loscalzo n-house training · pdf fileloscalzo’s annual fasb and aicpa update ......

IN-HOUSE TRAINING

2010

LOSCALZO

LoscalzoAssociatesA SmartPros® Ltd. Company

...Longevity…Quality… Experienced…Integrity...VaVV

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Loscalzo Associates is registered with the National Association of State Boards of Accountancy (NASBA) as asponsor of continuing professional education on the National Registry of CPE Sponsors. State boards ofaccountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regardingregistered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite700, Nashville, TN, 37219-2417. Web site: www.nasba.org

Loscalzo Associates, Ltd.

130 Monmouth Street A SmartPros Company Red Bank, NJ 07701

Tel: (732) 741-1600 Fax: (732) 747-3763

www.loscalzo.com

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Dear Client/CPE Director: Loscalzo Associates is excited to share with you our expanded 2010 course catalog. Based on participant feedback, we have revised existing courses and developed several new programs on topics that we believe address important current accounting and auditing challenges to the profession.

Below we have highlighted some new programs and old favorites that you might want to consider in scheduling for this year. 1. Loscalzo’s Compilation and Review Essentials – The New Rules for Local

Practitioners (CRE) – We have written an entirely new program addressing the dramatic changes made to compilations and reviews. This comprehensive reference tool will include templates for sample reports, work programs and checklists at no additional charge. See page 3-2.

2. Loscalzo’s Annual FASB and AICPA Update (ARU) – Our participants consistently rate this as their #1 update program because it focuses on real world issues relevant to their companies or clients. Using illustrative examples, discussion questions, and case studies, the course manual provides an easy to use reference guide to help participants actually implement the standards long after the program is presented. See page 1-2.

3. Loscalzo’s Introduction to the International Financial Reporting Standards (IFRS) – This new program will address the primary differences between IFRS and US GAAP, IFRS convergence, firm time adoption of IFRS, IFRS for SMEs and IASB’s Conceptual Framework. See page 1-3.

4. Not-for-Profit Mix and Match Modules – Based on feedback from participants, we have continued to expand our not-for-profit curriculum with the following new 4-hour modules:

• Case Studies in Compliance Auditing – This program will concentrate on how to change the not-for-profit audit based on the newly released SAS and revised audit guide on compliance auditing. See page 9-4.

• Identifying and Addressing the Risk of Fraud in Not-for-Profit Organizations – With the current economic turbulence, fraud is expected to hit new highs. This program will focus on fraud schemes in not-for-profits so auditors of NFPs know what they should look out for. See page 9-5.

• Loscalzo’s Case Studies in Complex Not-for-Profit Accounting, Disclosure and Auditing Issues – Not-for-profit accounting has become more complex with the FASB’s new pronouncements on mergers and acquisitions and fair value. This program will assist participants in applying some of these thorny accounting issues. See page 9-6.

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5. Other NEW Mix and Match Modules:

• Loscalzo’s Frequently Asked Questions on Audit Issues (4 hours) – With firms still struggling to balance efficiency and effectiveness as they comply with the risk assessment standards, this program will provide practical solutions to the most common questions related to audits. See page 9-6.

• Fair Value Accounting in the 21st Century (4 hours) – This program will focus on recently issued fair value standards, as well as their application to issues such as financial instruments, asset impairments, and investments. See page 9-4.

• Acquisition Accounting – Are You Ready for It? (2 hours) – This program will address when and what assets must be valued at fair value under the revised business combination standard and how that might be different than prior years’ fair value. It also discusses the mechanics and nuances of combinations. See page 10-4.

• Consolidation of Variable Interest Entities Revisited (2 hours) – This program will take a fresh look at the consolidation rules for variable interest entities required by the new pronouncement issued by FASB. See page10-6.

• 11-K Employee Benefit Plan Audits (2 hours) – This new program will discuss many of the unique requirements of an 11-K audit engagement. See page 10-2.

We also continue to include our very popular generic AICPA ethics program and several state board specific programs. The latest edition uses case studies to review troublesome ethics rules.

