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.

The session provides information essential to all peer reviewers, including an update on the Enhanced Audit Quality (EAQ) initiative, as well as a high-level overview of changes to Peer Review standards and guidance.

The consideration of going concern has received increased emphasis in recent years with new requirements and also the effects of COVID-19. In this up-tempo presentation, learn effective thought processes to effectively address conditions and events that raise substantial doubt about an entity's ability to continue as a going concern. 

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).

Click here to ask a question or participate in polling. 

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.

The Association (unified voice of AICPA & CIMA) and CPA.com launched a shark-tank style startup accelerator four years ago with a focus on FinTech and EdTech solutions. Its purpose is to foster innovation and bring emerging technologies to the accounting profession. Investment into new technologies and solutions is critical for not only staying ahead of the curve, but providing client-centric service. In this session, you will hear about trends in FinTech developments and see the  startup companies that make up the 2021 cohort. These solutions have a leading role in a diverse range of categories including: crypto-asset management, financial impacts of climate change, accounting task automation and cash flow management.

46 million Americans now own bitcoin. Yet, only a few tax professionals understand how to help individuals and businesses dealing with cryptocurrency. This session walks you through the tax implications of common cryptocurrency-related transactions and how to successfully service clients affiliated with cryptocurrency. We will also cover current developments surrounding this topic, such as the inclusion of the virtual currency question on the front of Form 1040, how to successfully navigate through tax notices (CP2000, Letter 6173, Letter 6174 & Letter 6174-A), and tax planning opportunities. 

As a profession, CPAs are at the tipping point of fully harnessing artificial intelligence, RPA, and analytics with ease. The market has accepted that these technologies will impact every function a CPA is already performing - audits, reviews, transaction services, risk advisory, fraud, and controls management. Firms and enterprises alike are investing in technology and skill development, while preparing for massive transformation. In addition, CPAs, with their technical mindset, commitment to continuous professional development, and close affinity to critical business data, are well positioned to deliver value using these technologies.

But technologies like AI, RPA, or analytics in-and-of-itself have a hard time standing on their own - in fact, 70% of transformation projects fail. BCG partner Sylvain Duranton says the real formula for success is: Algorithms (10%) + Technology (20%) + People & Process (70%). Is this the magic needed to create the AI-powered human, where judgement is greatly enhanced by technology?

Join to learn from our insights over the past 5 years, and how to get your team ready for the shift to becoming a technology-powered firm.

CPACharge was specifically designed to give CPAs and accounting professionals a simple and secure way to accept client payments online. Plus, there are no long-term contracts, setup fees, or cancellation fees. Watch our quick demo and see why over 150,000 professionals trust us to help them get paid faster and more reliably.

The Personal Financial Specialist credential is the only CPA-exclusive financial planning credential that builds on your CPA foundation.  As a CPA working with individuals and families, its only natural that topics like tax, estate, retirement, investment, and risk management planning (and much more) are a part of your client relationships.  They trust your objectivity, integrity, and professional competence as you seek out answers and recommendations for them.  Learn how this valuable experience working with clients can streamline the process to obtain the CPA/PFS credential. 

Join Dave Stolz, CPA/PFS & chair of the PFS Credential Committee, and Dan Snyder, CPA/PFS & director of AICPA's PFP Division as they explain the program and answer your questions.

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.

This session will take a deep dive into SOC 1 reports, visiting their basics and how they can be used in an audit. Understand from both the service auditor view as well as the financial statement auditor's view. 

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.

Implementation of Topic 606 (Revenue from Contracts with Customers) was a big effort for our profession the past couple of years. However, our journey through revenue recognition is not over. Join Candy Wright, a leader in the profession, as she shares her best tips on auditing revenue recognition. Mike Cheng, a former FASB staff member, will share his thoughts on common pitfalls when applying Topic 606.

Data analytics can support your organization’s top initiatives and provide relevant insights into risks, profitability, and other critical issues. Unfortunately, many organizations lack a clear strategy for how to incorporate it effectively. New technology and modern techniques can significantly reduce the time required to complete tasks, enabling your personnel to focus their efforts on the projects that enhance client value. During this panel discussion, our experts will help firms make sense of when and where to use different types of data analytics tools in the audit. You’ll gain insight on how combining the right technology and approach can:

• Reduce redundancy or inefficiencies to enable focus on more value-added tasks
• Increase consistency through repeatable activities streamlined for process optimization
• Allow management to make more intelligent decisions faster based on accurate data
• Deliver measurable value to your organization’s bottom line

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.

This session will provide attendees with an update on recent changes to the Code of Professional Conduct as well as a refresher based on questions frequently asked of Hotline staff. In addition, attendees will be informed of current and planned initiative of the Professional Ethics Executive Committee.