Granger Topics

CPE TOPICS 2008

By Garland Granger, CPA, CIA

(For CPE Sponsor – Professional Accounting Seminars, Inc.)

8 hours of CPE per Topic: (for all of the following seminars)

Live instruction format based on the provided course material
No prerequisites or advanced preparation required
Intermediate level of content (but flexible for each group)

(New for 2008)

(COM) - Communicating Financial Information to Non-CPAs (8 hours of Behavioral / Communication CPE)

The ability to communicate technical financial information to non-CPAs to influence and persuade them to respond and possibly to change behavior is a skill that we shall develop in this seminar. Whether we are communicating to owners, management, operations managers, members of the board of directors, bankers, or other non-CPAs, the art of communication of technical data is a necessary requirement of the job today for any CPA. Sometimes the communication is one-on-one and sometimes it takes place before a larger audience. This seminar will examine a variety of techniques for improving your communication skills, presentation skills, and listening skills. The participant will also learn the three basic learning styles that individuals possess and how to design information so each individual will understand the data in their learning style. This seminar will address the inevitable problems that arise when change is required and the conflict that ultimately results from such change. Conflict resolution skills are extremely useful to help solve these issues.

This seminar has the following learning objectives:

To learn the three basic learning styles individual possess and how to present information in such a manner that each individual non-CPA can comprehend the technical data.
To learn the art of persuasion since the primary purpose of presenting data is to inform and to bring about a change in behavior.
To develop the skill of listening to others and to learn how to get others to listen to you.
To examine various examples and techniques of good communication by utilizing practical problems and developing good presentations.
To examine various presentation styles that can prove fruitful in a formal setting with non-CPAs.
To become aware of the technical jargon of our profession and learn ways to present this data in a language non-CPAs will understand.
To learn how to deal with conflict whenever it arises and how to resolve the issue to the satisfaction of all interested parties.

(New for 2008)

(RBR) – Reducing Business Risks Through Internal Controls (8 hours of A&A CPE credit)

Managing business risk is a high profile job for management, the board of directors, and the CPA. Failures due to lack of risk assessment and controls negatively impact the reputation and image of the organization. Management, the board, employees, CFO, and internal audit all have the responsibility for reducing and controlling business risk. This seminar will provide you with the information necessary to help you assist management in evaluating and reducing business risk. Exposure to errors and fraud due to lack of controls is greater than ever. The CPA, whether as external auditor or as CFO, is now being asked to assist management and business owners in designing efficient, effective controls to protect the business from undue business risk exposure.

This seminar covers a variety of useful techniques that are easy and inexpensive to implement. The participant will learn a simple method for risk identification, mitigation through good internal controls, and investigation. You will learn the principles, practices, and benefits of a good system of controls. Through the use of practical problems, one will also have the opportunity to apply the principles learned in this seminar. This seminar is a must for all CPAs today.

This seminar has the following learning objectives:

Gain a good understanding of the nature of business risk, how these risks can negatively impact the organization, and the basic definition of internal control and the problems this definition has created.
Discuss Chaos Theory and materiality as a vehicle to distinguish the difference between these concepts in an audit from the development and evaluation of internal controls.
Learn the role of ethics and integrity and how they affect the effectiveness of any internal control system.
Examine the COSO model for evaluating and developing internal controls.
Review the new standards on Managing the Business Risk of Fraud: A Practical Guide issued by the AICPA, ACFE, and IIA.
Examine the 5 principles for a proactive approach for establishing an environment to manage business risk effectively.
Review SAS 99 on fraud prevention and detection in an audit.
Use real-world cases to apply the COSO model to help establish good controls in a variety of risky situations.

(Updated for 2008)

(CR) - Compilation and Review Update – 2008 (Addresses SSARS 15& 16 and several new Interpretations)

This seminar is a must for new staff members as well as those not-so-new members who need a refresher regarding compilation and review standards. This seminar is a must this year because of two new standards that were issued as well as several interpretations. The topics discussed relate to the basic requirements of a compilation and review, reporting issues, communication between predecessor and successor accountants, basis of accounting, comparative statements and critical independence issues. This seminar also goes beyond the conventions of the standards to address the practical problems of providing quality engagements, accepting and terminating a client, and legal issues facing the profession. The participant in this seminar will work many short application problems to apply the standards in a variety of practical situations that confront CPAs on a regular basis.

This seminar has the following learning objectives:

To review SSARS 15 which defines other comprehensive basis of accounting (OCBOA), provided examples of statement titles for different accounting basis, and provides reporting examples. It also discusses subsequent events, additional representations for the rep letter, and a new appendix on sources of GAAP.
To review SSARS 16 which clarified the levels of responsibilities that accountants have in compilation and review engagements.
To understand the core requirements of SSARS in a compilation and review.
To learn how to apply these requirements in a variety of practical ways.
To learn why engagement letters and representations letters are so vital.
To examine the various reporting issues in compilations and reviews.
To discuss the requirements when there is a change in accountant.
To develop clear guidelines for dealing with quality work, dismissal of a client, and the legal environment.
To discuss and evaluate independence issues facing CPAs in compilations and reviews.

(New for 2007)

(BT) – Business Ownership Transitions – Buying, Selling, and Exit Strategies (4 hours of A&A + 4 hours of Technical Business CPE)

The past two years were exceptional times for business ownership transitions. With the onslaught of the retirement of the baby boomer generation, one can expect even more activity in this area. Whether one is buying or selling a business with the intent of continuing in management or looking for a way out of ownership, asking the right questions and analyzing the data properly are key components of a successful transition. Proper planning for an ownership transition can make the difference between success, failure, or serious disappointments. This seminar is perfect for any CPA advising a client or for CFOs guiding management when a business transition is anticipated within the next five years.

