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Tuesday, November 10, 2020 Webcast

Accounting and Auditing Conference (E2011380)

8:30 AM - 4:20 PM EST

Registration: 8:15 AM EST

webcast

Webcast

8.0 CPE Credits in AA

OVERVIEW

This year’s conference focuses on challenges that the coronavirus presents on compilation, review and audit services, including full-disclosure financial statements and performing audits remotely. In addition, it will discuss recently issued audit standards and FASB updates that impact 2020 audits and financial reporting.

DESIGNED FOR

CPAs in public practice or private accounting

HIGHLIGHTS

8:30-10:10 a.m.
Financial Reporting Implications of the Coronavirus
John M. Fleming, CPA, M.B.A.
There are numerous financial reporting considerations in light of the coronavirus pandemic. This session will review the potential GAAP financial reporting impacts and consequences with a focus on common financial reporting issues most companies are likely to face.

10:10-10:20 a.m.
Break

10:20 a.m.-12:00 p.m.
FASB Update Including Lessons Learned from Revenue Recognition and Leasing Implementations
John M. Fleming, CPA, M.B.A.
This session will provide an overview of the FASB ASUs issued in 2020 and the potential impact on companies that have to apply them. The session will also cover lessons learned by companies that have already implemented Topics 606 (Revenue) and 842 (Leasing) so that those that have not yet implemented them can learn from those that have

12:00-12:30 p.m.
Lunch

12:30-2:10 p.m.
Breakout Sessions (Choose One)

1A. Pandemic-Related Compilation and Review Engagement Issues
John M. Fleming, CPA, M.B.A.
This session will discuss the challenges accountants are likely to face when performing 2020 compilation and review engagements especially if they must perform them in a remote or virtual environment. For example, would financial statements without related coronavirus disclosures be considered misleading?

1B. Topic 326: Credit Losses Update
Kenneth A. Heaslip, CPA, CGMA
This session will provide updates on the financial reporting implications associated with credit losses as changed by the issuance of ASU 2016-13 (Topic 326) and its subsequent amendments. The scope of this FASB Topic includes loans and accounts receivables.

1C. Remote Audit Challenges
Rebecca M. Lee, CPA
This session will identify and discuss the potential difficulties gathering sufficient and appropriate audit evidence by auditors when both client personnel and audit engagement teams are working remotely. Any areas of specific consideration in performing remote work where additional procedures or documentation may be warranted will also be discussed.

2:10-2:30 p.m.
Break

2:30-4:10 p.m.
Breakout Sessions (Choose One)

2A. Coronavirus Disclosures in 2020 Financial Statements
John M. Fleming, CPA, M.B.A.
During this session, sample disclosures will be identified and illustrated to provide both preparers and auditors/accountants with sufficient information to plan for needed coronavirus disclosures in 2020 financial statements. Sample disclosures will be reviewed to provide a visual or framework for preparers and auditors to use as consideration for their current year work in this unique environment.

2B. SSARS 25 and SSAE 19
Kenneth A. Heaslip, CPA, CGMA
This session will update participants on two recently issued standards: SSARS 25, Materiality in a Review of Financial Statements and Adverse Conclusions, and SSAE 19, Agreed-Upon Procedures Engagements. These standards make significant changes to review engagements and agreed-upon procedures engagements.

2C. New Suite of Audit Standards – SASs 134 to 143
Rebecca M. Lee, CPA
This session will review the 10 recently issued audit standards that are effective for audits performed in 2022, 2023 and 2024. The focus of these new audit standards is auditor reporting, materiality, audit evidence and auditing accounting estimates.

COURSE LEVEL

Intermediate

PREREQUISITES

None

ADVANCE PREPARATION

None

INSTRUCTORS

John Fleming

John M. Fleming, CPA, M.B.A.

Kaplan Financial Education, Powered by Loscalzo

John M. Fleming, CPA, M.B.A. John M. Fleming, 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 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. 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.

Kenneth Heaslip

Kenneth A. Heaslip, CPA, CGMA

Director

Cullari Carrico LLC

Kenneth Heaslip, MS, MBA, CPA, CGMA Kenneth Heaslip, licensed as a CPA in New Jersey, has extensive experience teaching all levels of accounting, auditing, and other practice-related areas. He is an active member of the NJCPA, where he has served in positions such as Vice President, Trustee Chapter President, Committee Chair, and Task Force Chair. Kenn currently serves on the NJCPA Professional Conduct Committee and is a Director at Cullari Carrico LLC, a regional CPA firm in Northern New Jersey. Kenn has been a Professor of Accounting at several universities including Seton Hall, where he was the students’ choice as “Educator of the Year” two years in a row, as well as in the Executive Masters of Business Administration program at Rutgers University. In addition, he was the National Director of the Becker CPA Review. Kenn earned his Bachelor of Arts from Rutgers University and has a Master of Science in Taxation and Masters of Business Administration in Finance from Seton Hall University.

Rebecca Lee

Rebecca M. Lee, CPA, CGMA

Kaplan Financial Education, Powered by Loscalzo

Rebecca M. Lee, CPA, CGMA Rebecca Lee, licensed as a CPA in Alabama and South Carolina, is a Group Practice Leader for Kaplan Financial Education, powered by Loscalzo Institute, and a founding Principal with Brooke, Freeman & Lee. 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, and Council of the AICPA. She has chaired both the Management Advisory Committee and the Personal Financial Planning Committee of the Alabama Society of CPAs. Rebecca currently serves on the Illinois Society of CPAs Peer Review Committee, which serves multiple state societies of CPAs. Rebecca has served as professor of management accounting in the graduate studies (Master in Public and Private Management) program at Birmingham-Southern College. Rebecca holds a Bachelor of Science in Accounting from Jacksonville State University, along with a master’s degree in Accounting from Birmingham Southern College. She is a member of the Alabama Society of CPAs, the South Carolina Association of CPAs, and the AICPA.

PRICING

Virtual Conference Registration

    $259.00 - Member

    $359.00 - Nonmember

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