Agenda

June 11, 2024

8:55–9:00 a.m. – Welcome and Opening Remarks
Zach Donah, CAE, Massachusetts Society of CPAs

9:00–9:50 a.m. – Audit and Attestation Standards Update
Mike Glynn, CPA, CGMA, American Institute of Certified Public Accountants (AICPA)
In this session, we’ll discuss recently issued auditing standards, including standards on accounting estimates, risk assessment, communications between predecessor and successor auditors and group audits with an emphasis on standards that are effective for 2023 and 2024 audit engagements. The session will also include a discussion on the quality management standards and current projects to revise the attestation standards.

10:00–10:50 a.m. – Concurrent Sessions

Session 1: Going Concern Key Considerations
Leah Donti, CPA, CMA, MBA, Advantage Montreal Seminars Inc.
Assessing going concern is not a new requirement in U.S. generally accepted accounting principles (GAAP). In this session, we’ll explore the renewed focus on an entity’s going concern assessment due to the financial and operational challenges that many businesses face.

Session 2: Fraud Risks and the Latest Factors Addressing the CPA’s Role
Kenn Heaslip, MS, MBA, CPA, CGMA, Kaplan
There has recently been an increased focus on the CPA’s role in detecting and reporting fraud. In this session, you’ll learn about current expectations and discussions among regulators about how to improve the standards, including the auditor’s role in non-compliance with laws and regulations (NOCLAR) and the AICPA’s Fraud Risk Framework. We’ll also review the 2024 Report to the Nations, the Association of Certified Fraud Examiners (ACFE) recent comprehensive study on fraud.

11:00–11:50 a.m. – Tackling Lease Complexities After Adoption
Leah Donti, CPA, CMA, MBA, Advantage Montreal Seminars Inc.
In this session, we‘ll review common issues post–adoption, such as common peer review findings, consolidating schedules, right-of use-asset impairment and cost of living increases on lease payments.

12:10–1:00 p.m. – Best Practices for Reviews, Compilations and Financial Statement Preparation Engagements
Mike Glynn, CPA, CGMA, American Institute of Certified Public Accountants (AICPA)
In this session, we’ll discuss best practices for reviews, compilations and financial statement preparation engagements with a heavy focus on planning and performing analytical procedures in a review engagement, including developing and documenting expectations. We’ll also cover effective documentation with respect to designing and performing review procedures based on the accountant’s risk awareness and discuss when an accountant is required to perform a preparation engagement in accordance with AR-C section 70.

1:00 p.m. – Day 1 Closing Remarks

Wednesday, June 12, 2024

8:55–9:00 a.m. – Welcome and Opening Remarks
Zach Donah, CAE, Massachusetts Society of CPAs

9:00–9:50 a.m. – Revenue Recognition: Common Trouble Spots with FASB ASC 606
Tom Groskopf, CPA, CVA, MBA, Barnes Dennig
Drawing from a comprehensive analysis of peer review outcomes and extensive engagement with multiple firms’ implementation of Financial Accounting Standards Board (FASB) ASC 606, this session delves into critical aspects of the five-step revenue recognition model known to challenge practitioners. We’ll also explore prevalent disclosure gaps frequently observed in practice.

10:00–10:50 a.m. – Artificial Intelligence (AI) In Accounting and Auditing Environments
Tommy Stephens, Jr., CPA, CGMA, CITP, K2 Enterprises
Despite the abundance of literature and discussions surrounding artificial intelligence (AI), many accounting and auditing professionals find themselves puzzled by its practical application, particularly when it comes to utilizing tools like Bard, ChatGPT and Copilot. In this session, you will gain insights into leveraging contemporary AI tools to tackle accounting and auditing challenges. We’ll provide practical guidance on accessing and effectively utilizing various popular AI tools to enhance efficiency and productivity in your workflows.

11:00–11:50 a.m. – Accounting and Reporting for Special Purpose Frameworks
Jaclyn Veno, Galasso Learning Solutions
Special purpose frameworks (SPFs) often lead to common deficiencies in peer reviews. In this session, we’ll examine the criteria for presenting cash basis and modified cash basis financial statements. Additionally, we’ll delve into the essential disclosure requirements for SPFs, emphasizing their alignment with applicable GAAP standards. To wrap up, we’ll explore the audit reporting obligations.

12:10–1:00 p.m. – CECL Implementation Lessons at Non-banks
Tom Groskopf, CPA, CVA, MBA, Barnes Dennig
In this session, we’ll explore the intricacies of applying the Financial Accounting Standards Board (FASB)’s recently introduced current expected credit losses (CECL) methodology to non-financial institutions. We’ll shed light on frequently disregarded risk factors (particularly relevant to private companies), address pertinent questions and provide insights into navigating the application of CECL to non-financial institutions.

1:00 p.m. – Day 2 Closing Remarks

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