In-House CPE Planner On-Site Customized Seminars
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1 CHECKPOINT LEARNING 2016 In-House CPE Planner On-Site Customized Seminars and Other In-House Training Solutions
2 CHECKPOINT LEARNING 2016 IN-HOUSE CPE PLANNER On-Site Customized Seminars and Other In-House Training Solutions
3 Copyright 2016 Thomson Reuters All Rights Reserved PRINTED IN THE UNITED STATES OF AMERICA
4 Dear CPE Decision Maker, At Thomson Reuters, we are dedicated to developing new and relevant in-house training solutions that offer practical guidance on issues important to professionals. We are also committed to providing cost efficient training options that meet the needs of our valued customers. In keeping with this philosophy, I would like to highlight several key products described in the 2016 In-House Planner. AuditWatch University AuditWatch University is an integrated development curriculum designed toward promoting the professional growth of your auditing staff. Since 2002, AuditWatch University has helped thousands of audit professionals, and their auditing firms, achieve new levels of client service and satisfaction. All of our instructors are hands-on experts who teach practical, relevant and innovative material in an engaging and easy-to-follow manner. Starting with Basic Staff Training and culminating with senior management level courses, AuditWatch University offers seven progressive levels of training. This year we have made significant enhancements to our Level 4.5 and Level 5 programs, adding additional technical topics of high interest to our customers. TaxWatch University TaxWatch University promotes the professional growth of your tax staff. The progressive levels of training begin with an entry-level program that focuses on individual tax returns, and conclude with an advanced program that focuses on complex tax issues and management skills training. This integrated tax curriculum is based on the widely respected instructional design model you have experienced with AuditWatch University. Federal Tax Update Learn how the laws impact employers and individual taxpayers in this year s edition of the most highly practical and comprehensive tax update in the country! Get real-world insights and complete coverage on the latest developments affecting individuals, partnerships, C corporations, S corporations, estates, and trusts. AuditWatch Accounting and Auditing Update A customizable accounting and auditing update where we work with your firm to select and cover the areas of focus YOU choose. Web-Based New Hire Training AuditWatch University now includes a series of AuditWatch University Level 1 modules designed for new auditors and delivered on WebEx, a web-based, interactive learning platform.
5 Materials Only Options Our seminars can be tailored to your needs. Simply choose an existing course or customize your own seminar from two-and four-hour modules covering a variety of topics. Or choose Checkpoint Learning In-House Seminars Materials Only Options. We provide the instructor manual, PowerPoint package and participant manuals, you provide the instructor. Webinars Presented Exclusively to Your Firm As you plan your professional development program for 2016, consider our customized webinar option. Our highly rated instructional team can present a web-based educational event specifically for your firm on over 250 webinar topics such as- Customizable Accounting and Auditing Updates (we work with your firm to select and cover the areas of focus YOU choose) Quarterly SEC/PCAOB Updates Over 35 Yellow Book webinars including a new case study series Close to 100 tax topics including everything from complex partnership issues to the latest implementation advice on Healthcare Reform Audit Efficiency Programs and guidance from the efficiency experts at AuditWatch Soft Skill and Leadership topics Tax Updates Our webinars can be delivered on the platform of your choice. Be it WebEx or another platform, our instructors and moderators offer you world class content, subject matter expertise and a professional webinar experience. Programs are delivered privately to your firm and are fully customizable. Current, relevant course content from the industry's leading publisher; affordable, customized, onsite training; highly rated instructors; flexible formats; it's all part of the Thomson Reuters In- House training solution. Please call me at (800) to discuss your training needs. I welcome the opportunity to talk to you about a training solution that's right for your firm. Best regards, Barbara Marino Senior Director, In-House CPE and Business Development, Learning Solutions Thomson Reuters P.S. Be sure to read about the AuditWatch Productivity Solution and AuditWatch Consulting Service completely customizable for your firm! More details about these and Other Learning Solutions start on page 89.
6 2016 In House CPE Planner Table of Contents ACCOUNTING AND AUDITING The AuditWatch Accounting and Auditing Update (AWACO)...9 Mastering the Basics of Data Extraction Software (AWPM)...11 Spotting Opportunities to Use Data Extraction Software (AWPSO)...12 Performing Compilation and Review Engagements (CRIF)...13 Professional Ethics for Accountants (ETHF)...15 Financial Reporting and Disclosures for Small Businesses (FRDF)...17 Audits of Employee Benefit Plans Using the PPC Audit Approach (GBPF)...19 Performing Efficient Audits of Nonpublic Companies Using the PPC Approach (GRNF)...21 Best Practices In Utilizing PPC SMART Tools: Key Issues in Risk Assessment (GRSF)...23 Evaluating and Testing Internal Controls with PPC SMART Practice Aids- Internal Control (ICAF)...25 Evaluating and Testing Internal Controls (ICCF)...27 Analytical Procedures (PROF)...29 Sampling: Where, When and How (SAMF)...31 TAXATION Business Entities Tax Update (BETF)...33 Federal Tax Update (PTUF) Individual Tax Update (T40F)...37
7 YELLOW BOOK Yellow Book University Day 1: Performing Effective and Efficient Single Audits (AWSAO)...39 Yellow Book University Day 2: Government and Nonprofit Update (AWGUO)...41 AUDITWATCH UNIVERSITY AuditWatch University Level 1: Basic Staff Training (AWO1)...43 AuditWatch University Level 2: Experienced Staff Training (AWO2)...45 AuditWatch University Level 3: Beginning In-Charge Training (AWO3)...47 AuditWatch University Level 4: Experienced In-Charge Training (AWO4)...49 AuditWatch University Level 4.5: Beyond In-Charge, Taking the Next Step (AWO45)...51 AuditWatch University Level 5: Moving Beyond In-Charge, Taking the Lead (AWO5)...53 AuditWatch University Level 6: Developing the Executive Within (AWO6)...55 Web-Based New Hire Training...57 TAXWATCH UNIVERSITY TaxWatch University Tax Staff Training Level 1 (TX1F)...59 TaxWatch University Tax Staff Training Level 2 (TX2F)...61 TaxWatch University Tax Staff Training Level 3 (TX3F)...63 TaxWatch University Tax Staff Training Level 4 (TX4F)...65
