In this complimentary 2020 Audit and Assurance Year-End Update. Attendees will have the opportunity to learn and take part in discussions on various topics, including assessing and improving your financial function, FASB 2020 update, the CARES Act and PPP, and occupational and financial reporting fraud.
At the end of this session, you will be able to:
- Identify key symptoms of a faltering finance function
- Identify ways you might approach assessing your organization’s finance function
- Recognize how a finance department assessment approach has helped other organizations increase efficiency and effectiveness
- Identify new accounting standards effective for 2020/2021 financial reporting and future periods
- Recognize the accounting standard updates applicable to your organization and evaluate the impact of the changes and comparability with other businesses
- CARES Act and Human Resources Impact — Discuss the most recent Treasury and IRS updates and discuss how these impact the HR department of the business
- PPP — Identify where we are today and the impact to our financial statements
- Identify the three areas of the fraud triangle and how to apply them to your internal control environment
- Identify various types of fraud schemes
- Recognize how to develop action items to create or enhance fraud prevention in your organization
Who should attend
This session is designed for controllers, CFOs, accountants, and executive and finance leaders of small and mid-sized organizations, including those who are going through periods of growth or change, adapting to COVID-19 created circumstances, or looking for ways to enhance their finance and accounting functions for the future.
- Deanna Conte, BizOps Chief Financial Officer
- Dustin Wehman, Manager
- Kelsey Vatsaas, Principal
- Jocie Dye, Manager
- Scott Hess, Principal
CARES Act and PPP
CARES Act—Human Resources Impact
This session will focus on Treasury and IRS updates as the updates relate to human resources and payroll issues within The Families First Coronavirus Response Act (FFCRA) and The Coronavirus Aid, Relief, and Economic Security (CARES) Act. We will also touch upon the IRS Forms 941, 941-SS and 941-X.
PPP – Where are we today and the impact to our financial statements?
This session will focus on what we know in regards to forgiveness and what we may still not know. There will be emphasis on the latest authoritative PPP guidance for loan forgiveness as well as guidance from the AICPA on the accounting for forgivable PPP loans.
FASB 2020 Update
The FASB issues a number of new accounting standards every year with varying timeframes for implementation and effectiveness, covering a variety of topics. In this session, we will cover accounting standards issued in recent years which are effective for 2019 and 2020 financial reporting, learn which standards apply to different types of organizations, and discuss how to implement the changes, including any new applicable disclosure requirements.
Strengthening the Core: Assessing and Improving your Financial Function
Having a strong and healthy finance function is important to every effective organization or businesses. But there are many challenges that can weaken our finance function at its core — turnover in key positions, too few internal controls, doubtful data, too many time-consuming manual processes, having your best thinking depend on complicated Excel schedules, and finding it impossible to get financial statements done on time. Do any of these sound familiar? These pain points are often symptoms of deeper challenges within an organization’s finance function. In this case study-based session, learn about a holistic approach you can take to assess the processes, controls, systems, and structure that your finance function uses to operate, and how to develop a road map to get you from today’s challenges to the high-performing finance function of your future.
Occupational and Financial Reporting Fraud
The fraud triangle and its history will be reviewed to help participant’s enhance their internal controls through application of the fraud triangle. Participants will learn many of the types of fraud schemes that exists as well as actions that can be taken to mitigate these risks. The session will cover the latest statistics from the ACFE’s Report to the Nations, which will provide participants with perspective on fraud and its results. Recent developments and new fraud schemes in the COVID-19 environment will also be explored.
Recommended CPE: Up to 4 credits available (1 credit Finance, 1 credit Taxes, 2 credits Accounting)
Program level: Overview
Advance preparation: None
Delivery method: Group Internet Based