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, Cotton & Company LLP

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:<o:p></o:p>

ØFinancial Accounting vs. Cost Accounting<o:p></o:p>

ØJob or Process Costing<o:p></o:p>

ØCharts of Accounts<o:p></o:p>

ØDirect vs. Indirect Costs<o:p></o:p>

ØContract Types and Contract Cost Principles<o:p></o:p>

ØAccounting for Particular Costs<o:p></o:p>

ØCost Allocations, Indirect Cost Pools and Rates<o:p></o:p>

ØCosting vs. Pricing and Cost and Pricing Data Requirements<o:p></o:p>

ØInternal Controls<o:p></o:p>

ØCommon Problems Areas<o:p></o:p>

Lisa Parker, Governmental Accounting Standards Attn: Miriam Perez

This session will give an overview of the GASB pronouncements that become effective in the coming fiscal years.The session also will explain some of the projects on GASB’s current technical agenda and research agenda.

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

Mark Whelan, the chief financial officer of the Teachers’ Retirement System of the State of Kentucky (TRS) will give an update on the retirement system. He will discuss the history and background of the system and the latest financial and actuarial results. Mr. Whelan will explain the different design characteristics of retirement plans. He will also discuss recent legislative changes, TRS’s health insurance plan and the impact TRS benefits have on the state.

After attending this session, you will be able to:

• Understand the characteristics of the system and the members it serves.

• Understand the strength of TRS based on the latest financial and actuarial results and various design elements of retirement plans.

David Cotton, Chairman, Cotton & Company LLP

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.

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, Cotton & Company LLP

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 as well as other digital analysis techniques.  But, if you attend this session, you must promise not to reveal the secret behind these techniques to any fraud perpetrators.

Linda Bridwell, Executive Director, KY Public Service Commission

Tricia Van Vliet, Founding Member, The Wellness CPA PLLC

David Cotton, Chairman, Cotton & Company LLP

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 as well as other digital analysis techniques.  But, if you attend this session, you must promise not to reveal the secret behind these techniques to any fraud perpetrators.

Simon Keemer, Director of Assurance Svcs, Dean Dorton PLLC

Jennifer Louis, President, Emergent Solutions Group

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

Eric Berman, Partner, Eide Bailly LLP

This lightening-session will provide a brief overview of the GASB’s Revenue and Expense Recognition Preliminary Views document.  This wide-ranging proposal may change how we categorize, recognize and measure revenue and expense transactions in the future, potentially changing decades of accounting and financial reporting.

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

Melisa Galasso, Founder & CEO, Galasso Learning Solutions

James Driver, Tax Specialist- Fed. state & Local, Internal Revenue Service

The IRS will provide information about government entities and how they differ from private entities as well as discuss some of the common employment tax errors found with government entities as it pertains to 941 and W2 reporting.

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

Jeff Hester, Special Agent (Retired), Federal Bureau of Investigation

Melisa Galasso, Founder & CEO, Galasso Learning Solutions

G Alan Long, Managing Partner, Baldwin CPAs PLLC

An update on what is going on in Peer Review and will also touch on areas of concern that have come out of the Enhancing Audit Quality (EAQ) initiative of the AICPA.

Jeff Hester, Special Agent (Retired), Federal Bureau of Investigation

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

John Cooper, Capital Link Consultants

Russ Woodward, Capital Link Consultants

Jennifer Elder, AICPA

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

David Collins, Assistant Professor, Bellarmine University

Sam Latimer, Audit Partner, Rushton Accounting & Business Advisor

Kourtney Nett, Partner, MCM CPAs & Advisors LLP

Sam Latimer, Audit Partner, Rushton Accounting & Business Advisor

Steven Lyles, Assistant Director, Division of District Support

Kourtney Nett, Partner, MCM CPAs & Advisors LLP

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

Melisa Galasso, Founder & CEO, Galasso Learning Solutions

Phyllis Cooper, Director of Accounting, Lexington Fayette County Government

Ron Cox, Louisville Metro Government

Joe McDaniel, Assistant Controller, Commonwealth of Kentucky Office of the Controller

Discuss cost, time, effort and scope of implementation (and limitations of resources).Provide current status of project and overall impact.