ENG201.16. Build an Advisory Practice Primer

Jun 12, 2020 1:00pm ‐ Jun 12, 2020 1:50pm

Identification: ENG201.16

As technology and other practice areas (such as cybersecurity, PFP, valuation, and forensic accounting) gain momentum, CPA firms should begin to consider how to build an advisory practice. Come to this session to hear best practices on getting into advisory, what specific areas are ripe for beginning with, and take aways on pitfalls to avoid.

Learning Objectives:
· Recall steps to consider in staffing an advisory practice line
· Identify popular advisory areas to begin exploring

ENG201.17. AICPA Tax Policy and Advocacy Updates

Jun 12, 2020 2:00pm ‐ Jun 12, 2020 2:50pm

Identification: ENG201.17

Join members of the AICPA's Individual and Self Employed Tax Technical Resource Panel (ISET TRP) for a debrief of key issues to be aware of for this filing season, along with a review of current legislative developments- including new COVID-19 rules and how the AICPA is working to advocate for our members. The panel will also cover new cases and revenue rulings, as well as report on significant code section cases that may affect your practice. Attendees are encouraged to bring their questions to the session as well as get feedback and tips on how to complete the 2020 filing season and start planning for a better 2021 filing season.

Learning Objectives:
· Identify legislative and regulatory tax developments in individual & self-employed tax area.
· Identify emerging individual & self-employed tax policy and advocacy issues important to AICPA members.

ENG201.18. PEEC Hosting Independence

Jun 12, 2020 2:00pm ‐ Jun 12, 2020 2:50pm

Identification: ENG201.18

Since the hosting interpretation became effective on July 1, 2019, practitioners continue to have questions and concerns as to whether or not performing certain services for a client related to their financial data would result in an independence violation. This session will cover some of the more frequently asked questions and issues that are coming up in practice as well as some tips on ensuring your firm is in compliance with this interpretation.

Learning Objectives:
· To provide an update on the latest resources issued by AICPA related to hosting
· To give practitioners some practice tips and implementation challenges that have arisen since this interpretation became effective

NAA2001. Auditing and Assurance: Opportunity (and Challenge) in Uncertain Times

Jul 20, 2020 10:00am ‐ Jul 20, 2020 10:50am

Identification: NAA2001

In these uncertain times, assurance providers have never been more important. Navigating these uncharted waters requires us to be nimble, addressing challenges as they arise while recognizing new opportunities.

PFP2002. Geopolitical Update: How the US Impacts the World, and the World Impacts Us

Jul 20, 2020 10:00am ‐ Jul 20, 2020 10:50am

Identification: PFP2002

Come hear a presentation on political trends in the US and across the globe, with a concentration on how those trends impact global economies and the financial markets.

EST2002. Gift and Estate Tax Audits

Jul 20, 2020 11:05am ‐ Jul 20, 2020 11:55am

Identification: EST2002

This discussion will address current issues and trends in the transfer tax controversy arena at the audit level, appeals and in litigation.  It will include issues related to the valuation and transfer of interests in closely-held entities, the use of formula clauses, positions taken by the IRS and ways to address them at the planning level.   Learning objectives include:  Familiarizing participants with issues related to certain sophisticated estate planning techniques, and  Providing tips on planning and preparing for an IRS audit with respect to those techniques

NAA2002. Auditing and Attest Standards Update

Jul 20, 2020 11:05am ‐ Jul 20, 2020 11:55am

Identification: NAA2002

The Auditing Standards Board (ASB) Chair and AICPA Chief Auditor will discuss recently issued standards for audits and attestation engagements. The discussion will also include the ASB's active agendas including ongoing efforts to modernize auditing and attestation standards, enhance ASB outreach to stakeholders regarding proposed standards and post-implementation reviews of issued standards. This session will feature a discussion of the current status of the ASB's projects to: a) Revise and expand the auditor's report, b) Revise the attestation standards to enable a practitioner to perform an examination, review, or agreed-upon procedures engagement without having to request an assertion from the responsible party, c) Revise the audit evidence standard, d) Revise the standard on auditing management estimates and use of management specialists, e) Make narrow revisions to auditor communications regarding NOCLAR; and convergence efforts on auditor risk assessment, quality control and group audits.

PFP2004. Best Laid Plans - Cognitive bias and Unintended Consequences in Planning

Jul 20, 2020 11:05am ‐ Jul 20, 2020 11:55am

Identification: PFP2004



Humans are hardwired with a number of innate traits that make us susceptible to unhelpful decision making - especially when families, money and control are at stake. This presentation identifies key behavioral finance concepts and their implications for portfolio construction and financial planning. Best practices to circumvent the worst tendencies, or embrace the best ones to benefit long term goals will be discussed.

NAA2004. Applying Professional Skepticism in Today's Audits

Jul 20, 2020 12:25pm ‐ Jul 20, 2020 1:15pm

Identification: NAA2004

Professional skepticism is a foundational concept to auditing, but one that can be challenging to demonstrate and is a common focus area for inspections and media interest. This course will address how professional skepticism is applied in the auditing standards, with a focus on standards that have been recently updated. It will also address how professional skepticism can be applied and demonstrated through the performance of audit procedures.

PFP2006. Multi-generational Wealth Transfer: Strategies for Sustaining Growth

Jul 20, 2020 12:25pm ‐ Jul 20, 2020 1:15pm

Identification: PFP2006

The continuing shift of spending power and wealth from one generation to the next represents one of the largest threats AND opportunities in recent times in the financial services industry.

While the industry has been faced with this challenge for many years, the temptation is to believe that traditional approaches to retaining clients and assets through life cycles will work in 2020 and beyond. The reality is that wholesale changes may be required within the business to change the conversation with clients and to reverse trends in asset depletion.

GSAM's "Multi-generational Wealth Transfer" discussion begins to address this issue, taking a distinct and differentiated view.