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COURSE DESCRIPTION

This course will discuss Circular 230 and preparer due diligence related to assisting taxpayers in the Cannabis industry. Federal Case Law, Board of Accountancy, and IRS Office of Professional Responsibility standards will also, be discussed.

Who Should Attend:

• All Certified Public Accountants (CPAs)
• Enrolled Agents (EAs)
• Other Tax Return Preparer (OTRP)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorships:

COURSE DESCRIPTION

The purpose of this course is to inform the reader of the various changes to accounting and financial reporting affecting the accounting professional. Topics include a review of FASB projects including those related to financial performance,
leases, and financial instruments, practice issues involving the statement of cash flows, fair value reporting, pensions, the international convergence project, little GAAP, and more. The course structure encourages the reader to recall existing GAAP rules coupled with identifying, stating, and outlining rules related to new and proposed pronouncements. The course also discusses accounting and financial reporting issues – post-COVID,
PPP loans, the Employee Retention Credit (ERC), and the Pass-Through Entity (PTE) Tax.

Topics include:

• Latest Developments on the Accounting Front
• Accounting and Reporting Issues- Post- COVID
• GAAP Income Tax Issues- 2022 and 2023 and Other Financial Reporting Issues
• Accounting Standards Updates (ASUs)

Who Should Attend:

• All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorships:

COURSE DESCRIPTION

The objective of this course is to address the new auditing standards issued by the Auditing Standards Board as SAS Nos.  142-145. The first segment of the course addresses SAS No. 142’s expanded guidance on what comprises audit evidence in a financial statement audit. Topics include: evaluating audit evidence; testing audit evidence; relevance and reliability
of audit evidence including its source; susceptibility to management bias; corroborative or contradictory information; evaluating whether the information is sufficiently precise and detailed for the auditor’s purposes; and use of automated
tools and techniques. The second segment is a review of SAS No. 143’s guidance on accounting estimates including the degree of estimation uncertainty; risk assessment procedures related to accounting estimates identifying and assessing the risks of material
misstatement including responses to the assessment; indicators of possible management bias, and more.

The third segment consists of a review of SAS No. 144’s changes to auditing standards in connection with the use of specialists (management and auditor specialists) and the use of price information obtained from external sources. The final section addresses significant changes made by SAS No. 145 to the auditor’s understanding of an entity and its environment and the assessment of risks of material misstatement.

Learning Objectives:

After reading the course material, you will be able to:

• Identify an example of an attribute of information obtained as audit evidence
  
• Recognize actions an auditor should perform in evaluating information used as audit evidence
• Recognize characteristics of information to be used as audit evidence
• Identify an attribute that affects the reliability of information used as audit evidence
• Recall functions on which an auditor can use automated tools and techniques 
• Identify an example of an accounting estimate related to classes of transactions, account balances, and disclosures identified in SAS No. 143
• Recognize how inherent and control risks should be assessed in accordance with SAS No. 143
• Recognize an example of an inherent risk factor 
• Identify examples of the approaches that can be performed in assessing the risks of material misstatement from accounting estimates 
• Recall one of the amendments made to AU-C 501 by SAS No. 145  in connection with using the work of an external inventory-taking firm
• Identify some instances in which an auditor may conclude that a specialist’s work is not adequate 
• Identify a type of risk assessment procedure that an auditor can use in accordance with SAS No. 145
• Recall examples of risk assessment procedures that an auditor may perform in SAS No. 145
• Recognize how to perform risk assessment procedures when relying on information obtained from previous experience with an entity
• Identify examples of risk assessment procedures to obtain audit evidence in accordance with SAS No. 145
• Recognize a new requirement made by SAS No. 145 in connection with assessing inherent risk and control risk in an audit, and
• Identify how an auditor should respond if the auditor does not plan to test the operating effectiveness of an entity’s controls.

Who Should Attend:

• All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorships:

COURSE DESCRIPTION

The objective of this course is to address the new auditor reporting standards issued by the Auditing Standards Board as SAS No. 134-141.