• Professional Ethics Program (4 hours) – See page 4-1. We thank you for your business and look forward to another successful CPE year with you. Sincerely, Sheryl Martin Sheryl Martin, CPA Executive Vice President Loscalzo Associates, Ltd. ML/hsg

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Table of Contents About Loscalzo Associates ........................................................................................................................ v Administrative Information ......................................................................................................................... vi 2010 Price Information and Order Form ....................................................................................................vii

SECTION 1: 2010 New Programs ............................................................................................................1-1 Loscalzo’s Annual FASB and AICPA Update (ARU) ...................................................................................1-2 Loscalzo’s Introduction to the International Financial Reporting Standards (IFRS).....................................1-3 Also see the following programs: NEW! Loscalzo’s Compilation and Review Essentials – The New Rules for Local Practitioners (CRE) .....3-2 SECTION 2: Risk Assessment Standards Curriculum ..........................................................................2-1 Loscalzo’s Hands on Guide to Understanding and Testing Internal Control (HGTC)..................................2-2 Loscalzo’s Implementation Guide to the Risk Assessment Standards (PPDA)...........................................2-3 Also see the following programs: Loscalzo’s A&A Staff Level 1 – Entry Level Staff - 2 Days (SL1) ................................................................7-2 Loscalzo’s A&A Staff Level 2 – Experienced Staff - 2 Days (SL2) ..............................................................7-3 Loscalzo’s A&A Staff Level 3 – In-Charge - 2 Days (SL3)...........................................................................7-4 Loscalzo’s Documentation Techniques for Entry Level Staff - 1 day (WPT) ...............................................7-5 NEW! Loscalzo’s Frequently Asked Questions on Audit Issues – 4 hrs.....................................................9-6 Planning Cost Efficient and Effective Audits – 4 hrs ...................................................................................9-8 SECTION 3: Accounting and Auditing Programs ..................................................................................3-1 NEW! Loscalzo’s Compilation and Review Essentials – The New Rules for Local Practitioners (CRE) .....3-2 Loscalzo’s Deceptive Revenue Recognition and Other Accounting Techniques – Recognizing the Warning Signs (DAT) .....................................................................................................3-3 Loscalzo’s Disclosure - The Key To Financial Statements (DKFS) .............................................................3-4 Loscalzo’s GAAP Refresher (GAAP)...........................................................................................................3-5 Loscalzo’s Guide to the New World of Acquisitions and Consolidations (BCOMB) ....................................3-6 Loscalzo’s Tax, Cash and Modified Cash Basis Financial Statements and Other Alternatives to GAAP (OCBOA) ...................................................................................................................................3-7 Loscalzo’s Tax Practitioner’s Guide to Accounting and Reporting Issues (TPAR) ......................................3-8 Loscalzo’s Tips on How to Review Documentation Effectively (WPR)........................................................3-9 The Loscalzo Answer to Frequently Asked Questions in Accounting and Auditing (FAQ)........................3-10

Also see the following programs: NEW! Loscalzo’s Annual FASB and AICPA Update (ARU).........................................................................1-2 NEW! Loscalzo’s Introduction to the International Financial Reporting Standards (IFRS) ..........................1-3 Loscalzo’s Hands on Guide to Understanding and Testing Internal Control (HGTC)..................................2-2 Loscalzo’s Implementation Guide to the Risk Assessment Standards (PPDA)...........................................2-3 Loscalzo’s Four Hour Mix and Match Programs..........................................................................................9-1 Loscalzo’s Two Hour Mix and Match Programs ........................................................................................10-1

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Table of Contents (continued)

SECTION 4: Professional Ethics Programs ...........................................................................................4-1 SECTION 5: Not-for-Profit Accounting & Auditing Programs (Including Audits under Government Auditing Standards and OMB Circular A-133) ......................5-1 Loscalzo’s A&A Issues Unique to Health Care Organizations (HCO) .........................................................5-2 Loscalzo’s Guide to Tax-Exempt Organizations and the New IRS Form 990 (TEO)...................................5-3 Loscalzo’s Frequently Missed Issues for OMB Circular A-133 Audits (FMI) ...............................................5-4 Loscalzo’s Not-for-Profit Auditing Made Easy (NFPME) .............................................................................5-6 Loscalzo’s Not-for-Profit Industry Update and Major Accounting and Disclosure Issues (NFPARA) ..........5-8 Loscalzo’s Step by Step Guide to Compliance Auditing - A Gateway to Efficiency (HGCA).......................5-9

Also see the following programs:

Allocating Costs in Not-for-Profit Organizations – 4 hours .........................................................................9-3 NEW! Case Studies in Compliance Auditing – 4 hours ..............................................................................9-4 NEW! Identifying and Addressing the Risk of Fraud in Not-for-Profit Organizations – 4 hours..................9-5 NEW! Loscalzo’s Case Studies in Complex Not-for-Profit Accounting, Disclosure and Auditing Issues – 4 hours .........................................................................................................................9-6 Testing Internal Control Over Compliance and Compliance for Major Programs and Evaluating and Reporting the Results Obtained – 4 hours.....................................................................9-10 Effective Practices for Applying OMB Cost Circulars to Federal Awards – 2 hours ..................................10-8 Selecting Major Programs for OMB Circular A-133 Audits – 2 hours ......................................................10-14 Understanding the Requirements of Government Auditing Standards (Yellow Book) – 2 hours.............10-17 SECTION 6: Employee Benefit Plans Programs ....................................................................................6-1 Loscalzo’s Audits of Defined Contribution Pension Plans (Emphasizing 401k Plans) (DCPP) ...................6-2 Loscalzo’s Current Practice Issues and Solutions In Audits of Employee Benefit Plans (AEBP)................6-3

