Internal Control Over Compliance: By the Books
Oct 20, 2020 9:00am ‐ Oct 20, 2020 9:50am
Identification: GOV2014
This session will focus on the internal control requirements of the Uniform Guidance. The session will provide an overview of all relevant internal control guidance, including Part 6 of the OMB Compliance Supplement, the AICPA Statements on Auditing Standards, COSO, and the Green Book.
- Recognize the requirements of UG related to understanding and documenting internal controls over compliance.
- Recall the attributes of the COSO model, as well as elements of the Green Book.
- Identify a fundamental understanding with a step by step approach to documenting internal controls in a single audit
- Review all relevant guidance related to internal controls in a single audit.
Leases: Preparing for the Single Model (Theory) - Part 2
Oct 20, 2020 10:00am ‐ Oct 20, 2020 10:50am
Identification: GOV2015
GASB Statement 87 changes the recognition and measurement model used for reporting lease liabilities (lessees) and lease receivable (lessors). This session will highlight the requirements in Statement 87.
- Indicate the reporting of a lease liability and a lease receivable in the initial year and subsequent years.
- Recall the disclosures required for leases.
- Distinguish the additional components of GASB 87 that may apply to some leases
Common Errors and Deficiencies in NFP Reporting - Part 2
Oct 20, 2020 10:00am ‐ Oct 20, 2020 10:50am
Identification: GOV2016
In this session, we will review the top 5 categories of common financial reporting and disclosure errors:
•Revenue Recognition
•Net Asset Classification
•Financial Statement Presentation
•Disclosure Errors
•Miscellaneous
•Revenue Recognition
•Net Asset Classification
•Financial Statement Presentation
•Disclosure Errors
•Miscellaneous
- Identify the most common errors found in not-for-profit financial statements
- Determine the impact errors could have on not-for-profit financial statements
- Identify how to avoid errors in not-for-profit financial reporting
Subrecipient Monitoring: Auditee & Auditor Perspective
Oct 20, 2020 10:00am ‐ Oct 20, 2020 10:50am
Identification: GOV2017
In this session we will cover four key areas that are important for both the auditee and auditor perspectives:
- Subrecipient versus contractor determination
- Required data elements in the subrecipient agreement
- Main aspects to include in risk assessment and how it drives your monitoring plan
- Verify subrecipient has audit when necessary
- Distinguish between subrecipient and contractor
- Recognize elements required to be included in all subaward agreements
- Indentify the expectation for a risk assessment of a potential subrecipient and how it impacts the monitoring plan of that subrecpient
Leases: Application - Part 1
Oct 20, 2020 11:20am ‐ Oct 20, 2020 12:10pm
Identification: GOV2018
[Part 1 of 2 - continued in GOV2021]
This session builds on the theory of Leases by illustrating how to apply the concepts to real world leases. This is an application focused session to get you ready for implementation in 2022 (Statement No. 95). Using examples, this session will highlight the nuances of the standard and some implementation ideas to address some of the challenges.
This session builds on the theory of Leases by illustrating how to apply the concepts to real world leases. This is an application focused session to get you ready for implementation in 2022 (Statement No. 95). Using examples, this session will highlight the nuances of the standard and some implementation ideas to address some of the challenges.
- Determine accounting treatment under the leases guidance
- Analyze contracts as leases
- Calculate lease liabilities and assets
- Identify potential implementation issues & challenges
Internal Control Over Compliance: A Hands-On Look
Oct 20, 2020 11:20am ‐ Oct 20, 2020 12:10pm
Identification: GOV2020
Building on the concepts learned in Session 13, this session will focus on the process of identifying effective internal control over compliance and how the auditor decides whether a control is designed and implemented effectively. Will also discuss the changes in assessing internal controls during a pandemic. Case studies will provide step-by-step examples of identifying and documenting internal controls in a single audit.
- Identify control objectives for each compliance requirement.
- Analyze compliance processes and controls within processes.
- Determine risks within processes ("what can go wrong" risks).
- Apply theory to various case scenarios.
Leases: Application - Part 2
Oct 20, 2020 12:20pm ‐ Oct 20, 2020 1:10pm
Identification: GOV2021
[Part 2 of 2 - continued from GOV2018]
This session builds on the theory of Leases by illustrating how to apply the concepts to real world leases. This is an application focused session to get you ready for implementation in 2022 (Statement No. 95). Using examples, this session will highlight the nuances of the standard and some implementation ideas to address some of the challenges.
This session builds on the theory of Leases by illustrating how to apply the concepts to real world leases. This is an application focused session to get you ready for implementation in 2022 (Statement No. 95). Using examples, this session will highlight the nuances of the standard and some implementation ideas to address some of the challenges.
- Determine accounting treatment under the leases guidance
- Analyze contracts as leases
- Calculate lease liabilities and assets
- Identify potential implementation issues & challenges
Conceptual Framework - What Guides the GASB's Decisions?
Oct 20, 2020 1:25pm ‐ Oct 20, 2020 2:15pm
Identification: GOV2024
The Concepts Statements provide a conceptual framework of objectives and principles that help the GASB develop accounting and financial reporting standards. This session will serve as a refresher on the existing Concepts Statements and provide an update of changes currently being considered.
- Analyze Concepts Statements No. 1-6.
- Identify the criteria for disclosing information items in notes to financial statements, as proposed in the GASB's February 2020 Exposure Draft, Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements: Notes to Financial Statements.
- Identify the concepts proposed in the GASB's ongoing project, Recognition of Elements of Financial Statements.
Gaming for Dollars: Raise Funds, Not Fines
Oct 20, 2020 1:25pm ‐ Oct 20, 2020 2:15pm
Identification: GOV2025
Bingos, raffles, casino nights and similar events are popular fundraising vehicles. They also are subject to specific IRS and state scrutiny. Join us for a lively discussion of key considerations and practical advice on how to navigate gaming events for positive outcomes while minimizing risk.
- Analyze IRS and common state requirements for conducting and reporting gaming activities, focusing on likely pitfalls and how to avoid them.
- Apply best practices for gaming events.
Changes in How People are Giving Today
Oct 20, 2020 1:25pm ‐ Oct 20, 2020 2:15pm
Identification: GOV2026
Twenty years ago it may have been enough to run a gala, have a planned giving program or an annual appeal to raise needed revenue to support an organization. Today, however, things have changed. New technologies, different views among generations, and other factors have caused nonprofits to become more creative in their methods in order to attract a diverse range of supporters. Nonprofits are engaging in everything from crowdfunding, to outsourcing aspects of planned giving programs to private labeling and more. During this session we will discuss some of the more popular strategies and how they impact everything from an organization's risk management and compliance functions, to accounting and tax reporting.
- Identify how nonprofits are engaging donors to drive revenue to support their mission.
- Determine how new models of donor engagement will require complex thinking around accounting, tax and other issues