8 COURSE MODULES Current Developments in Accounting and Auditing (AAMF)...67 Audit Sampling (ASMF)...68 Key Issues in Compilation and Review Engagements (CRMF)...69 Professional Ethics for Accountants Selected Topics (ETMF)...70 FASB Update (FAMF)...71 Financial Statement Disclosures (FSMF)...72 Governmental Accounting and Auditing Update (GVMF)...73 Nonprofit Accounting and Auditing Update (NPMF)...74 INSTRUCTOR BIOS...75 GENERAL INFORMATION...85 PRICE LIST...87 OTHER LEARNING SOLUTIONS...89
9 CHECKPOINT LEARNING AUDITWATCH TRAINING SOLUTIONS THE AUDITWATCH ACCOUNTING AND AUDITING UPDATE AWACO In this course we deliver what you need to know about newly issued authoritative pronouncements of the FASB and AICPA along with other developments of interest to practitioners serving small- and middle-market businesses. Course material is updated throughout the year so it is always current. We tailor the discussion to your firm by reviewing the agenda with you and focusing on those items most relevant to your practice. In addition we can work with you to customize the course content by removing topics you don t want to cover and including topics that go beyond the accounting and auditing update. LEARNING OBJECTIVE: This session will enable the participant to apply selected newly issued and effective technical accounting and auditing pronouncements and advise companies on related implementation issues. COURSE FEATURES: Technical content delivered in an engaging way; encouraging participant questions and interaction Discussion questions, exercises, and illustrative examples Content updated throughout the year Customizable content including the option to include topics the beyond usual A&A update Inclusion of hot topics and practice issues DESIGNED FOR: Accountants in public practice, industry, and education who need a comprehensive review of recently issued or effective authoritative pronouncements. REQUIRED KNOWLEDGE AND EXPERIENCE: Accountants in public practice, industry, and education who need a comprehensive review of recently issued or effective authoritative pronouncements. COURSE TYPE: Seminar COURSE LENGTH: 1 day ADVANCED PREP: None RECOMMENDED CPE CREDIT: 8 hrs. COURSE LEVEL: Update FIELD OF STUDY: Accounting; Auditing 9
10 The AuditWatch Accounting and Auditing Update AWACO MAJOR TOPICS: The topics discussed - and depth of coverage - depend on the activities of the FASB, AICPA and others. Likely topics in 2016 include the following: Accounting Update ASU s related to private company options; and FASB s simplification initiative Other recently issued or soon-to-be effective ASUs FASB s significant new standard on Revenue From Contracts With Customers FASB s new standard on account for Leases Significant exposure drafts AICPA Update New SSARS standards and interpretations Recently issued and recently effective auditing standards and exposure drafts Technical Q&A Practice Issues Common peer review matters Results of recent fraud studies or fraud cases Others Optional Topics We can customize this course for your firm by including topics beyond the A&A update; including - Key issues in audit productivity Improving analytical procedures Audit sampling Engagement management Audit documentation Audit planning Leadership Supervision and feedback Others 10
11 CHECKPOINT LEARNING AUDITWATCH TRAINING SOLUTIONS MASTERING THE BASICS OF DATA EXTRACTION SOFTWARE AWPM This hands-on computer course is for new users of data extraction software and those who want to review basic and intermediate software functions. COURSE FEATURES: Master the key commands and functions of IDEA software Identify numerous applications of the software Obtain and import basic and complex data files typically received from clients Learn how to incorporate the software s usage in your engagement planning Understand the software s reporting features and workpaper assistance tools Use software driven results to make audit conclusions COURSE TYPE: Seminar COURSE LENGTH: 2 days ADVANCED PREP: None RECOMMENDED CPE CREDIT: 16 hrs. COURSE LEVEL: Basic FIELD OF STUDY: Auditing, 8 hrs.; Specialized Knowledge and Application, 8 hrs. 11
12 CHECKPOINT LEARNING AUDITWATCH TRAINING SOLUTIONS SPOTTING OPPORTUNITIES TO USE DATA EXTRACTION SOFTWARE AWPSO Ideal for firms seeking to expand their use of data extraction based procedures. This course helps engagement decision makers recognize situations where their teams can use data extraction to improve quality and efficiency. This is not a computer-based class. COURSE FEATURES: Assess the cost-benefit of using data extraction software on specific engagements Identify basic and creative uses of the software (including the latest innovative applications to help comply with emerging audit standards) Interpret, document, and communicate results to clients Identify ways to use data extraction software as a marketing tool to prospective clients COURSE LENGTH: 4 hrs. ADVANCED PREP: None RECOMMENDED CPE CREDIT: 4 hrs. COURSE LEVEL: Overview FIELD OF STUDY: Auditing 12
13 CHECKPOINT LEARNING IN-HOUSE SEMINARS COMPILATION AND REVIEW INSIGHTS TIMELY ADVICE FOR IMPROVING QUALITY AND EFFICIENCY CRIF This course outlines the requirements for completing compilation and review engagements, performing them more effectively, and responding to special situations. LEARNING OBJECTIVES: Better execute considerations in acceptance and continuation Consider materiality Better understand and execute compilation and preparation engagement procedures Better understand and execute review procedures Adapt for clients who report under a Special Purpose Framework / OCBOA COURSE FEATURES: Covers most recent SSARS standards Responsibility for fraud, internal control, and going concern in compilation and review engagements Client communications in compilation and review engagements Improving analytical procedures in review engagements Adapting for Special Purpose Framework engagements Reporting standards DESIGNED FOR: Accountants in public practice who want to increase their quality and efficiency in compilation and review engagements. REQUIRED KNOWLEDGE AND EXPERIENCE: Basic knowledge and experience preparing compilation and review engagements. COURSE TYPE: Seminar COURSE LENGTH: 1 day ADVANCED PREP: None RECOMMENDED CPE CREDIT: 8 hrs. COURSE LEVEL: Intermediate FIELD OF STUDY: Accounting 13
14 Compilation and Review Insights Timely Advice For Improving Quality And Efficiency CRIF MAJOR TOPICS: ENGAGEMENT ADMINISTRATION Acceptance and continuation Engagement letters Independence considerations Materiality considerations PERFORMING EFFICIENT COMPILATION AND PREPARATION ENGAGEMENTS Definition of compilation Compilation procedures Documentation requirements Distinction among accounting services, preparation engagements and compilation engagements Preparation procedures Reporting PERFORMING EFFICIENT REVIEW ENGAGEMENTS Definition of review Review procedures, including inquiries and analytical procedures Documentation requirements Representation letters Reporting ADAPTING FOR SPECIAL PURPOSE FRAMEWORKS / OCBOA Types of Special Purpose Frameworks / OCBOA, including the AICPA s Financial Reporting Framework for Small and Medium-sized Entities Adapting to special purpose frameworks / OCBOA Form of special purpose frameworks financial statements Common mistakes when compiling and reviewing special purpose framework financial statements 14
15 CHECKPOINT LEARNING IN-HOUSE SEMINARS PROFESSIONAL ETHICS FOR ACCOUNTANTS ETHF It's a Matter of Integrity: Ethics in accounting is of utmost importance to accounting professionals and to those who rely on their services. CPAs and other accounting professionals know that people who use their services expect them to be competent, reliable, and objective. This seminar provides an overview of the ethics requirements of the AICPA, IRS, GAO, SEC/PCAOB and IFAC. Using a model of ethical decision-making, the session will apply the current code of professional conduct to independence, client services, and regulatory reporting to a variety of short case studies which are based upon actions taken by the AICPA and other regulators. LEARNING OBJECTIVE: To enable participants to implement an ethical decision-making process to resolve moral issues in business. COURSE FEATURES: Definitions of morality and ethics Ethics and ethical behavior in business decision-making The moral decision-making process and leadership ethics Establishing and enforcing a general code of business conduct and ethics Professional business ethics for accountants Review of the AICPA Code of Conduct Latest ethics pronouncements from the AICPA, IRS, GAO, SEC/PCAOB, and IFAC Case studies DESIGNED FOR: CPAs and individuals at all organizations and at all organizational levels. REQUIRED KNOWLEDGE AND EXPERIENCE: None. COURSE TYPE: Seminar COURSE LENGTH: 1 day ADVANCED PREP: None RECOMMENDED CPE CREDIT: 8 hrs. COURSE LEVEL: Basic FIELD OF STUDY: Regulatory Ethics, 4 hrs.; Behavioral Ethics, 4 hrs. 15
16 Professional Ethics for Accountants ETHF MAJOR TOPICS: ETHICS AND ETHICAL BEHAVIOR IN BUSINESS Ethics defined Professional business ethics for accountants The AICPA ethics program THE AICPA CODE OF PROFESSIONAL CONDUCT MAKING BETTER DECISIONS IN A BUSINESS ENVIRONMENT Analyzing the decision process Making ethical business decisions ESTABLISHING A GENERAL CODE OF BUSINESS CONDUCT AND ETHICS Protecting company assets and resources Conflicts of interest Confidential information Accuracy of records and information reporting REVIEW OF CURRENT ETHICS STANDARDS AICPA independence standards Recent AICPA rules and proposals IRS tax preparer rules GAO independence standards SEC/PCAOB enforcement actions IFAC Code of Ethics CASE STUDIES 16
17 CHECKPOINT LEARNING IN-HOUSE SEMINARS FINANCIAL REPORTING AND DISCLOSURES FOR SMALL BUSINESSES FRDF This course provides an overview of standards related to financial statements and financial statement disclosures. This course discusses the statements of financial position, statement of operations, statement of comprehensive income, statement of cash flows, statement of stockholders equity, and notes, under both GAAP and Special Purpose Framework bases of accounting. LEARNING OBJECTIVE: To enable participants to efficiently and effectively prepare financial statements in accordance with GAAP and Special Purpose Framework bases of accounting. COURSE FEATURES: A review of standards applicable to the preparation and presentation of financial statements A discussion of form and style considerations A detailed review of classification, measurement and presentation issues specific to accounts in each of the basic financial statements A review of disclosures necessary to ensure presentation in conformity with GAAP A discussion of the issues associated with the presentation of supplementary information A discussion of reporting on Special Purpose Frameworks bases of accounting DESIGNED FOR: Accountants in public practice and industry who need to gain an understanding of the basic financial statements; including basic measurement and presentation for common financial statement line items. REQUIRED KNOWLEDGE AND EXPERIENCE: Accountants who are new to or have limited experience with the preparation of basic financial statements. COURSE TYPE: Seminar COURSE LENGTH: 1 day ADVANCED PREP: None RECOMMENDED CPE CREDIT: 8 hrs. COURSE LEVEL: Basic FIELD OF STUDY: Accounting 17
18 Financial Reporting and Disclosures for Small Businesses FRDF MAJOR TOPICS: OVERVIEW OF STANDARDS GOVERNING PREPARATION AND PRESENTATION Introduction to GAAP requirements and quality control GAAP Performance standards Reporting standards Quality control standards Ethical standards FORM AND STYLE CONSIDERATIONS Standardization Presentation considerations CLASSIFICATION, MEASUREMENT AND PRESENTATION CONSIDERATIONS The balance sheet The statement of income Statements of retained earnings, stockholders equity and comprehensive income The statement of cash flows DISCLOSURE ISSUES Determining necessary disclosures Significant accounting policies Common problems in preparing disclosures Risks and uncertainties SUPPLEMENTARY INFORMATION Basic statements vs. supplementary information Practical guidelines SPECIAL PURPOSE FRAMEWORKS Reporting on Special Purpose Framework statements 18
19 CHECKPOINT LEARNING IN-HOUSE SEMINARS AUDITS OF EMPLOYEE BENEFIT PLANS USING THE PPC AUDIT APPROACH GBPF Regulators are concerned about compliance with DOL and IRS regulations - not just traditional financial statement reporting. Therefore, auditors need to focus on two issues: (1) what constitutes noncompliance and how noncompliance might occur; and (2) what the auditor is required to test to determine if there is noncompliance. This seminar provides an in-depth review of ERISA regulations and at the same time designs an efficient compliance audit methodology for those rules. Learn what auditors forget to do when examining contributions, distributions, participant data, investments, and prohibited transactions. LEARNING OBJECTIVE: To audit employee benefit plans in compliance with DOL and AICPA standards. COURSE FEATURES: Latest ERISA, DOL, and IRS regulations AICPA update: use of service organizations, AICPA Code of Conduct, COSO framework Unique audit issues for benefit plans: contributions, investments, participant data, distributions, fraud, and prohibited transactions DESIGNED FOR: Accountants in public practice and industry that want to increase their effectiveness in auditing employee benefit plans. REQUIRED KNOWLEDGE AND EXPERIENCE: Basic knowledge and experience auditing employee benefit plans. COURSE TYPE: Seminar COURSE LENGTH: 1 day ADVANCED PREP: None RECOMMENDED CPE CREDIT: 8 hrs. COURSE LEVEL: Intermediate FIELD OF STUDY: Auditing 19
20 Audits of Employee Benefit Plans Using the PPC Audit Approach GBPF MAJOR TOPICS: ERISA RULES Reporting to the DOL and IRS Participant notices Rules regarding plan design features Employee Plans Compliance Resolution System REGULATORY UPDATE Most recent compliance requirements Latest guidance from ERISA, DOL, IRS Current audit issues AICPA UPDATE New ASUs affecting plan accounting AICPA Code of Conduct COSO Framework Use of service organizations SPECIAL AUDIT PROBLEMS What auditors forget to test Fraud Contributions received and receivable Investments Participant data Benefit payments Benefit obligations Prohibited transactions Limited scope audits AICPA Quality Control findings 20
21 CHECKPOINT LEARNING IN-HOUSE SEMINARS PERFORMING EFFICIENT AUDITS OF NONPUBLIC COMPANIES USING THE PPC AUDIT APPROACH GRNF This course provides practical guidance on how to conduct efficient and effective audits of small businesses using PPC s Guide to Audits of Nonpublic Companies. The course highlights the latest implementation guidance from standard setters and best practices using the current PPC practice aids. Major topics include: risk assessment, formulating the audit strategy, audit planning, evaluating and testing internal controls, designing and performing further audit procedures, audit sampling, and documentation. This course may also be purchased with advanced workpaper review allowing the instructor to focus on topics having the greatest potential benefit. LEARNING OBJECTIVE: To enable participants to effectively use PPC s Guide to Audits of Nonpublic Companies. COURSE FEATURES: Risk assessment standards Audit strategy and audit plan Testing and evaluating internal controls Designing and performing further audit procedures Sampling Audit documentation DESIGNED FOR: Auditors of all levels using the PPC methodology REQUIRED KNOWLEDGE AND EXPERIENCE: Basic audit knowledge and experience COURSE TYPE: Seminar COURSE LENGTH: 1 day ADVANCED PREP: None RECOMMENDED CPE CREDIT: 8 hrs. COURSE LEVEL: Intermediate FIELD OF STUDY: Auditing 21
22 Performing Efficient Audits of Nonpublic Companies Using the PPC Audit Approach GRNF MAJOR TOPICS: OVERVIEW Understanding the audit process Understanding the PPC methodology RISK ASSESSMENT PROCEDURES AND PLANNING Understanding the entity and its environment Understanding internal control entity level and activity level controls Inquiries, observations, inspections, and analytical procedures Planning decisions and judgments Consideration of materiality Consideration of fraud Developing an overall audit strategy Documentation of risk assessment procedures and planning ASSESSING RISK AND DEVELOPING THE DETAILED AUDIT PLAN Identifying risk of material misstatement at the relevant assertion level Assessing risk of material misstatement at the relevant assertion level Considering fraud risk factors Significant audit risks Responding to the risk assessment and preparing the detailed audit plan Substantive analytical procedures and substantive tests of details Documentation of identified risks and the risk assessment TESTING INTERNAL CONTROLS Determining whether to test controls Selecting appropriate tests of controls Performing tests of controls Sampling for tests of controls Evaluating tests of controls and assessing control risk Documentation requirements THE EXTENT QUESTION Planning the extent of substantive tests Requirements that apply to all substantive samples Sampling for substantive tests of details Practice issues in evaluation of sample results 22
23 CHECKPOINT LEARNING IN-HOUSE SEMINARS BEST PRACTICES IN UTILIZING PPC SMART TOOLS: KEY ISSUES IN RISK ASSESSMENT GRSF This course provides best practices for using PPC SMART Practice Aids - Risk Assessment to efficiently complete and document risk assessment procedures. The course blends practical discussions on best practices for performing risk assessment procedures with how to use the PPC SMART Practice Aids software to its fullest. The course focuses on obtaining and documenting an understanding of the entity (including internal controls), identifying, assessing and documenting risks, and creating tailored audit programs. LEARNING OBJECTIVE: To enable participants to efficiently and effectively complete and document risk assessment procedures using the PPC SMART Practice Aids Risk Assessment. COURSE FEATURES: PPC SMART Practice Aids Obtaining and documenting an understanding of the entity Obtaining and documenting a top-down, risk-based approach to internal controls Identifying and assessing risk Tailoring audit programs DESIGNED FOR: Individuals completing or managing audit engagements utilizing PPC SMART Practice Aids Risk Assessment. REQUIRED KNOWLEDGE AND EXPERIENCE: Knowledge and experience in risk-based auditing. COURSE TYPE: Seminar COURSE LENGTH: 1 day ADVANCED PREP: None RECOMMENDED CPE CREDIT: 8 hrs. COURSE LEVEL: Intermediate FIELD OF STUDY: Auditing 23
24 Best Practices in Utilizing PPC Smart Tools: Key Issues In Risk Assessment GRSF MAJOR TOPICS: RISK ASSESSMENT PROCEDURES Performing efficient and integrated risk assessment procedures Applying a top-down, risk-based approach to internal controls Identifying and documenting risks of material misstatement Classifying and documenting risks Tips and best practices RISK ASSESSMENTS Team meetings to determine and assess risks and develop responses Documenting inherent, control, significant, fraud, and other risks of material misstatement Tips and best practices CREATING TAILORED AUDIT PROGRAMS Customizing audit procedures at the assertion level Ensuring linkage between risk assessment and planned procedures Tips and best practices 24
25 CHECKPOINT LEARNING IN-HOUSE SEMINARS EVALUATING AND TESTING INTERNAL CONTROLS WITH PPC S SMART PRACTICE AIDS INTERNAL CONTROL ICAF This course is designed to help auditors increase their efficiency and effectiveness by applying a top-down, risk-based approach to internal controls utilizing PPC s SMART Practice Aids Internal Control software. The course addresses when it makes sense to test controls, how to perform and evaluate those tests and how the testing affects substantive audit procedures. LEARNING OBJECTIVE: To enable participants to apply a top-down, risk-based approach to obtaining an understanding of internal controls and to perform tests of a client's internal controls using PPC's SMART Practice Aids. COURSE FEATURES: PPC SMART Practice Aids Applying a top-down, risk-based approach to obtaining an understanding of internal controls Testing the operating effectiveness of internal controls Documentation of procedures DESIGNED FOR: Auditors with responsibilities for designing or executing internal control-related work on audit engagements. REQUIRED KNOWLEDGE AND EXPERIENCE: Knowledge and experience in risk-based auditing. COURSE TYPE: Seminar COURSE LENGTH: 1 day ADVANCED PREP: None RECOMMENDED CPE CREDIT: 8 hrs. COURSE LEVEL: Intermediate FIELD OF STUDY: Auditing 25
26 Evaluating & Testing Internal Controls with PPC s Smart Practice Aids- Internal Control ICAF MAJOR TOPICS: OVERVIEW OF AUDIT REQUIRMENTS Evaluation of design effectiveness Verification of implementation OBTAINING AN UNDERSTANDING OF CONTROLS Top-down, risk-based approach Evaluating entity and activity level controls Verifying implementation of entity and activity level controls Tips and best practices TESTING OPERATING EFFECTIVENESS When and why testing operating effectiveness of key controls makes sense Testing operating effectiveness Evaluating the results TIPS AND BEST PRACTICES 26
27 CHECKPOINT LEARNING IN-HOUSE SEMINARS EVALUATING AND TESTING INTERNAL CONTROLS ICCF Do you feel that your approach to obtaining an understanding of your client s internal controls is not as efficient or effective as it could be? This course is designed to help auditors increase their efficiency and effectiveness by applying a top down, riskbased approach to internal controls. The course includes interactive case studies designed to practice the various steps of a top-down, risk-based approach. The course also addresses when it makes sense to test controls, how to perform and evaluate those tests and how the testing impacts your substantive audit procedures. LEARNING OBJECTIVE: To enable participants to apply a top-down, risk-based approach to obtaining an understanding of internal controls and to perform tests of a client's internal controls. COURSE FEATURES: Applying a top-down, risk-based approach to obtaining an understanding of internal controls Testing the operating effectiveness of internal controls Documentation of procedures Case studies and in-depth exercises DESIGNED FOR: Auditors with responsibilities for designing or executing internal control-related work on audit engagements. REQUIRED KNOWLEDGE AND EXPERIENCE: Knowledge and experience in risk-based auditing. COURSE TYPE: Seminar COURSE LENGTH: 1 day ADVANCED PREP: None RECOMMENDED CPE CREDIT: 8 hrs. COURSE LEVEL: Intermediate FIELD OF STUDY: Auditing 27
28 Evaluating and Testing Internal Controls ICCF MAJOR TOPICS: OVERVIEW OF AUDIT REQUIREMENTS Evaluation of design effectiveness Verification of implementation OBTAINING AN UNDERSTANDING OF CONTROLS Top-down, risk-based approach Evaluating entity and activity level controls Verifying implementation of entity and activity level controls Tips and best practices TESTING OPERATING EFFECTIVENESS When and why testing operating effectiveness of key controls makes sense Testing operating effectiveness Evaluating the results TIPS AND BEST PRACTICES 28
29 CHECKPOINT LEARNING IN-HOUSE SEMINARS ANALYTICAL PROCEDURES PROF Analytical procedures are powerful tools in planning and performing audits and review engagements. In many cases, they provide greater assurance and are more efficient than tests of details. This course helps accountants take full advantage of the power of analytical procedures by providing guidance on developing and applying appropriate and effective analytical procedures in GAAS audits and SSARS reviews. LEARNING OBJECTIVE: To enable participants to effectively and efficiently apply analytical procedures. COURSE FEATURES: Overview of the concepts underlying analytical procedures Improve analytical procedures through better expectations, corroboration and levels of precision Deal with differences from expectations Discuss practical applications via detailed case studies DESIGNED FOR: This course is appropriate for any member of an engagement team who designs or performs analytical procedures on audit or review engagements. REQUIRED KNOWLEDGE AND EXPERIENCE: Knowledge or experience in GAAS audits or SSARS reviews. COURSE TYPE: Seminar COURSE LENGTH: 1 day ADVANCED PREP: None RECOMMENDED CPE CREDIT: 8 hrs. COURSE LEVEL: Intermediate FIELD OF STUDY: Auditing 29
30 Analytical Procedures PROF MAJOR TOPICS: THE ROLE OF ANALYTICAL PROCEDURES IN AUDITS AND REVIEWS Benefits of analytical procedures Using analytical procedures in an audit Designing analytical procedures in a review Documenting the use of analytical procedures DEVELOPING EXPECTATIONS Sources for expectations Developing expectations DESIGN AND PRECISION Understanding and improving precision Considering the source of data and obtaining corroboration DEALING WITH DIFFERENCES FROM EXPECTATIONS Deciding when a difference should be investigated Considering the significance of a difference ILLUSTRATING THE USE OF ANALYTICAL PROCEDURES Analytical procedures in the planning and risk assessment phase of an audit Analytical procedures as substantive tests Analytical procedures in the overall review TIPS FOR IMPROVING SUBSTANTIVE ANALYTICAL PROCEDURES 30
