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Date / Time / Location

Tuesday, November 12, 2019
8:30 AM - 4:30 PM
Registration: 8:00 AM

Pines Manor2085 State Highway 27
Edison, NJ 08817
732-287-2222

CPE Credits

  • 8.00 CPE Credits in AA

Package Pricing

In-Person Registration
  • $239.00 - Member
  • $339.00 - Non Member
Webcast: Attend this conference virtually.
  • $239.00 - Member
  • $339.00 - Non Member
Discuss compliation and review changes, learn about the fraud triangle and explore new lease accounting guidance from industry leading experts.

Designed For

Whether you are a CPA in public practice or private accounting, this conference is a must to keep you one step ahead in a constantly changing business environment.

Highlights

8-8:30 a.m.
Registration and Continental Breakfast

8:30-10:30 a.m.
FASB Update
John M. Fleming, CPA, MBA
Many changes have taken place at the FASB. Discuss an overview of Accounting Standard Updates during 2018 and 2019 with broad application. A quick synopsis will address all other ASUs.

10:30-10:40 a.m.
Morning Break

10:40 a.m.-12:10 p.m.
Financial Statement Fraud
John M. Fleming, CPA, MBA
What is the Fraud Triangle? What does it have to do with Financial Statement Fraud? Explore motivations to commit fraud through case studies and the Report to the Nations Concerning Occupational Fraud.

12:10 -1 p.m.
Lunch

1-2:40 p.m.
Concurrent Sessions. Please choose one.

1A. Lease Accounting – ASU 2016-02, As Amended
John M. Fleming, CPA, MBA
Review the new lease accounting guidance for lessees effective for private companies reporting on GAAP for periods beginning after December 15, 2019. Lease classification as operating and finance leases will be discussed as well as pattern of expense issues for subsequent measurement of leases.

1B. Recent Compilation and Review Issues
James J. Newhard, CPA
Discuss the recent changes that have taken place in compilation and review services with the issuances of SSARS 21 through 24. In addition, the practice issues associated with providing preparation services will be discussed.

1C. Risk Assessment Revised – Are You Assessing Audit Risk Properly?
Rebecca M. Lee, CPA
This session reviews AU-C Section 315 procedures which revisit the risk assessment process and identify the risk assessment procedures required in properly planning an audit. The steps appear simple: Identify, assess and respond to the risk of material misstatement (RMM). While this seems straight forward, the peer reviewers have found that one in ten firms currently fail to comply with the procedures of AU-C 315. Skipping just one step can lead to a nonconforming engagement. A common misconception with small business clients is that since they have few internal controls that risk will automatically be assessed at high. But this assumption may skip fundamental requirements. How does the firm avoid such costly mistakes? Join this session to explore missed or misunderstood requirements and provide solutions to eliminate non-compliance.

2:40-2:50 p.m.
Afternoon break

2:50-4:30 p.m.
Concurrent Sessions. Please Choose one

2A. Lease Accounting – ASU 2016-02, As Amended (Repeated)
John M. Fleming, CPA, MBA
Review the new lease accounting guidance for lessees effective for private companies reporting on GAAP for periods beginning after December 15, 2019. Lease classification as operating and finance leases will be discussed as well as pattern of expense issues for subsequent measurement of leases.

2B. Reporting to Third Parties Financial and Non-Financial Matters
James J. Newhard, CPA
CPAs are often asked to write letters to third parties on behalf of their clients. CPAs are often in the best position to provide necessary information, their credibility is needed, and providing such information can be a valuable client service. This session will explore when professional standards will apply in these cases. It will compare the Audit, SSARS and Attestation standards and discuss when each are applicable.

2C. Peer Review Update
Rebecca M. Lee, CPA
This session will address the most common peer review matters as identified by the AICPA and PCAOB. These matters include recurring deficiencies in accounting and disclosure in audit, review, compilation and preparation engagements.

Course Level

Intermediate

Prerequisites

None

Advance Preparation

None
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Note: Online pre-registration will be closed on Nov 12 at 2:00 PM.
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Registrations will be accepted at the door.

8:30 AM to 10:30 AM
FASB Update

Many changes have taken place at the FASB. Discuss an overview of Accounting Standard Updates during 2019 and 2019 with broad application. A quick synopsis will address all other ASUs.

10:40 AM to 12:10 PM
Financial Statement Fraud

What is the Fraud Triangle? What does it have to do with Financial Statement Fraud? Explore motivations to commit fraud through case studies and the Report to the Nations Concerning Occupational Fraud.

1:00 PM to 2:40 PM
1A. Lease Accounting – ASU 2016-02, As Amended

Review the new lease accounting guidance for lessees effective for private companies reporting on GAAP for periods beginning after December 15, 2019. Lease classification as operating and finance leases will be discussed as well as pattern of expense issues for subsequent measurement of leases.

1:00 PM to 2:40 PM
1B. Recent Compilation and Review Issues

Discuss the recent changes that have taken place in compilation and review services with the issuances of SSARS 21 through 24.  In addition, the practice issues associated with providing preparation services will be discussed.

1:00 PM to 2:40 PM
1C. Risk Assessment Revised – Are You Assessing Audit Risk Properly?

This session reviews AU-C Section 315 procedures which revisit the risk assessment process and identify the risk assessment procedures required in properly planning an audit. The steps appear simple: Identify, assess and respond to the risk of material misstatement (RMM).  While this seems straight forward, the peer reviewers have found that one in ten firms currently fail to comply with the procedures of AU-C 315.  Skipping just one step can lead to a nonconforming engagement.  A common misconception with small business clients is that since they have few internal controls that risk will automatically be assessed at high.  But this assumption may skip fundamental requirements.  How does the firm avoid such costly mistakes?  Join this session to explore missed or misunderstood requirements and provide solutions to eliminate non-compliance.

