CPE COURSE TOPICS – 2010

by David W. Holt, CPA, CFE

(For CPE Sponsor - Professional Accounting Seminars, Inc. dba David Holt Seminars & various “in-house” or “Chapter sponsored” seminars)

8 hrs of CPE per topic** All topics (except Ethics) are “accounting and auditing” (A&A / Technical Content) courses and include:

Live instruction format, based on the provided course material
No prerequisites or advanced preparation required
Intermediate or update level content (but flexible)

(AAU) Accounting & Auditing Standards Update (New for 2010)

This year’s primary topics include:

Using the new FASB Codification
The status of International GAAP convergence & IFRS
The status of GAAP for Private Companies
Recently-issued FASB & audit standards (by AICPA)

(IFR) IFRS (SME version) for Private Companies (New for 2010)

The AICPA has approved the use of IFRS (SME version) as an alternative source of GAAP for Private Companies. These new accounting rules will be essential knowledge for accountants & auditors for small businesses. Information addressed in this session will include:

Learning the fundamental “rules” for SME accounting & reporting
Comparing & contrasting SME (GAAP) to FASB & OCBOA standards
Discussing a variety of implementation issues

Learning objectives: Inform attendees regarding the new rules for IFRS reporting by small businesses (SME version)

(ET) Ethics for Florida CPAs

(4 hours of Ethics CPE) + Preparing Financial Statements with Integrity (4 hours of A&A CPE) = 8 hr. of CPE (entire day)

(Approved Florida Ethics course # 5874, Updated for 2010/2011)

(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 & Orlando (Granger)
Miami & Tampa (Holt)

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 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 relate 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 will engage in numerous case studies & discussion questions for situations common to most preparers of financial statements. Issues 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

(AFD) Advanced Fraud Detection Skills (New for 2009/ 2010)

Finally, based on repeated requests, we are offering a fraud detection seminar “not for beginners”. This session will primarily include multiple “hands-on” cases that are discussed and “solved” by the attendees, in a small group (workshop) format. We will contemplate some advice from experts, but this course contains much less lecture and statistics than our other topics. Key areas of emphasis will be:

Using extractive software to identify fraudulent disbursements
Enhancing your whistle blowing program
Monitoring your employees (legally & effectively)
Dealing with bribery and kickbacks

Learning objectives include:improving your ability to detect fraud & abuse, where you work and becoming aware of how (and when) to use the most effective tools & techniques. The seminar is a live, interactive group format. No advanced preparation is required, but a basic knowledge of occupational fraud is a prerequisite.

The following section includes Additional CPE Topics for 2010, that are available for In-house or Chapter CPE Seminars:

Government Accounting & Auditing Update (New for 2010)

New guidance from GAO & OMB (if any) for performing Single and/or Yellow Book Audits
All recently-issued (& proposed) GASBs
The effect on Governmental entities of AICPA Risk Assessment audit standards + the AICPA Toolkit for internal control by management

Compilations & Reviews (Updated for 2010)

Cover all the basic AICPA performance & reporting requirements (SSARS)
Discuss new SSARS #19
Practical guidance on independence & ethics (including all existing & proposed AICPA rules & interpretations)
Learning objectives: review “old” & “new” SSARS necessary to perform compilations & reviews; discuss practical engagement implementation & reporting “problems”

Nonprofit Organizations Update (2010)

This seminar will take a look at some of the more challenging new issues that must be addressed by directors, management, accountants, and auditors of Nonprofit Organizations (NPOs). We will consider accounting, auditing & internal control matters that are unique to the NPO environment. We will also discuss practical & effective ways to resolve “problems” experienced by entities with “limited resources”.

Learning objectives include a basic understanding (overview) of:

Recently-issued accounting (FASB) & auditing (AICPA) standards and the expected implications for NPOs
Difficulties & changes necessary in response to internal control deficiencies (SAS 112) and the “more rigorous” Risk Assessment Audits (SAS 104 - 111)
New guidance for internal control improvements for Board members & management of NPOs
A brief review of the most recently-issued OMB A-133 Compliance Supplement

Ethical Business Decisions by Texas CPAs (Updated for 2010 / 2011) (4 hours of required Texas ethics CPE)

This new State Board approved course, will cover not only the “rules” of professional conduct, but also realistic workplace situations often experienced by CPAs in industry, government & public accounting. The session will include:

A lively, interactive format, with substantial group discussions
Coverage of the Ethics Rules and how they help CPAs make valuable, long-term professional decisions
Quizzes and case studies, to affirm and illustrate the proper application of “the rules”

Learning Objectives include:

Understanding of & compliance with the Texas Ethics rules.
Discussing the spirit & intent of the rules, as the primary focus of resolving ethical decisions.