This seminar has the following learning objectives:

To gain an understanding of the reasons why transitions often fail so we can learn from the mistakes of others.
To learn how to shape a good exit strategy.
To examine special problems related to family owned businesses in transition.
To learn how to prepare a business financially for a transition.
To understand the cultural differences between businesses and how to make those differences work in a transition, if possible.
To gain a better understanding of due diligence that goes well beyond the numbers.
To examine a variety of techniques for enhancing and determining business valuation.
To examine how negotiations should take place and the best people to be involved in that process.
To learn how to “close the deal” with proper financing.

(ET) - Ethics for Florida CPAs: The Keys to Integrity (4 hours of Ethics CPA) and Preparing Financial Statements with Integrity (4 hours of A&A CPE) = 8 hours of CPA (entire day)

(Approved Florida Ethics course # 5874, Updated for 2008 under the name Professional Accounting Seminars, Inc.)

(You may attend either or both topics for the same fee. CPE certificates (4 hours each) will be issued for each topic. The Ethics topic is the morning session & CPE certificates will be available at the lunch break)

This course will be taught by both instructors, as follows:

Fort Lauderdale, Fort Myers, Orlando & West Palm Beach (Holt)
Miami & Tampa (Granger)

With the onslaught of ethical problems within the accounting profession over the past several years, a keen understanding of the ethical requirements of CPAs is a must. This 4-hour seminar will examine the Code of Ethics in Florida. The seminar will literally walk through the core requirements of the code. However, the most effective way to learn this material is through the use of practical application problems. This fast paced course will hold your attention and help improve your understanding of the ethical requirements we must follow.

This seminar has the following learning objectives:

To learn the Florida rules and statutes that relate to CPAs today.
To examine topics such as confidentially, advertising and solicitation, contingent fees, commissions, and referral fees, as well as the disciplinary action that can be taken when we fail to comply with the standards.
To spend time examining independence and the various ways that independence can be impaired. We shall use practical problems to apply the independence rules.
We shall examine the Florida Statutes that related to CPAs in industry, government & public accounting.

The session on Preparing Financial Statements with Integrity (4 hours A&A CPE) will focus on making financial reporting & disclosure “decisions” that enhance the value of the information for all intended users. We shall engage in numerous case studies & discussion questions for situations common to most preparers of financial statements. Issued addressed will include:

AICPA Ethics Interpretations & Rulings
Actual “ethical” decisions that are frequently faced when preparing & presenting financial statements.
Lessons learned through numerous, well-publicized “fraudulent” (unethical) financial statements.

(New for 2007)

(FS) - Financial Statement Aerobics – Toning Your Fiscal Physique (8 hours of A&A CPE)

This seminar will help you lose weight, lower your cholesterol, reduce your stress level and improve your mental ability to analyze and understand financial statements through financial aerobic exercises. The current business environment is changing so rapidly that one must stay one step ahead to keep in good financial shape. One must kick the old habits of simply calculating ratios and percentages and realize that corporate environmental change will likely make analysis more difficult. This seminar will lunge into the various modern techniques of analysis and help the participant jump into the proper mental position to make better decisions. The course is designed for CPAs in public accounting or in private businesses who want to improve their fiscal physiques.

This seminar has the following learning objectives:

Learn the various tools available for analysis and the usefulness and limitations of these tools.
Use analysis for problem-solving (not just information).
Learn how to properly understand the current business environment prior to analysis to develop a complete understanding of the nature of the business and risks before examining the numbers.
Apply this understanding of the environment in forecasting financial results.
Calculate return on invested capital (ROIC) for operating income and assets.
Apply the return on invested capital model for more complex decisions to improve profitability.
Utilize the concept of economic value added for improving the net financial worth of a business (rather than piecemeal transaction analysis or ratios).
Examine the wide array of decisions that an analyst might make and determine the proper tools to utilize in making those decisions.
Use analysis as a vital tool in fraud detection.

(ETNC) – Ethics for North Carolina CPAs (2 hours of Ethics CPE) + Preparing Financial Statements with Integrity (2 hours of A&A CPE) = 4 hours of CPE

(Approved North Carolina Ethics course for 2008)

You may attend either or both topics for the same fee. CPE certificates (2 hours each) will be issued for each topic. The Ethics topic is the first half of the morning session (8:30 – 10:10 am) and CPE certificates will be available at the 10:10 break. Preparing Financial Statements with Integrity will be offered from 10:20 – 12:00 and CPE certificates will be provided at the conclusion of that session.

Ethics for North Carolina CPAs: Keys to Integrity (2 hours of Ethics CPE)

With the onslaught of ethical problems within the accounting profession over the past several years, a keen understanding of the ethical requirements for CPAs is a must. This 2-hour seminar will examine of Code of Conduct for North Carolina. The seminar will literally walk through the core requirements of the code. However, the most effective way to learn this material is through the use of practical application problems. This fast paced course will hold your attention and help improve your understanding of the ethical requirements we must follow.

This seminar has the following learning objectives:

1. to learn the North Carolina Accountancy Rules

2. to examples specific topics such as independence, confidentially, advertising and solicitation, contingent fees, commissions and referrals fees, as well as the disciplinary action that can be taken when we fail to comply with the standards.

3. to examine independence issues facing CPAs in public practice.

4. to examine the application of the Rules to CPAs in industry.

The session on Preparing Financial Statements with Integrity (2 hours of A&A CPE) will focus on making financial reporting and disclosure decisions that enhance the value of the information for all intended users. We will engage in numerous case studies and discussion questions for situations common to most preparers of financial statements. Issues addressed will include:

1. AICPA Ethics Interpretations and rulings

2. Actual ethical decisions that are frequently faced when preparing and presenting financial statements.

3. Lesson learned through numerous, well-publicized unethical financial statements.