Live Stream: Accounting and Auditing Conference

The FASB has stayed busy the last few years with 15 ASUs issued since the start of 2023. In this session, we'll review those newly issued ASUs and the items on the FASB's technical agenda. We will also review previously issued ASUs which will be effective for 2025 annual reporting.

Auditing and attestation standards are updated to respond to a changing environment, recent technological advancements, emerging trends, and feedback from peer reviews. In this session, we will review new and previously issued SASs and SSAEs which will need to be considered on 2025 engagements not covered elsewhere in this conference.

Fraud continues to be at record highs. According to NASDAQ's Global Financial Crime Report, fraud schemes and bank frauds led to global losses of over $485 billion. Four of the most cited frauds were customer fraud, cybercrime, asset misappropriation, and bribery and corruption. From global banking giants to local charities and mom-and-pop shops, no entities are immune from fraud, even from their most trusted employees and leaders. It is critical for all organizations to learn fraud detection and prevention strategies to protect themselves from becoming the next fraud victims. CPAs and internal auditors must also learn how to detect fraud schemes before it's too late. In this session, we apply a case study approach to prepare you to spot fraud schemes that others have missed. We explore and explain the latest fraud schemes and how accounting teams can better prevent and detect them. This session is designed to keep you up to date on the latest schemes and ways to protect your clients.

We will discuss what you need to know to perform financial statement preparations, compilations, and review engagements this year. We will focus on managing your SSARS No. 21-26 services in compliance with professional, ethical, and technical requirements and discuss recent peer review feedback on SSARS engagements.

In November of last year, the FASB completed their post-implementation (PIR) process for ASC 606, Revenue. As revenue remains one of the more complex financial statement line items to audit and prepare, we will discuss the results of the FASB's final report on revenue recognition and review best practices and key provisions within the standard to best prepare you and your clients to tackle revenue recognition.

As accountants, did we think we would also become technologists? Or did we think we would ever have an AI companion, AI agent, or automated workflows? Technology and its associated risks are constantly evolving at warp speed.Auditors and our clients are rapidly updating our technology tools to capitalize on these emerging trends. We'll discuss these latest audit tech trends, along with other industry hot topics, with a focus on the risks associated with technological change and how we can address them.

This session focuses not simply on theory but on HOW to perform the steps involved in implementing the AICPA's Statement on Quality Management Standards 1, 2, and 3 (SQMS 1, SQMS 2, and SQMS 3, respectively), SSARS No. 26, SAS 146, and SSAE 23.

The Quality Management Suite of Standards must be implemented by December 15, 2025. The standards modernize the firm's approach to quality to reflect an increased focus on risk assessment, technology use, and the presence of outside experts on many engagements. Beginning with performing a risk-based approach, the standards provide accounting firms with the ability to enhance their quality control by shifting their focus to a proactive approach (management) from a reactive approach (control). We will cover how to perform a risk assessment, including the key provisions of the standards, and how to effectively implement a monitoring plan. We will also review how the firm will evaluate its System of Quality Management beginning in 2026.

Multiple new ethics updates and interpretations have become effective recently or will be effective over the next year. These updates can significantly impact independence assessments and update our professional responsibilities in several key areas. In this session, we will review the changes, their impact and the effective dates of the changes.

There has always been a lot to keep up with in the world of single auditing. However, with the 2024 revision to the Uniform Guidance for Federal Awards becoming effective, a December 2024 amendment to the Single Audit Act, and a 2024 revision to the Yellow Book, it seems there is more change than ever these days! This session will update you on the key issues affecting single auditing in 2025 and in the years to come!

Recent developments in the political landscape have made a complicated business, legal, accounting, and regulatory environment even more challenging to navigate. The uncertainty as to how the new federal policies will play out means that businesses must be more alert and nimbler. Needless to say the business environment is fraught with risk and uncertainty has given rise to more contingencies than in the past as well as the possibility that many entities may not be able to continue as going concerns.

Accounting and auditing literature has evolved over the past years, especially in the area of management and the auditor's responsibilities related to the entity's ability to continue as a going concern. Contingency literature has not evolved much but the elements that give rise to contingencies have expanded as has the need for fair presentation. This means that even if there is no specific disclosure related to a transaction type or activity the disclosures to reach fair presentation must be made, no matter the financial reporting framework. Simply put, fair presentation is a "true and fair view" which provides the user of the financial statements with a faithful representation of the economic activities of the reporting entity.