Topics include:

• Overview of the new auditor's report found in SAS No. 134s AU-C 700A, including the new reports format, positioning of sections within the report, title, headings, and expanded language
• Amendments made to various reporting standards by SAS No. 135
• A review of THE new ERISA plan audit standard found in SAS No. 136, AU-C 703, including the format of the new ERISA plan auditors report, positioning of sections of that report, the new ERISA Section 103(a)(3)(C) audit (formerly
  a limited-scope audit) and the auditors report thereon, expanded audit procedures and communications required by auditors of ERISA-plan financial statements
• Changes made by SAS No.137 to the auditor's procedures and reporting on other information, changes made to the definition of materiality by SAS No. 138, changes made to special reports by SAS No, 139, and amendments made by SAS
  No. 140 to supplementary information, required supplementary information, compliance audits, interim financial information, and audits of internal control over financial reporting.

Learning Objectives:

After reading the course material, you will be able to:

• Identify the types of audit reports that can be issued under the new AU-C 700A
• Identify the definition of a written report
• Recognize an acceptable title for an auditors report
• Recognize the order in which certain sections of the new auditor's report should be presented in AU-C 700A
• Recall how an auditor should report when conducting an audit following PCAOB standards
• Recognize the requirements and limitations concerning communicating on key audit matters following the new AU-C 701
• Identify examples of acceptable and unacceptable headings to use in modified reports under the new ASU-C 705A
• Recognize the order in which certain sections of a modified opinion should be presented in the new auditors report in AU-C 705A
• Recognize examples of modified opinions as defined in AU-C 705A
• Identify examples of situations in which an auditor must or may include an emphasis-of-matter or other-matter paragraph as required by new AU-C 706A
• Recall examples of fraud risk factors expanded by SAS No. 135
• Identify expanded procedures auditors of ERISA-plan financial statements must perform in newly issued SAS No. 136, including a review of the draft Form 5500
• Identify the new ERISA Section 103(a)(3)(C) audit in SAS No. 136
• Recognize the scope of the terms other information and annual report as used in the newly issued SAS No. 137 about auditing and reporting other information
• Recall how an auditor should label other information in the auditor report
• Recognize the new definition of materiality found in SAS No. 138
• Identify certain paragraphs in the new auditors' report on a special purpose framework
• Recognize how an auditor should present required supplementary information under SAS No.140s amendment of AU-C 730

Who Should Attend:

• All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorships:

COURSE DESCRIPTION

Learning Objectives:

This course is divided into two sections. The purpose of Section I is to review unusual reporting and disclosure issues that develop in practice including questions such as how to disclose life insurance, leases, catastrophes, agreements
not to compete, and investments. Section II deals with how to disclose and present tax-basis financial statements. Most of the course is presented in a Q&A format.

After reading the Section 1 course material, you will be able to:

• Recall the accounting treatment for non-monetary exchanges
  
• Recognize the formula for measuring impairment of real estate
• Identify the accounting for different types of investments such as securities, investments using the equity method, and partnerships
• Recognize some of the disclosures required for trade receivables
• Recognize how FIFO inventory is valued under the new inventory rules
• Recall certain inventoriable costs
• Recall the GAAP rules to account for an intangible asset with a finite useful life
• Identify the accounting for environmental contamination costs
• Identify examples of costs associated with exit activities
• Recognize how an entity should account for revenue when treated as an agent
• Identify options to avoid having to maintain two depreciation schedules
• Recognize how to account for certain transactions on the statement of cash flows
• Identify examples of group concentrations
• Recognize some of the results from the net operating loss rules in tax reform
• Identify the basic accounting for fresh start reporting
• Identify how web development costs are accounted for during certain stages of development
• Recognize when an entity may elect the fair value option and identify some of the eligible items for which the option is available
• Recognize the basic rule for the liquidation basis of accounting
• Understand How to account for the Pass-Through Entity (PTE) tax in financial statements
  

• Recognize some of the M-1 differences that do not apply to tax-basis financial statements
  
• Recognize how to account for an accounting change in tax-basis financial statements
• Recall how to account for and present nontaxable and nondeductible items in tax -basis financial statements
• Identify the disclosure requirements for tax-basis financial statements
• Recognize the appropriate and inappropriate financial statement titles for tax-basis financial statements

Who Should Attend:

• All Certified Public Accountants (CPAs)
• Other Tax Return Preparer (OTRP)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorships: