Accounting & Auditing Conference VIRTUAL

Melisa Galasso, Founder & CEO, Galasso Learning Solutions

This session will cover the Accounting Standard Updates (ASUs) issued during the year by the FASB as well as those standards that will be effective in the near future. We’ll take a deep dive into how to prepare for the leases and financial instruments standards in longer courses. Revenue recognition can be added in as needed by the attendees. GLS can tailor the course to only those standards impacting the organization through a detailed needs assessment as part of the GLS Process. 

Learning Objectives:

Participants will be able to:

• List new accounting ASUs issued by the FASB
• Describe the key financial reporting changes of the revenue recognition, leases, and financial instruments standards

David Cotton, Chairman

Getting a large government grant or contract is exciting and can mean very positive things for both the procuring party and the performing party to the exchange transaction.Tragedy can result, however, if proper accountability rules are not followed.This session will cover the following fundamental topics:

• Direct vs. Indirect Costs
• Accounting for Particular Costs
• Cost Allocations, Indirect Cost Pools and Rates
• Common Problems Areas

Procurements can be win-win transactions for both parties if the rules are known and followed.

Session Learning Objectives:

§Gain an understanding of the nuances and potential problems when accounting for contracts and grants.

§Appreciate the importance of seeking expert accounting assistance when making major business decisions.

Pam Dolan, Supervising Project Manager, Governmental Accounting Standards Attn: Miriam Perez

Melisa Galasso, Founder & CEO, Galasso Learning Solutions

This session offers an in-depth look at the new leases standard, which requires organizations to recognize lease assets and liabilities on the balance sheet. This comprehensive session will cover recognition, measurement, as well as presentation and disclosure requirements as well as focus on a key area of change which is proper identification of a lease using a principles-based approach. We will discuss implementation requirements from both the lessee and lessor accounting models. In addition, we explore a variety of scenarios including short-term leases, purchase options, variable lease payments, and remeasurement. As usual, this GLS course is up-to-date, offering practical journal entry examples, lessons learned from implementation, and explores recently issued amendments to the lease accounting guidance.

Learning Objectives:

Attendees will be able to:

• Define a lease under the new leases standard
• Apply recognition and measurement requirements of the new leases standard.
• Describe the presentation and disclosure requirements of the new leases standard.
• Prepare journal entries necessary to account for leases as both a lessee and lessor.

Mark Whelan, Director, Accounting, Kentucky Teacher's Retirement System

David Cotton, Chairman

This interactive session will examine the facts surrounding several recent fraud and public corruption cases to determine if and how they could have been prevented and if and how auditors should have detected them. 

Participants will be challenged to:

• Identify the fraud risk factors that should have alerted auditors to the fraud or corruption problem
• Evaluate the legs of the Fraud Triangle that supported the fraud
• Postulate appropriate fraud risk factor responses that would have led to the detection of the problem
• Evaluate whether or not the auditors should be held accountable for failing to detect the problem

Practitioners charged with either internal control or audit responsibilities should benefit from this hands-on session.

Session Learning Objectives

• Learn to identify fraud risk factors from recent actual fraud cases.
• Gain an understanding of the importance of fundamental control procedures for preventing and detecting fraud.

Melisa Galasso, Founder & CEO, Galasso Learning Solutions

The AICPA has been busy lately! This session will cover recently issued SASes, SSARS, and SSAEs. We’ll look at recently issued audit standards as well as major proposals. The session will also review recent PEEC interpretations that will include major changes to the Code of Professional Conduct.  Finally, we’ll close with a look at the AICPA’s Enhancing Audit Quality (EAQ) Initiative and how some of the lessons learned can be applied to improve the quality of audits.

Learning Objectives:

Attendees will be able to

• Describe changes to the auditor’s report
• Recall the impact of SAS 136 on employee benefit plan audits
• List recently issued auditing and attestation standards
• Describe ethics changes impacting audits of private companies
• Identify the points in the Six Point Plan for enhancing audit quality

David Cotton, Chairman

Numbers—and especially the digits within those numbers—can conceal a lot of information. Benford's Law is the key to unlocking that information. This session will explain what Benford's Law is, how it works, and how it can be used to reveal bogus information and made-up data. Accountants and auditors should understand how to use this valuable audit tool. But, if you attend this session, you must promise not to reveal the secret behind the technique to any fraud perpetrators.

Session Learning Objectives:

• Learn several digital analysis techniques that can be used to identify potentially fraudulent transactions.
• Understand how and when to apply digital analysis techniques.

Linda Bridwell, Deputy Executive Director, KY Infrastructure Authority

Simon Keemer, Director of Assurance Svcs, Dean Dorton PLLC

Jennifer Louis,

Katie Gabhart, Executive Dir., Executive Banch Ethics Commission Capital Complex East

Mike Harmon, KY Auditor of Public Accounts

Tiffany Welch, Auditor of Public Accounts

Melisa Galasso, Founder & CEO, Galasso Learning Solutions

This session will review common deficiencies identified by the AICPA as well as state boards. For each deficiency, we will identify the examples of the deficiencies that have been found and then cover how to properly handle the situation. We will cover a variety of topics including the use of specialists, group audits, auditing an estimate, and risk assessment. This will be an interactive session.

T.J. Hanna, Special Agent, Federal Bureau of Investigation

James Driver, Tax Specialist- Fed. state & Local

Jeff Hester, Special Agent, Federal Bureau of Investigation

Melisa Galasso, Founder & CEO, Galasso Learning Solutions

G Alan Long, Managing Partner, Baldwin CPAs PLLC

Melisa Galasso, Founder & CEO, Galasso Learning Solutions

AU-C 240,Consideration of Fraud in a Financial Statement Audit,(formerly SAS 99) provides auditors with guidance on the consideration of fraud when a financial statement audit is conducted and is effective for audits of financial statements. This session will help you understand the auditor’s responsibilities for detecting fraud and cover audit procedures for responding to the fraud risk analysis.

Learning Objectives:

Attendees will be able to:

• Describe audit procedures required to respond to fraud risk
• Define fraud

William Kohm, Audit Director/Shareholder, Dean Dorton PLLC

Public companies have already implemented the new lease standard.Overall, the impact has been mostly seen as a gross up of the balance sheet with negligible impact to equity or earnings.The new standard still presents challenges around lease identification and tracking.This session will leverage from the public company experiences in driving home the objectives below.The session will include examples of implementation and disclosures.

Objectives

1. Key estimates to be made
2. Practical expedients
3. Day 2 items to consider

Michael Mattei, Professor of MIS and Analytics, Bellarmine University

Melisa Galasso, Founder & CEO, Galasso Learning Solutions

Kourtney Nett, Partner, MCM CPAs & Advisors LLP

Steven Lyles, Assistant Director, Division of District Support

Nicole Vanover, Division of District Support

Melisa Galasso, Founder & CEO, Galasso Learning Solutions

J.D. Chaney, CEO, Kentucky League of Cities

Melisa Galasso, Founder & CEO, Galasso Learning Solutions

Michael Clark, Associate Dir. Ctr Bus & Economic Res, University of Kentucky Center for Rural Health