Also see the following program:

NEW! 11-K Employee Benefit Plan Audits ...............................................................................................10-2 SECTION 7: Staff Level Training Programs ...........................................................................................7-1 Loscalzo’s A&A Staff Level 1 – Entry Level Staff - 2 Days (SL1) ................................................................7-2 Loscalzo’s A&A Staff Level 2 – Experienced Staff - 2 Days (SL2) ..............................................................7-3 Loscalzo’s A&A Staff Level 3 – In-Charge - 2 Days (SL3)...........................................................................7-4 Loscalzo’s Documentation Techniques for Entry Level Staff - 1 day (WPT) ..............................................7-5 Also see the following program: Loscalzo’s Tips on How to Review Documentation Effectively - 1 day (WPR) ............................................3-9 SECTION 8: Programs Geared for Industry Members...........................................................................8-1 Loscalzo’s Analyzing Financial Statements, Including Techniques for Cash Flow Analysis (AFS) .............8-2 Also see the following programs: NEW! Loscalzo’s Annual FASB and AICPA Update (ARU).........................................................................1-2 NEW! Loscalzo’s Introduction to the International Financial Reporting Standards (IFRS) ..........................1-3 Loscalzo’s Deceptive Revenue Recognition and Other Accounting Techniques – Recognizing the Warning Signs (DAT) .....................................................................................................3-3 Loscalzo’s Disclosure - The Key To Financial Statements (DKFS) .............................................................3-4 Loscalzo’s GAAP Refresher (GAAP)...........................................................................................................3-5 Loscalzo’s Guide to the New World of Acquisitions and Consolidations (BCOMB).....................................3-6 Loscalzo’s Guide to Tax-Exempt Organizations and the New IRS Form 990 (TEO)...................................5-3 SECTION 9: Loscalzo’s Four Hour Mix and Match Programs ..............................................................9-1

SECTION 10: Loscalzo’s Two Hour Mix and Match Programs ...........................................................10-1

SECTION 11: 2010 Instructors...............................................................................................................11-1

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About Loscalzo Associates For almost 30 years, Loscalzo Associates has become one of the premiere CPE and consulting firms servicing the accounting profession. Our clients include roughly 40 State CPA Societies, regional to small public accounting firms, industry associations, businesses both large and small, and individual CPAs throughout the United States. We offer over 650 CPE programs a year throughout the United States - either jointly sponsored with a state CPA society or in-house. These programs take the form of either eight hour seminars, half or full day conferences, with multiple tracks and topics, and two or four hour sessions. Our current programs fall into the following categories of subjects: Accounting, Auditing, Professional Ethics, Fraud, Government Accounting and Auditing (Yellow Book), Employee Benefit Plans, and Staff Level Training. In-House Education and Training We assist organizations in developing and implementing educational and training programs linked to an organization’s mission and strategic objectives. These services include:

• Single or Multiple Day Training Programs • Staff Level Training • Curriculum Planning • Customized Training Packages

Group Continuing Professional Education Loscalzo Associates provided over 650 CPE programs in 2009 throughout the United States. Current programs cover subjects such as: Compilations, Reviews, Audits under the Risk Assessment Standards, Fraud, GAAP and OCBOA Accounting Issues, Documentation, Financial Statement Preparation, Government Accounting and Auditing, Employee Benefit Plans, Staff Level Training, and Professional Ethics.

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Administrative Information Copyrighted Material All courses provided by Loscalzo Associates are copyrighted materials. Use outside of the firm or company or the unauthorized reproduction or resale of the training materials is expressly prohibited by copyright. A participant’s manual must be ordered for each participant.

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2010 Price Information Most Loscalzo Associates’ programs are available with or without an instructor. A minimum purchase of 15 manuals is necessary when using our instructor. Travel costs will be billed to all firms electing to use a Loscalzo Associates Instructor. If a firm elects to use their own instructor, an Instructor Guide must be purchased. Please note that all in-house requests for customized material is based on time availability and payment of a customization fee. For further discussion on customization, please contact Sheryl Martin at 732-741-1600 ext. 205 or email her at [email protected]. For pricing information, call Rose Mazzariello at 732-741-1600 extension 208.