31 CHECKPOINT LEARNING IN-HOUSE SEMINARS SAMPLING: WHERE, WHEN AND HOW SAMF This course explains the use of audit sampling in an audit. The course incorporates PPC practice aids, and is focused on the PPC approach to audit sampling in both substantive tests and tests of controls. It provides a solid understanding of basic and advanced sampling topics, while staying focused on practical issues and efficiency considerations. LEARNING OBJECTIVE: To enable participants to effectively and efficiently use audit sampling. COURSE FEATURES: Basic and advanced audit sampling topics Alternatives to audit sampling Sampling used to perform tests of controls Sampling in substantive tests PPC Practice aids Case studies DESIGNED FOR: Accountants who plan, perform or review audit tests using audit sampling. REQUIRED KNOWLEDGE AND EXPERIENCE: Participants should have basic auditing experience. COURSE TYPE: Seminar COURSE LENGTH: 1 day ADVANCED PREP: None RECOMMENDED CPE CREDIT: 8 hrs. COURSE LEVEL: Basic FIELD OF STUDY: Auditing 31
32 Sampling: Where, When and How SAMF MAJOR TOPICS: INTRODUCTION TO AUDIT SAMPLING What is audit sampling? When is sampling appropriate? Alternatives to sampling and selecting appropriate tests Using PPC s Planning Worksheet to Determine Extent of Substantive Tests SAMPLING FUNDAMENTALS The impact of risks in audit sampling Steps to sampling The factors that affect sample size and reliability SAMPLING IN TESTS OF CONTROLS Selecting controls to test and defining deviations Defining the period covered and the population Calculating the sample size (large and small populations) Selecting the sample items Evaluating exceptions and responding to deficiencies Evaluating results and the determining the appropriate level of control risk SAMPLING IN SUBSTANTIVE TESTS Defining the population and sampling unit Tolerable misstatement and individually significant items Inherent risk, control risk, and other procedures risk Calculating the sample size Selecting the sample items Evaluating sample results and determining the level of assurance achieved Using PPC s tools to plan the sample and evaluate results 32
33 CHECKPOINT LEARNING IN-HOUSE SEMINARS BUSINESS ENTITIES TAX UPDATE BETF The Business Entities seminar will focus on providing practical advice for tax practitioners serving small business clients. This course will provide a review of new tax laws, court cases, IRS rulings and notices, and other developments. We will explore the advantages and disadvantages of C corporations, S corporations, limited liability companies, general partnerships, and limited partnerships (including limited liability and family limited partnerships). LEARNING OBJECTIVE: Identify recent changes in tax law and assess their impact on business entities. DESIGNED FOR: Accountants wanting to know the latest changes in federal tax law affecting corporate taxation. REQUIRED KNOWLEDGE AND EXPERIENCE: Familiarity with corporate tax law. COURSE TYPE: Seminar COURSE LENGTH: 1 day ADVANCED PREP: None RECOMMENDED CPE CREDIT: 8 hrs. COURSE LEVEL: Update FIELD OF STUDY: Taxes 33
34 Business Entities Tax Update BETF MAJOR TOPICS: New developments - recent changes in tax law Choosing the proper entity Forming a corporation General corporate items C Corporations Penalty Taxes: QPSC, AET, and PHC Sub-S Corporations S Corporation ownership of other entities Sub-S election and consent S Corporation income and expenses Shareholder basis Passive activity rules S Corporation taxes Distributions to shareholders Terminating S Corporation status Corporate sales and liquidations Overview of Sub-K Partnership Introduction Partnerships and Limited Liability Companies (LLCs) formation Partnership (or LLC) operations Transactions with partners (or members) Partnership termination, sale, retirement, or death (liquidation) 34
35 CHECKPOINT LEARNING IN-HOUSE SEMINARS FEDERAL TAX UPDATE PTUF Federal Tax Update covers the latest developments affecting individuals, partnerships, C corporations, S corporations, and estates and trusts, and is designed to keep you up-to-date in this dynamic environment. LEARNING OBJECTIVE: To provide participants with practical, working knowledge of the latest tax law changes that will enable effective tax planning, compliance, and consultation engagements during the coming year. COURSE FEATURES: New DVD instructional tool available for clients who purchase seminar as materials only Coverage of critical federal legislation Coverage of important Treasury regulations, IRS pronouncements, and judicial decisions issued during the past year Tax return preparation tips Tax planning ideas Numerous practice aids including real-life examples, worksheets, elections, and checklists DESIGNED FOR: Accountants in public practice and private industry who need to stay on top of the latest changes in the federal tax law, including legislation, IRS pronouncements, and judicial decisions issued during the past year. REQUIRED KNOWLEDGE AND EXPERIENCE: Participants should be familiar with federal tax issues for various entities. COURSE TYPE: Seminar COURSE LENGTH: 1 day ADVANCED PREP: None RECOMMENDED CPE CREDIT: 8 hrs. COURSE LEVEL: Update FIELD OF STUDY: Taxes 35
36 Federal Tax Update PTUF MAJOR TOPICS: INDIVIDUALS Income issues Deductions and losses Individual credits Filing matters BUSINESS ENTITIES C corporations and shareholders S corporations and shareholders Partnerships and partners REPAIRS AND CAPITALIZATION DEPRECIATION AND AMORTIZATION CREDITS HEALTH CARE REFORM AND WHAT THIS MEANS FOR INDIVIDUAL AND BOTH LARGE AND SMALL BUSINESS CLIENTS COMPENSATION ISSUES Retirement Plans Fringe Benefits SE and FICA issues TRUSTS AND ESTATES Gift tax ADMINISTRATIVE ISSUES IRS compliance matters *This course has a DVD instructional tool available for purchase for clients ordering this course as materials only. 36
