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Course Agenda

Auditing Standards Update
AICPA Auditing Standards Board Chairman Harold Monk will provide his insights on what is on tap for the Audit Industry as well as responses to frequently asked questions regarding new standards and their implementation.

Business Combinations and Noncontrolling Interests
FASB has made significant revisions to the rules governing business combinations and accounting for noncontrolling interests. These rules will be effective next year and will potentially impact the merger and acquisition transactions currently in your clients’ pipelines. Coverage will include determining whether and when to consolidate or deconsolidate accounting for acquired in-process research and development assets (IPRD), accounting for contingencies, as well as other major provisions that change the current accounting and disclosures associated with business combinations.

Fraud
What makes a business organization vulnerable to fraud? What unique fraud schemes and scams have been perpetrated in these organizations? This session addresses specialized fraud detection and prevention techniques. 

GAAP—2010
Where will the accounting industry be in 2010? We will explore the direction of accounting standards and the likely convergence with international agencies, while keeping an eye on how this affects reports and compliance today. Hear the latest on the private company financial reporting project.

Maintaining Control of Your Audit Practice
This session will discuss keys to maintaining high quality and efficient audits. As the audit environment is constantly changing, it is more important than ever to maintain your focus on the fundamentals of audit productivity.

Internal Controls (Including New Sampling Guide Discussion)                 
Explore efficient internal control testing strategies for nonpublic company audits in this session. We will also be looking at the new audit sampling guide and how this affects your firm’s risk assessment policies.

SMART e-Tools
By automating the audit planning and risk assessment process, PPC’s SMART e-Practice Aids allows firms to take their audits to the next level. This session will focus on ways to allow your firm to: complete all audit planning documentation, identify and capture audit risks affecting engagements, select an audit strategy in response to risk assessment, automatically generate suggested audit programs, and diagnose inconsistencies in the audit plan.

Fair Value Standards
This session will serve as an update on the latest FASB pronouncements on Fair Value. We will take a practical approach in presenting measurement of fair value and the significant impact that has on your firm.

Avoiding Common Inspection Comments
Avoid common pitfalls during audit and accounting engagements. This session will discuss common PCAOB findings for smaller issuers and common peer review and inspection issues. It will offer practical guidance on how to recognize and avoid the same mistakes on your next engagements.

Effective Use of Data Extraction Software with XBRL
This session will focus on identifying and overcoming hurdles regarding data extraction software in small and mid-sized CPA firms. We will offer a demonstration on using DES and how to successfully integrate this process into your practice.

PCAOB Update
This session provides an update on recently issued PCAOB auditing standards, Staff Q & As, Staff Audit Practice Alerts and the recently issued reports on how well auditors are discharging their fraud detection responsibilities and the results of their inspections of second-tier firms that audit smaller issuers.

Risk Assessment Standards Revisited
One year later, what were the common challenges and best practices in implementing the risk assessment standards? This session will highlight ways to improve the quality and efficiency of your audits in the second year of implementation.

IFRS and Convergence with US GAAP
This session will explore the future of accounting standard-setting given recent developments that are accelerating the timetable for full-scale U.S. adoption of International standards. This session includes an examination of the course of the profession and a discussion of the practical implications for practitioners.

FIN 48
Very few accounting topics evoke the emotional response that FIN 48 has. Defiant practitioners have called this “the roadmap for the IRS.”  Others are scratching their heads trying to figure out how to apply the interpretation to such varied entities as S Corporations, LLCs, partnerships, not-for-profits, and employee benefit plans. This session will attempt to demystify the new rules, explain how they apply to small and medium-sized businesses and provide insights into their practical implications.

Accounting and Auditing Research with FASB Codification Update
(Using Checkpoint)
This session will update the latest FASB Codification as well as provide a demonstration of techniques that can help maximize efficient research in your firm.

Accounting and Auditing Issues During a Turbulent Economy 
It’s hard to pick up a newspaper or watch a newscast without being exposed to the gloom and doom caused by the meltdown of the credit and housing markets. As accountants and auditors, this situation and the related fallout will require that we redouble our efforts to ensure that our clients’ financial statements realistically and transparently communicate the impact of these conditions to the community of financial statement substance of transactions and to want to look “beyond the numbers”. This session presents an analysis of what is going wrong, why it is happening, who is being hurt, and how it might affect your clients.

Training the Next Generation of Partners
This session provides a look at the next generation of your firm. The session will focus on how to recruit and retain the type of people who will successfully navigate your company into the future.

Compilation and Review Update
After several years with little or no activity, the Accounting and Review Services Committee (ARSC) has had a busy year issuing three new compilation and review standards between July 2007 and February 2008. This session will bring you up to date on these new developments and how they affect your practice and your client engagements.

Quality Control Standards Update
Statement of Quality Control Standards (SQCS) 7 will be effective the beginning of next year and will require all firms that perform audits, reviews, and compilations to have a formally documented quality control system that meets certain minimum attributes.  Special emphasis is placed on establishing the “tone at the top” and promoting a quality culture. This session provides an overview of the changes and helps practitioners assess the effects these changes may have on their own quality control policies and procedures.

FASB Update
This session will provide an overview and status update of the latest accounting standards. Topics will include fair value and business combinations and non controlling interest. This session will also provide an overview of specific topics that are in process or expected to be addressed.