2010 In-house Order Form

Name:___________________________________________________________________________________________

Firm:____________________________________________________________________________________

Address:_________________________________________________________________________________

Phone:___________________________________________________________________________________

Fax:_____________________________________________________________________________________

E-mail:___________________________________________________________________________________

Course Title:______________________________________________________________________________

Preferred Date:________________________Location of program:______________________________________

Loscalzo Instructor Needed Yes No

Material Quantity _____Participant Manuals_____Instructor Guide_______

Ordered By:__________________________________________ Date:_______________________________________

PLEASE RETURN THIS ORDER FORM TO: Loscalzo Associates, 130 Monmouth Street, Red Bank, NJ 07701 or Fax: 732-747-3763. If you need additional information, feel free to contact Rose Mazzariello at 732-741-1600 ext. 208 or e-mail [email protected].

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To order call (732) 741-1600 1-1 Visit our website: www.loscalzo.com

SSEECCTTIIOONN 11:: 22001100 NNEEWW PPRROOGGRRAAMMSS Loscalzo’s Annual FASB and AICPA Update (ARU) ......................................................................................1-2

Loscalzo’s Introduction to the International Financial Reporting Standards (IFRS) .......................................1-3 Also see the following programs: NEW! Loscalzo’s Compilation and Review Essentials – The New Rules for Local Practitioners (CRE) ........3-2


Loscalzo’s Annual FASB and AICPA Update ARU Why Attend This Course? This course is a must to keep you on top of the changes you need to know to be effective. The course authors evaluate and emphasize only those standards that affect the small and medium sized entity and offer detailed practical guidance and illustrations. Synopses are provided for specialized issues. Designed for All firms, all staff, all CPAs in privately-held companies – all accountants needing a good year-round update on recently issued standards Objective Participants will be able to apply the provisions of recently issued accounting and auditing pronouncements Major Subjects This course does not focus on pronouncements with an SEC orientation. Special emphasis is placed on those pronouncements impacting small and medium sized companies. The program will focus on: Relevant Accounting Standards Updates to the FASB codification since implemented... The revised compilation and review standards, including the new report language, engagement letter requirement and optional disclosure regarding lack of independence… Redrafted audit standards including those resulting from the clarity project… Peer review comments Presentation Method Field of Study Group-live; lecture and group discussion of cases Accounting and Auditing and discussion questions Level of Knowledge Availability Date Update August 15, 2010 Prerequisites Author(s) Basic audit and accounting course or experience William Loscalzo, CPA Advance Preparation Recommended CPE Credit Participants are asked to read the pronouncements Accounting – 4 hrs before attending the session Auditing – 4 hrs Section on auditing standards qualifies for the 24 hour Yellow Book requirement. Section on specific accounting standards qualifies for the 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.

Course taught by Greg Clark, John Fleming, Rebecca Lee, William Loscalzo, Ralph Nach, and Deborah Rose Participant Comments “This is a terrific update course, the best there is.” “One of the best updates I’ve ever attended; most don’t talk detail and move too fast to make new issues understandable.” “Great level of detail for easily understandable implementation.” “Loscalzo Associates courses are always fantastic.” “I appreciated the many examples and actual journal entries.” “Course materials are top notch.” “Excellent course (I come every year!)” “This is best FASB update I have attended.” “Loscalzo never fails to deliver. Excellent seminar.” “The course is the one I rely on to keep up-to-date each year for A&A. I put it on my calendar as soon as the catalog is released each year.” “Loscalzo’s materials are always ‘spot on’.” “I’m a tax person and I found the program quite interesting, due to skill of instructor and quality of materials.” “The course instructors are very knowledgeable with great presentation skills. Mr. Loscalzo uses wonderful “real world” examples.” “I attend this course every year. As a peer reviewer I recommend this course to the firms I review. I’m impressed with the extent Loscalzo goes, to verify the accuracy of its material, and of current developments.” “I learned more during the first hour than I expected to learn all day! I’ll be back next year.”

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Loscalzo’s Introduction to the International Financial IFRS Reporting Standards Why Attend This Course? Increasingly, practitioners and users are being forced to address the requirements and applications associated with International Financial Reporting Standards (IFRS). This program will review IFRS standards with broad applicability having significant differences from US GAAP. Each difference will be illustrated with references to applications or disclosures from IFRS reporting entities. In addition, we will identify and summarize critical provisions from IFRS for SMEs to enable practitioners to understand the scope of the accounting basis. Designed for The program is intended to be an introduction to International Financial Reporting Standards sufficient to enable practitioners with little or no prior knowledge of IFRS standards to begin the process of developing some competency in this area. Objective Participants will be able to: • Explain the accounting and disclosure requirements of specific IFRS standards • Identify significant differences between US GAAP and IFRS reporting standards Major Subjects IASB… IFRIC… IFRS convergence… IASB’s Conceptual Framework… IFRS standards… First time adoption of IFRS… Primary differences between IFRS and US GAAP… IFRS for SMEs… Current joint projects of the FASB and IASB… Useful IFRS related web sites… Review of a complete set of IFRS financial statements Presentation Method Field of Study Group-live; lecture and group discussion Accounting with application illustrations Level of Knowledge Availability Date Basic 6/15/2010 Prerequisites Author(s) None John Fleming, CPA Advance Preparation Recommended CPE Credit None 8 hrs Course taught by Greg Clark, John Fleming, Kenn Heaslip, Rebecca Lee, and Ralph Nach

NEW


SSEECCTTIIOONN 22:: RRIISSKK AASSSSEESSSSMMEENNTT SSTTAANNDDAARRDDSS CCUURRRRIICCUULLUUMM Loscalzo’s Hands on Guide to Understanding and Testing Internal Control (HGTC)........................................2-2

Loscalzo’s Implementation Guide to the Risk Assessment Standards (PPDA).................................................2-3


Loscalzo’s A&A Staff Level 1 – Entry Level Staff - 2 Days (SL1) ......................................................................7-2

Loscalzo’s A&A Staff Level 2 – Experienced Staff - 2 Days (SL2) ....................................................................7-3

Loscalzo’s A&A Staff Level 3 – In-Charge - 2 Days (SL3).................................................................................7-4

Loscalzo’s Documentation Techniques for Entry Level Staff - 1 day (WPT) .....................................................7-5

NEW! Loscalzo’s Frequently Asked Questions on Audit Issues – 4 hrs...........................................................9-6

Planning Cost Efficient and Effective Audits – 4 hrs .........................................................................................9-8


Loscalzo’s Hands on Guide to Understanding and HGTC Testing Internal Control Why Attend This Course? With the issuance of the AICPA risk assessment SASs, auditors have no choice but to better understand internal controls in order to assess the design of controls and determine if they have been implemented. This course will provide the auditor of small to midsize entities with tips, tools and techniques to efficiently document their understanding of the client’s controls and to determine where it is either necessary or more efficient to test them. In addition, the program will illustrate how to test internal controls efficiently at the financial statement and assertion level. This course is also recommended for persons working in industry who would like to learn more about improving their entity’s internal controls and avoiding SAS No. 115 comments.

Designed for • Audit practitioners working on audits of non-public companies • Accountants in industry who want to improve the level of their entity’s internal controls

Objective Participants will be able to: • Apply the five COSO elements of internal control • Differentiate between understanding and testing internal controls • Document the understanding of internal controls at the appropriate level • Test and document the results of tests of internal controls • Issue a SAS 115 report

Major Subjects Introduction to the risk assessment audit approach… COSO Framework… Internal Control Over Financial Reporting: Guidance for smaller public companies (COSO publication)… Monitoring (COSO publication)… Understanding the design of controls at the entity level and at the activity (financial statement assertion) level with an emphasis on manual control activities… Determining whether controls have been implemented… Effective and efficient tests of controls… Multi-purpose tests... Documentation techniques... Use of service auditor reports… SAS 115 reporting requirements… Sample SAS 115 and management letter comments and recommendations

Presentation Method Field of Study Group-live; lecture, case studies, and discussion questions Auditing

Level of Knowledge Availability Date Intermediate 5/1/2010

Prerequisites Author(s) Basic audit course or experience Margaret Thomas, CPA, MHA

Advance Preparation Recommended CPE Credit None 8 hours Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.

It is recommended that this course not be scheduled back to back with “Loscalzo’s Not-for-Profit Auditing Made Easy.”

Course taught by Greg Clark, John Fleming, Carolyn Jeff, Rebecca Lee, Ralph Nach, Margaret Thomas, and James Woy

Participant Comments “Excellent – love the hands on experience perspective of this course.” “The course was full of beneficial ideas and useful tips that our firm will use.” “Excellent course in dealing with internal controls & the associated documentation needed to comply with the standards.” “The course was great for any level employee. I thought it was very valuable for me in obtaining a general, overall understanding of internal control.” “The examples for small and mid-size companies were extremely helpful.” “Excellent content and presentation.” “Solid materials.” “Great material and presentation.” “Take this course if you are going to do audits.” “This was one of the best courses I have ever attended!” “Manual had good examples.”

HOT


Loscalzo’s Implementation Guide to the PPDA Risk Assessment Standards Includes templates for audit strategy and audit plans

Why Attend This Course? Looking for a course that will help you understand exactly what is required under the risk assessment standards. With these standards, auditors of smaller non-public companies may be overwhelmed with the level of documentation they believe is required to satisfy professional standards. This program will help you understand how to perform and document the most efficient audit possible under the risk assessment standards. This program provides a practical approach to controls, sampling and linking risk assessment to required audit procedures.

Designed for Practitioners looking for a practical approach to designing and completing a non-public company audit under the risk assessment SASs

Objective Participants will be able to: • Prepare documentation of the audit plan and audit strategy • Link risk assessments with further audit procedures • Customize audit programs

Major Subjects Practical guidance on required work for real world smaller company internal controls… Determining when to assess controls and how to do it… Performing tests of controls to streamline substantive testing… Documenting the audit strategy… Performing risk assessment procedures… Performing substantive tests in the most efficient manner… Evaluating known and likely misstatements

Presentation Method Field of Study Group-live; Using a small non-public company, the Auditing participants will walk through selected areas of an audit, with complete illustrative templates

Level of Knowledge Availability Date Basic 5/1/2010

Prerequisites Author(s) None William Loscalzo, CPA

Advance Preparation Recommended CPE Credit None 8 hours Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. It is recommended that this course not be scheduled back to back with “Loscalzo’s Not-for-Profit Auditing Made Easy.”

Course taught by Greg Clark, Christa Dunn, John Fleming, Rebecca Lee, William Loscalzo, and James Woy

Participant Comments “One of the best seminars I have been to in the last 16 years.” “Great hands on examples provided in manual that can be easily utilized in our practice.” “Really helpful, practical class – thanks!” “Best course yet in regards to risk assessment.” “The quality of Bill’s material is standard setting, and this is very important where new promulgation is concerned.” “Best course I’ve attended in a long time. Have attended other courses related to this topic and this is the best presentation & best discussion leader & materials.” “Discussion leader was great. Even greater were the audit planning/programs in your materials.” “I’ve been to several Loscalzo seminars and they are always the best, most educational and informative.” “The course will certainly benefit everyone who has an audit upcoming at the end of the year.” “Materials were well laid out and will be referred to many times.” “I go to many classes every year. This seminar was one of the best I have ever been to. Extremely practical.” “This was one of the best seminars I’ve attended.” “Best auditing class I have had.” “Let’s use Loscalzo more often. We older practitioners like fresh ideas and presentations.”


SSEECCTTIIOONN 33:: AACCCCOOUUNNTTIINNGG AANNDD AAUUDDIITTIINNGG PPRROOGGRRAAMMSS

NEW! Loscalzo’s Compilation and Review Essentials – The New Rules for Local Practitioners (CRE) ..........3-2

Loscalzo’s Deceptive Revenue Recognition and Other Accounting Techniques – Recognizing the Warning Signs (DAT) ...........................................................................................................3-3

Loscalzo’s Disclosure - The Key To Financial Statements (DKFS)...................................................................3-4

Loscalzo’s GAAP Refresher (GAAP).................................................................................................................3-5

Loscalzo’s Guide to the New World of Acquisitions and Consolidations (BCOMB) ..........................................3-6

Loscalzo’s Tax, Cash and Modified Cash Basis Financial Statements and Other Alternatives to GAAP (OCBOA) .........................................................................................................................................3-7

Loscalzo’s Tax Practitioner’s Guide to Accounting and Reporting Issues (TPAR)............................................3-8

Loscalzo’s Tips on How to Review Documentation Effectively (WPR)..............................................................3-9

The Loscalzo Answer to Frequently Asked Questions in Accounting and Auditing (FAQ)..............................3-10


NEW! Loscalzo’s Annual FASB and AICPA Update (ARU) ..............................................................................1-2

NEW! Loscalzo’s Introduction to the International Financial Reporting Standards (IFRS)................................1-3

Loscalzo’s Hands on Guide to Understanding and Testing Internal Control (HGTC)........................................2-2

Loscalzo’s Implementation Guide to the Risk Assessment Standards (PPDA).................................................2-3

Loscalzo’s Four Hour Mix and Match Programs................................................................................................9-1

Loscalzo’s Two Hour Mix and Match Programs ..............................................................................................10-1


Loscalzo’s Compilation and Review Essentials – CRE The New Rules for Local Practitioners Why Attend This Course? With the most massive rewrite of SSARS since 1978, you will be required to: • Redraft all compilation and review reports • Rethink the application of independence when performing certain non-attest services • Obtain engagement letters on all compilation and review engagements • Meet minimum documentation requirements for both compilations and reviews • Meet minimum performance standards

The manual includes a number of “Best Practices Tips”.