The course is a group, live format, with no prerequisites or advanced preparation required.

OCBOA Reporting Workshop

This course will devote most time to critical accounting & reporting issues for statements prepared as Other Comprehensive Bases of Accounting (OCBOA). The interactive workshop format will enable attendees to understand and resolve numerous (sometimes difficult) professional judgment issues. Key topics will include:

A brief review of AICPA rules for tax & cash basis statements
Estimating federal income tax (expense)
Related party transactions & disclosures
Avoiding disclosure deficiencies

The New Fair Value Accounting Rules (2010)

FASB 157 “Fair Value Measurements” has created a domino effect on GAAP reporting and disclosures. This seminar will explore how to implement the new requirements for the most common accounts and transactions involving fair value. We will discuss the requirements of FASB 157, including how to determine fair value for Levels 1, 2, & 3 estimates. We will also consider the effects on a variety of existing standards, including:

FASB 107 “Disclosures about Fair Value of Financial Instruments”
FASB 114 “Accounting by Creditors for Impairment of a Loan”
FASB 142 “Goodwill and Other Intangible Assets”
FASB 144 “Impairment or Disposal of Long-Lived Assets”

CSI for CPAs - Analyzing Actual Fraud Cases

We’ll look at a variety of real occupational fraud cases and identify the evidence that could be used (where you work or where you audit) to detect fraud & abuse of corporate assets. We devote substantial time to the latest techniques necessary to solicit information from employees & potential suspects.

This “hands-on” workshop approach includes 6 case studies and dozens of discussion questions.

Learning objectives include:

Improving your interviewing skills, assisted by a video that demonstrates critical issues using real fraud suspects
Learning a variety of effective fraud detection techniques & tools

Performing Risk Assessment Audits for Small Businesses & Nonprofits

This session will help you improve your efficiency & effectiveness for smaller audit clients, with “limited” accounting personnel & “simple” internal controls.

Learning objectives include:

How to document SAS (AICPA) compliance, without using complex or inefficient "programs" (Example memos are included in course material)
Understanding the risk assessment audit “mindset”, in contrast to the former “cookie cutter” & “canned audit program” audit approach
Using “real world” audit case studies to demonstrate “how to do it right” (compared to “how we used to do it”)
Considering how to identify “significant” accounts & transactions & how to audit “significant” assertions (for those accounts & transactions)

Anti-Fraud Tutorial for Management, Owners & Auditors

This fraud session provides the most effective tools & procedures to reduce fraud in the workplace. We will also address any “problems” or “successes” experienced by the participants, relevant to occupational fraud. Primary topics include:

Video interviews with former employees (felons) & other fraud experts
How to anticipate (risk assessment), identify, & reduce the “most popular” occupational frauds (for specific industries, transactions, & assets); using the 2006 Report to the Nation on Occupational Fraud & Abuse (ACFE)
Guidance & a “hands-on” exercise on how to properly respond to whistle blowing reports
Case studies regarding “how to prevent” specific types of misappropriations (including cash disbursements & inventory)
Learning objectives: discuss & understand contemporary procedures, resources, & techniques for safeguarding organizational assets

Common FASB Problems & Solutions

By popular request, we will be addressing recent GAAP issues (not included in this year’s A&A update) that have generated “more than a little” excitement for shareholders, accountants & auditors. Our learning objectives will be to comprehend the FASB “rules” & discuss how to “comply”. In some circumstances, we will also address reporting “alternatives”. Topics will include:

FASB Interpretation 46(R) – Consolidation of Variable Interest Entities (consolidation rules have changed BIG TIME)
FASB Interpretation 45 – Guarantor’s Accounting & Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others (this covers performance and loan guarantees)
Reporting Risks, Uncertainties & Contingencies (this section includes guidance from FASB 5, AICPA SOP 94-6, and related material)
FASB 133 – Derivative Financial Instruments & Hedging Activities (we will focus on recent changes issued by FASB & transactions that may be applicable to non-public entities)

Governmental & nonprofit courses normally qualify for Yellow Book CPE credit. Other topics may also qualify for “audit proficiency” GAO CPE credit.

Most topics can be modified, combined or offered in shorter CPE presentations (e.g. 2, 4, or 16 CPE hours). Additional seminar topics & information may be obtained from:

David Holt, CPA, CFE

830-591-2595

david@holtcpe.com