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The business environment is complex and evolving more rapidly than ever. In order to position ourselves for success, we must understand prevailing environmental trends, how they impact what we do as assurance providers, and the opportunities they present.
Objectives:
- Analyze the trends in the environment that are impacting assurance practice
- Determine impacts on audit quality
- Discover insights into developments that will affect practice in the near future
- Evaluate new assurance opportunities
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The year 2020 was unlike any other - requiring each of us to quickly pivot and transform virtually all aspects of our personal and professional lives. Working from home, video meetings and the elimination of business travel became the "new normal" in just a few day's times. But these significant changes also presented tremendous opportunity for innovation and digital transformation. Join Inspector Gadget has he examines the latest technology developments and products supporting these rapid changes. Topics will include blockchain, machine learning/AI, 5G, big data, cloud, quantum computing and more! This session will also uniquely examine the impact of these technologies on A&A. Technology has never been more critical and impactful than it is today. Make certain you have the essential details you need to navigate your next steps.
Objectives:
- Recall the latest technology trends and the impact these trends will have on next generation devices.
- Assess how selected technologies are revolutionizing A&A practices, and how you can leverage these technologies within your own firm
- Order technology initiatives based on greatest impact.
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: Revise the quality control standards, revise the risk assessment standard, make narrow revisions to auditor communications regarding NOCLAR, and converge efforts on group audits.
Objectives:
- Apply new auditing, attestation and quality management standards in their engagements.
- Identify current ASB projects to keep attendees apprised of their status and facilitate their participation in the stakeholder feedback process.
Innovative technologies like machine learning and artificial intelligence are changing the game in the accounting and auditing industry, but the challenge of evaluating and validating new software tools for use on assurance engagements can keep even the boldest auditor awake at night. This session will prepare you to evaluate these new software tools, including what to do with a SOC report if it is available, key considerations when no SOC report is available, and best practices for holding meaningful discussions with venders and other relevant parties.
Objectives:
- Discover key considerations for evaluating auditing software tools for use in assurance engagements.
- Prepare a plan for evaluating a specific software tool, in light of the new quality management standards.
This is a defining moment for the Profession. CPAs have been thrust into the center of attention as they are called on to help businesses 'survive and thrive’ in these extraordinary times. We are entering uncharted territory. A new world is upon us. Those who conquer it will be those who reimagine, redefine, and reinvent not only themselves and their businesses, but what it means to live and work in a post-pandemic world. This session will explore the mindset, skillset, and toolsets needed to lead in a post-pandemic world.
Objectives:
- Review the great COVID accelerator and the major trends that have accelerated since the pandemic started.
- Recognize the world of exponential change and how to get an exponential mindset.
- Identify the critical skills needs to increase your relevance in a rapidly changing world.
2020 was a unique time to lead a practice. There were many DEI related circumstances that impacted firms where leaders were unsure how to navigate. It uncovered diversity focus areas that needed revisiting, and identified the need for difficult conversations to take place among peers. In this panel discussion, attendees will learn how to better maneuver through these different situations, understand steps that need to be taken to advance DEI in their firms, and hear tips for how to handle and manage difficult conversations. Panelists will share and discuss their experiences and the importance of being able to respond appropriately in times of crisis.
Objectives:
- Determine how to lead and move teams forward in times of uncertainty.
- Identify skills and tools that will advance DEI in your organization.
- Discover how to make the uncomfortable comfortable when leading teams.
The much-debated ruling by the US Supreme Court forcing the NCAA to alter long-standing financial policies around collegiate athletics, athletes and teams speaking out on social issues, and the Tokyo Olympics taking place amid a global pandemic has made the intersection of business and sports more apparent and newsworthy than ever.
The role of the trusted, professional financial advisor is critical from the onset of an athlete’s career requiring an understanding of financial literacy, wealth management and compliance. Given the stunningly short, average length of a player’s career, preparing for the day the buzzer sounds should start well before they sign their first professional contract.
This session features lessons learned from three groundbreaking professionals - Amobi Okugo, Jeremy Bloom and Nicole Lynn - each bringing their own unique perspectives on overcoming adversities, maximizing opportunities and navigating an often treacherous business environment on and off the field.
The COVID-19 pandemic accelerated change in the profession. This panel discussion will provide insights into the trends and issues impacting the profession and how these are creating new opportunities to thrive in the future.
Objectives:
- Describe the current economic environment and important issues impacting the accounting and finance profession.
- Recognize how accountants are leading in economic recovery efforts and hear how the Association is supporting them through advocacy, resources and learning.
The session will cover the current exposure drafts on Quality Management #1, Quality Management #2 and the changes to AU-C 220.
Objectives:
- Discover information on the new Quality management exposure drafts.
- Identify the new proposed standards to plan for an upcoming change.