Designed for Practitioners who perform basic bookkeeping, compilations, and reviews for small business clients

Objective Participants will be able to: • Identify changes made to the SSARS standards • Effectively perform compilations and reviews under the new standards • Efficiently document compilations and reviews under the new standards • Identify requirements when non-traditional issues are faced

Major Subjects The new SSARS standards… How to document and perform compilations and reviews under the new standards… Association with financial statements – when a report is required… The meaning of internal control services and how they will impact compilations and reviews… OCBOA financial statements – what they are and when they can be used... Common issues raised in peer reviews... How to perform and document analytical procedures appropriately, including developing expectations and easy to use templates Presentation Method Field of Study Group-live; lecture and group discussion of Auditing discussion questions

Level of Knowledge Availability Date Intermediate 5/15/2010 Prerequisites Author(s) Basic familiarity with SSARS William Loscalzo, CPA Advance Preparation Recommended CPE Credit None 8 hours

Course taught by Greg Clark, Christa Dunn, Jack Ellovich, Richard Ferdinand, John Fleming, Kenn Heaslip, Carolyn Jeff, Rebecca Lee, William Loscalzo, Ralph Nach, Robin Ring, Deborah Rose, and James Woy

NOTE: Sample reports, checklists, work programs, engagement letters, representation letters and more will be available in a Word template at no extra charge.

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Loscalzo’s Deceptive Revenue Recognition and DAT Other Accounting Techniques – Recognizing the Warning Signs Emphasizes Revenue Recognition Issues Why Attend This Course? Don’t join the growing list of accounting professionals in trouble. We will discuss: • The accounting “stories” behind over 40 famous financial statement frauds such as Fannie Mae, McAfee,

Parmalat, Tyco, Waste Management, and WorldCom • Deceptive accounting practices • The warning signs of problems in areas such as revenue recognition, related parties, significant estimates,

capital items vs. expenses, choices among accounting methods, and improper activity to evade taxes Designed for Practitioners in industry and in public practice

Objective Participants will be able to: • Identify creative accounting practices used to deceive financial statement users • Identify those risk characteristics normally associated with fraudulent financial reporting • Emphasize improper revenue recognition practices and techniques to identify them Major Subjects Back to the basics – GAAP revisited… Live cases dealing with improper revenue recognition and other misleading practices... When is revenue “real”… Related parties and other off-balance sheet schemes… Reserves, accruals, writedowns and asset impairments… Significant estimates… Capitalized assets and inventory… Fair value abuses Presentation Method Field of Study Group-live; lecture and case discussions Accounting


Prerequisites Author(s) None Deborah Rose, CPA and John Fleming, CPA Advance Preparation Recommended CPE Credit Basic familiarity with accounting standards 8 hours Qualifies for the 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.

Course taught by Greg Clark, John Fleming, Kenn Heaslip, Rebecca Lee, and Deborah Rose

Participant Comments “It is a great course. It is very applicable to more than just revenue recognition.” “Covers a very important accounting topic given recent events that have occurred and received publicly.” “This was one of the best CPE events I have ever taken. The cases that we discussed were very interesting. Sometimes it is hard for a CPA in industry to find CPE classes that are beneficial. I would highly recommend this course.” “I would recommend this course to any auditor or finance professional, as the topic is most relevant in today’s economic environment.” “This book is very well written.” “This course was excellent and should be required by every auditor.” “This is an outstanding course!” “This course should be required at least every other CPE cycle for those who do A&A.” “Very good flow of background then walking through real life examples.” “Cases and speaker stories provided excellent additional information.” “The course content was very interesting and instructor made the contents very understandable.” “Great examples of various industries, instructor did a great job in applying theory to practice.” “Book is of higher than regular quality.” “I liked the Case Studies, they added much color to the material.” “This course is very informative and does a great job outlining deceptive revenue recognition and has interesting case studies that effectively illustrate the topics.” “This is probably the best CPE I’ve attended. The material was very interesting.” “I am a tax person and frankly expected a boring FASB review. But all of this stuff was riveting!! Great course.”


Loscalzo’s Disclosure - The Key To Financial Statements DKFS Good Industry Course – Updated for New Accounting Pronouncements

Why Attend This Course? Keep your professional reputation stellar by making sure your financial statements are “up-to-speed”. This course will: • Explain and illustrate disclosure requirements • Clear up misconceptions on practice problems such as fair value • Correct disclosure deficiencies most frequently cited by peer reviewers The manual includes numerous live “bread and butter” examples, a complete disclosure checklist and pro forma financial statements.

Designed for Practitioners in public practice and CPAs in industry who are responsible for the preparation of non-public financial statements. Since one of our course authors has served on the NJSCPA Peer Review Executive Committee for 18 years and has performed quality control consultations for almost 30 years, this program is a must for those practitioners who will undergo peer review.

