to obtain comfort over prepaid expenses