2:50 PM to 4:30 PM
2A. Lease Accounting – ASU 2016-02, As Amended (Repeated)

Review the new lease accounting guidance for lessees effective for private companies reporting on GAAP for periods beginning after December 15, 2019. Lease classification as operating and finance leases will be discussed as well as pattern of expense issues for subsequent measurement of leases. 

2:50 PM to 4:30 PM
2B. Reporting to Third Parties Financial and Non-Financial Matters

CPAs are often asked to write letters to third parties on behalf of their clients. CPAs are often in the best position to provide necessary information bec, and providing such information can be a valuable client service.  This session will explore when professional standards will apply in these cases.  It will compare the Audit, SSARS and Attestation standards and discuss when each are applicable.

2:50 PM to 4:30 PM
2C. Peer Review Update

This session will address the most common peer review matters as identified by the AICPA and PCAOB.  These matters include recurring deficiencies in accounting and disclosure in audit, review, compilation and preparation engagements.

John Fleming

John M. Fleming, CPA, M.B.A.
Kaplan Financial Education, Powered by Loscalzo

John M. Fleming, CPA/MBA, licensed as a CPA in Pennsylvania, has served as the Director of Content Development for Kaplan Financial Education, powered by SmartPros, and also as President and Director of Accounting and Auditing for Kaplan Financial Education, powered by Loscalzo Institute. John retired on October 1, 2017. In retirement, John continues to provide seminars as a discussion leader for Kaplan Financial Education, powered by Loscalzo Institute, on a part-time basis. John’s prior practice experience includes audit, tax, consulting, office management, and human resource responsibilities with Deloitte LLP, Richard Eisner & Company LLP, and Ernst & Young LLP. John is a graduate of LaSalle and Drexel Universities with degrees in accounting and finance. John served as the 1999/2000 President of the 8,300 member Greater Philadelphia Chapter of the Pennsylvania Institute of Certified Public Accountants (PICPA). In 2006, the PICPA recognized John as a Joseph E. Sterrett Fellow for his contributions to the accounting profession and in 2007, the Philadelphia Chapter recognized John with their Champion Award for his contributions to the PICPA, Chapter, profession and community. John has also served as the 2002/2003 President of the American Accounting Association’s Mid-Atlantic Region.

Rebecca Lee

Rebecca M. Lee, CPA, CGMA
Kaplan Financial Education, Powered by Loscalzo

Rebecca Lee, CPA, CGMA, licensed as a CPA in Alabama and South Carolina, is a Group Practice Leader for Loscalzo Associates Ltd. and a Principal with Brooke, Freeman & Lee, having offices in Anniston and Birmingham, Alabama. She serves as the assurance, quality control, and compliance principal with responsibilities for the audit practice.

She has served on numerous AICPA and state society committees, including the AICPA Management Consulting Service Professional Practice Subcommittee, Small Business Consulting Practices Subcommittee, Council of the AICPA, and is a past member of the Institute’s MAS Executive Committee and Personal Financial Planning Executive Committee. She has chaired both the Management Advisory Committee and the Personal Financial Planning Committee of the Alabama Society of CPAs. She currently serves on the South Carolina Association of CPAs’ Peer Review Committee and the Continuing Professional Education Committee.

Rebecca is a group practice leader for all staff level audit training programs, as well as other accounting and auditing technical courses. She is a frequent speaker at CPA conferences and has lectured extensively in the area of management advisory services at professional meetings and seminars for state societies and the American Institute of CPAs. With more than 30 years of experience in the audit and accounting field, Rebecca has served as a discussion leader, technical reviewer, and author of courses for audit and accounting technical courses. She has served as professor of management accounting in the graduate studies (Master in Public and Private Management) program at Birmingham-Southern College in Birmingham, Alabama.

Rebecca holds a BS degree in accounting from Jacksonville State University, Jacksonville, Alabama, along with a master’s degree in accounting from Birmingham Southern College, Birmingham, Alabama. She is a member of the Alabama Society of CPAs, the South Carolina Association of CPAs, and the AICPA.

James Newhard

James J. Newhard, CPA
Kaplan Financial Education, Powered by Loscalzo

James J. Newhard is a discussion leader of continuing professional education (CPE) for Kaplan Financial Education, teaching practitioner A&A and tax, professional and tax ethics, and small firm best practices. Jim has authored and provides technical review of several programs for Kaplan Financial Education.

Jim is a sole practitioner, providing tax (preparation and planning), accounting and reporting (review, compilation, preparation, agreed-upon procedures, U.S. GAAP adoption, implementation and application advisory and consulting), and advisory services to individuals, entrepreneurs, small- to medium-sized businesses, not-for-profit entities, estates, and trusts. James J. Newhard, CPA has been a long-time peered review practice (quality review certification) and consults for and assists small CPA firms/practitioners in “Pre” (preparing for) and “Post” (evaluation and remediation) Peer Review matters for financial statement and SSAE attest engagements, and assists as a Quality Review service for pre-issuance reviews.

Jim is a member of the AICPA (PCPS and Taxation Member) and the PICPA. He is a Greater Philadelphia Chapter past-president (2006-07) and recipient of both the Volunteer Service Award (2009) and the Champion Service Award (2012), and serves on several PICPA committees.

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