37 CHECKPOINT LEARNING IN-HOUSE SEMINARS 1040 INDIVIDUAL TAX UPDATE T40F This comprehensive course covers key tax issues for completing a broad range of tax returns and covers all major aspects of income, deductions, and credits. This course is both a review and update. Topics include coverage of key legislation, court cases, rulings, procedures rulings and announcements. The course is updated to the date of the seminar and will provide you with the insight, practice tips and tools you need for the upcoming busy season. LEARNING OBJECTIVE: To enable the practitioner to competently prepare tax returns this upcoming busy season. DESIGNED FOR: Practitioners who prepare or review individual income tax returns. REQUIRED KNOWLEDGE AND EXPERIENCE: Participants should be familiar with individual federal income tax issues. COURSE TYPE: Seminar COURSE LENGTH: 2 days ADVANCED PREP: None RECOMMENDED CPE CREDIT: 16 hrs. COURSE LEVEL: Update FIELD OF STUDY: Taxes 37
38 1040 Individual Tax Update T40F MAJOR TOPICS: Healthcare reform New equipment regulations Depreciation Itemized deductions Adjustments to income Employee business expense Debt forgiveness Schedule C Self employment tax Independent contractor or employee Passive activities Casualty, disaster and theft losses Individual credits Business credits Alternative minimum tax Retirement accounts (contributions and distributions) Sale of a principal residence Filing status and dependents Divorce Pass-throughs Section 199 Education provisions Schedule H Interest and dividends 38
39 CHECKPOINT LEARNING AUDITWATCH TRAINING SOLUTIONS YELLOWBOOK UNIVERSITY The YellowBook University Series allows you to attend just the sessions that are most important to you. DAY 1: PERFORMING EFFECTIVE AND EFFICIENT SINGLE AUDITS AWSAO In this session you will learn the key changes to the audit requirements (i.e., Subpart F) of 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. This session includes the effective date of the revised single audit requirements, the requirements that have not changed and a perspective of the auditee and federal agencies, Also covered are the auditor s responsibilities relating to the overall performance of the single audit, importance of an accurate and complete schedule of expenditures of federal awards, determination of major programs, design of effective methods to test controls over compliance and compliance applicable to major programs, considerations for audit sampling and requirements for reporting. Special attention is given to common deficiencies, best practices, and tips to ease the transition to 2 CFR Part 200. LEARNING OBJECTIVE: To recognize changes to the audit requirements in 2 CFR Part 200 and perform more efficient and effective single audits. COURSE FEATURES: Workshop style presentation with interactive exercises, numerous examples, and group discussion Fundamental audit requirements for planning and performing single audits as set forth in 2 CFR Part 200 Risk-based approach to determining major programs Opportunities to improve efficiency Minimal use of PPC forms and practice aids DESIGNED FOR: Auditors in public practice that are responsible for performing single audits. This session is an excellent refresher for experienced single audit practitioners that need to understand the revised single audit requirements of 2 CFR Part 200. REQUIRED KNOWLEDGE AND EXPERIENCE: Minimal or basic knowledge and experience of performing single audits. COURSE TYPE: Seminar COURSE LENGTH: 1 day ADVANCED PREP: None RECOMMENDED CPE CREDIT: 8 hrs. COURSE LEVEL: Basic FIELD OF STUDY: Auditing (Governmental); Qualifies for Yellow Book CPE 39
40 YELLOWBOOK UNIVERSITY DAY 1 AWSAO MAJOR TOPICS: Understanding the background of the single audit and current developments including 2 CFR Part 200 Understanding the auditee and auditor responsibilities in preparing a complete and accurate schedule of expenditures of federal awards based on the new guidance of 2 CFR Part 200 Performing a risk-based approach to determine major programs based on the new guidance of 2 CFR Part 200 Designing effective and efficient methods to test compliance requirements that could have a direct and material effect on a major program and text internal controls over compliance based on the new guidance of 2 CFR Part 200 Understanding sampling in a single audit environment Effectively identifying, developing and reporting audit findings to comply with the requirements of 2 CFR Part 200 Recognizing effects of new guidance (2 CFR Part 200) and best practices to improve single audit efficiency (discussed throughout the session) Understanding an overview of the new guidance (2 CFR Part 200) from the perspective of the auditee and Federal awarding agency 40
41 CHECKPOINT LEARNING AUDITWATCH TRAINING SOLUTIONS YELLOWBOOK UNIVERSITY The YellowBook University Series allows you to attend just the sessions that are most important to you. DAY 2: GOVERNMENTAL AND NONPROFIT UPDATE AWGUO In this session, you will learn the recently issued authoritative pronouncements affecting governmental and nonprofit entities including accounting, compliance and auditing. This session also address risks and practical implementation and practice issues that relate to these specialized industries. LEARNING OBJECTIVE: To recognize changes in guidance affecting governmental and nonprofit entities. COURSE FEATURES: Workshop style presentation with exercises, numerous examples, and group discussion Special accounting and auditing considerations in governmental and nonprofit audits Review of exposure drafts and other proposals that will affect your clients Practical application of new standards and guidance DESIGNED FOR: Auditors in public practice that are responsible for performing audits of governmental or nonprofit entities. REQUIRED KNOWLEDGE AND EXPERIENCE: Basic knowledge and experience with governmental and nonprofit audits. COURSE TYPE: Seminar COURSE LENGTH: 1 day ADVANCED PREP: None RECOMMENDED CPE CREDIT: 8 hrs. COURSE LEVEL: Update FIELD OF STUDY: Accounting 2 hrs.; Accounting (Governmental) 2 hrs.; Auditing 2 hrs.; Auditing (Governmental) 2 hrs.; Qualifies for YellowBook CPE 41
42 YELLOWBOOK UNIVERSITY DAY 2 AWGUO MAJOR TOPICS: Current challenges affecting governmental units and nonprofit organizations Recently issued GASBs, GASB exposure drafts GASB implementation guidance Recently released ASUs and ASU exposure drafts affecting nonprofit organizations Common disclosure deficiencies related to governmental units and nonprofit organizations Compliance auditing update: Yellow Book guidance and Single Audit changes Revisions to AICPA standards affecting financial reporting Changes to AICPA Accounting and Auditing guides: state and local governments, nonprofit organizations, GAS/A-133 Changes to compilation and review standards Revisions to the COSO Framework and the GAO Green Book Common engagement deficiencies noted in peer review and OIG inspections Ethics standards update 42
