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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
The session will be an interactive discussion with the Chair of the Accounting and Review Services Committee(ARSC) and the AICPA staff liaison to the ARSC covering recent activities of the ARSC, performance and reporting requirements and best practices for reviews, compilations and financial statement preparation engagements performed in accordance with Statements on Standards for Accounting and Review Services (SSARSs).
Objectives:
- Identify recent revisions to standards for reviews, compilations and financial statement preparation engagements.
- Discover best practices for performing and reporting for reviews, compilations and financial statement preparation engagements.
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.
This session will cover the adaptation of change and establishing a new normal.
We will learn how to maintain relationships, teamwork and networking in a new virtual workspace. Learn how to implement virtualization of staff management, client management, and selling. Also, learn to tailor hiring criteria and offering dynamic incentives to retain staff and appeal to incoming talent in today's competitive market. Learn how to take responsibility as a leader to create a people-first culture with emphasis on diversity and inclusion.
Objectives:
- Review the adaptation of change.
- Identify how to establish a new normal.
The AICPA’s Enhancing Audit Quality Initiative identified the auditor’s risk assessment as an area of focus in 2019, in part, because deficiencies in the process of obtaining the required understanding of internal control is a common audit issue identified by practice monitoring programs worldwide. During this session, we will address the more significant changes in Proposed Statement on Auditing Standards, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, with a focus on key risk assessment concepts and challenges, particularly understanding the entity’s system of internal control and determining risks of material misstatement, including significant risks.
Objectives:
- Assess key risk assessment concepts or challenges to help prevent inspection findings.
- Interpret more significant changes included in the exposure of the proposed revisions to AU-C 315.
This session will allow the participants to understand the role of IT in performing audits and how to properly use the IT to make the audit more efficient. Common problems encountered in Peer Review will be discussed and how to avoid these as you increase the use of IT. Enhancing Audit Quality (EAQ) initiative will be covered. The links to EAQ and Peer Review will be illustrated.
Objectives:
- Discover the role of IT in the current audit environment.
- Identify ways to enable firms to use IT to be more efficient and effective in their audits.
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.
Keeping up with technology changes in a fast paced auditing world can be challenging, but doing so is paramount to ensuring that your business model doesn’t become outdated. Join us as we examine opportunities that firms have today to improve upon their audit business model through the use of technology.
Objectives:
- Discover types of technology that can drive higher quality and efficiency in your audits.
- Determine how to improve team and client collaboration through a streamlined cloud approach.
- Identify how to manage change effectively when making updates to technology and methodology.