43 CHECKPOINT LEARNING AUDITWATCH TRAINING SOLUTIONS AUDITWATCH UNIVERSITY LEVEL 1: BASIC STAFF TRAINING AWO1 This session helps new auditors get off to a great start, introducing them to the auditing field and basic audit responsibilities. The course includes case studies in common audit areas typically completed by staff accountants and provides an overview of how each area fits into the big picture. REQUIRED KNOWLEDGE AND EXPERIENCE: 0-4 months COURSE TYPE: Seminar COURSE LENGTH: 4 days ADVANCED PREP: None RECOMMENDED CPE CREDIT: 32 hrs. COURSE LEVEL: Basic FIELD OF STUDY: Auditing, 23 hrs.; Accounting, 7 hrs.; Communication, 2 hrs. MAJOR TOPICS AND LEARNING OBJECTIVES: Role of the Staff Auditor 1 Credit (Auditing) Describe characteristics and skills that are important to a staff person s success Services and Responsibilities 2 Credits (Auditing) Describe key differences between an audit, a review, compilation, preparation of financial statements, and accounting services Recognize the purpose of an audit Recognize the differences between attest procedures and accounting services Identify attest procedures versus assurance procedures More confidently execute your role and responsibility as an effective engagement team member Workpapers and Documentation 2 Credits (Auditing) Explain the requirements of AU-C 230, Audit Documentation Create, organize, and prepare audit workpapers 43
44 AuditWatch University Level 1: Basic Staff Training AWO1 MAJOR TOPICS AND LEARNING OBJECTIVES (CONT.): Introduction to the Audit Plan 3.5 Credits (Auditing) Describe the key phases of the audit plan List basic requirements of risk assessment procedures Discuss the objectives and contents of key planning forms Identify ways auditors obtain evidence through the performance of accepted audit procedures Introduction to Internal Controls & Analytical Procedures 4 Credits (Auditing) Describe the key components of internal controls and list the auditors responsibilities related to controls Describe requirements and best practices for understanding, documenting and testing internal controls Characterize the role of analytical procedures in audits and reviews Identify the key steps in performing substantive analytics Properly document an understanding of controls and substantive analytics Common Audit Areas 16 Credits (9 Credits Auditing, 7 Credits Accounting) (Cash, A/R, PP&E, Inventory, A/P, Debt, Payroll) Identify and explain the basic audit risks Perform common audit procedures and explain how the procedures address documented risks and assertions Professionalism in Public Accounting 3 Credits (1 Credit Auditing, 2 Credits Communication) Describe tips for professionalism in the role of a staff person List key characteristics of being successful in public accounting Understand common ethical challenges and potential responses Summary: Best Practices for Beginning Staff.5 Credits (Auditing) Summarize the key learning points of the course Revisit course objectives Brainstorm best practices for first-year staff 44
45 CHECKPOINT LEARNING AUDITWATCH TRAINING SOLUTIONS AUDITWATCH UNIVERSITY LEVEL 2: EXPERIENCED STAFF TRAINING AWO2 This session introduces auditors to the complete audit process and plan. It focuses on ways for staff and senior accountants to significantly participate in the risk assessment procedures, including efforts surrounding internal controls. In addition, significant time is spent on performance of further audit procedures including tests details such as sampling, auditing estimates, and analytical procedures. Finally, the course includes discussions of select technical accounting, auditing, advanced documentation, and business skills. REQUIRED KNOWLEDGE AND EXPERIENCE: 5-21 months COURSE TYPE: Seminar COURSE LENGTH: 3 days ADVANCED PREP: None RECOMMENDED CPE CREDIT: 24 hrs. COURSE LEVEL: Intermediate FIELD OF STUDY: Auditing, 19 hrs.; Accounting, 5 hrs. MAJOR TOPICS AND LEARNING OBJECTIVES: The Role of the Experienced Staff Auditor 1 Credit (Auditing) Describe and provide multiple examples of the increased expectations of an experienced staff person List core auditing concepts that are critical to the success of experienced staff auditors The Audit Plan 8 Credits (Auditing) Assist the team in gaining, updating, and documenting their understanding of the entity and its environment, including internal controls Begin to better identify and document risks of material misstatement using an understanding of the entity and its environment, including internal controls Participate more confidently in the risk assessment process Substantive Analytical Procedures 3 Credits (Auditing) Apply the principles of performing substantive analytical procedures Analyze differences from expectations Properly document substantive analytics 45
46 AuditWatch University Level 2: Experienced Staff Training AWO2 MAJOR TOPICS AND LEARNING OBJECTIVES (CONT.): Sampling & Other Substantive Tests of Detail 3 Credits (Auditing) Describe various tests of details Describe common audit approaches when using tests of details Select the appropriate audit approach Plan and implement the selected approach, including nonstatistical sampling Auditing Estimates and Accruals 2 Credits (Auditing) Identify common estimates and accruals List three general approaches to auditing estimates Determine the approach most likely to be selected for a given estimate Fundamentals of Advanced Documentation -.5 Credits (Auditing) Understand the requirements of AU-C 230, Audit Documentation Financial Reporting 4 Credits (3 Credits Accounting, 1 Credit Auditing) Prepare a statement of cash flows Understand various reporting requirements List and identify common issues encountered while preparing and updating the financial statements Accounting and Review Services 2 Credits (Accounting) Describe the differences between compilation, review and preparation engagements Understand and communicate management s responsibilities versus the accountant s responsibilities Summarize the requirements in each type of engagement relating to procedures performed, documentation and reporting Summary: Best Practices for the Experienced Staff.5 Credits (Auditing) List best practices discussed in the course Describe ways skills learned in this program will be applied in the upcoming year 46
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