Objective Participants will be able to prepare disclosures necessary for privately-held companies

Major Subjects This program does not discuss SEC requirements. Special emphasis is given to common disclosure deficiencies noted in practice and in peer reviews… Recent changes in subsequent events, going concern, and fair value... Contingencies, risks and uncertainties, accounting policies... Liabilities – how debt violations impact classification... Deferred taxes and uncertain tax positions... Accounting changes, error corrections, and other categories in the income statement… Cash flows statement Presentation Method Field of Study Group-live; lecture and group discussion of cases Accounting based on “live” client situations


Prerequisites Author(s) Participants should be familiar with the accounting Margaret Loscalzo, CPA and issues included in the FASB Codification William Loscalzo, CPA

Advance Preparation Recommended CPE Credit None 8 hours

Qualifies for the 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. Course taught by Greg Clark, Christa Dunn, Jack Ellovich, Richard Ferdinand, John Fleming, Kenn Heaslip, Carolyn Jeff, Rebecca Lee, William Loscalzo, Ralph Nach, and Deborah Rose

Participant Comments “Great class! Very helpful!” “Materials are outstanding.” “This CPE vendor is my favorite because the book and the instructors always present the material in a way that is practical to the CPA of a small firm.” “Quality of the Materials – One of Best I’ve ever had.” “Very good class to update for disclosure. Very detailed, only focused on current change. Very meaningful class.” “Probably the best class I’ve had in a long time – thanks.” “Excellent in all respects.” “Good course with a quality instructor.” “Very useful class – It held my interest the entire day. I took it approximately 5-6 years ago and find much that applies to my day to day practice.” “Best disclosure course I’ve taken, outstanding. Material is superior.” “Extremely valuable information and presented expertly.” “Loscalzo courses for A&A are the best. No one does it better.”


Loscalzo’s GAAP Refresher GAAP Covers Uncertain Tax Positions Good Industry Course Why Attend This Course? Get your arms around those complex GAAP rules most likely to result in financial statement restatements. You will be provided with clear, concise, realistic examples of financial instruments, deferred taxes and uncertain tax positions, leases, derivatives, impairments and other “troublesome issues.”

Designed for CPAs preparing financial statements. This course provides answers to some of the more complicated accounting issues facing accountants.

Objective Participants will be able to: • Explain the accounting and disclosure requirements of specific challenging GAAP requirements • Apply troublesome pronouncements

Major Subjects FASB Codification… Troublesome areas in accounting for income taxes, including uncertain tax positions… Financial instruments and fair value… Impairments, goodwill and intangibles, guarantees and liability recognition... Economic downturn issues… Frequent “errors” in the statement of cash flows… Problems in accounting for leases Presentation Method Field of Study Group-live; lecture and group discussion of cases Accounting and discussion questions


Prerequisites Author(s) None Deborah Rose, CPA

Advance Preparation Recommended CPE Credit Participants should be familiar with the accounting 8 hours guidance dealing with the topics covered Qualifies for the 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. Course taught by Greg Clark, John Fleming, Carolyn Jeff, Rebecca Lee, Ralph Nach, and Deborah Rose Participant Comments “A great course! One of my criteria for gauging a course is how I feel when I leave a course. If I leave a course thinking…‘My God, I didn’t know how much there is to know about this stuff, then it’s a great course’. The instructor really knew her stuff.” “Good Course & presentation – relevant topics and informative material.” “The best CPE I attended this year.” “It was an excellent class and very appropriate to my job.” “This was absolutely the most relevant CPE course I have ever attended. The material was right on and I know I will be using it extensively.” “Best CPE I’ve had in years!” “Great use of examples and timely practical tips.” “Excellent as always!” “Supplemental studies on FIN 46(R) were very informative and added value to the course content.” “...had numerous real world examples for small business.” “The book is an excellent resource.” “I learned a lot about real life business experiences. That was refreshing.”


Loscalzo’s Guide to the New World of Acquisitions BCOMB and Consolidations Why Attend This Course? With the FASB issuing revised pronouncements on business combinations and noncontrolling interests, the landscape of mergers and acquisitions has changed forever. These standards require the expensing of all acquisition costs, the repositioning of noncontrolling interests on the balance sheet and the use of the fair value standard. This course will provide easy to follow guidance that will guide accountants through the maze of new requirements. Designed for Accountants in industry and those in public practice Objective Participants will be able to: • Record the acquisition of a business, using the acquisition method (formerly known as the purchase

method) • Measure the assets acquired and liabilities assumed • Measure the consideration received, including contingent consideration • Measure noncontrolling interests and goodwill • Prepare appropriate disclosures Major Subjects Recognizing and measuring assets acquired – intangible assets, assets held for sale, operating leases, valuation allowances… Recognizing and measuring liabilities assumed – contingencies, employee benefit obligations, obligations under leases, income taxes… Indemnification by the acquirer… How to account for acquisition costs and restructuring or exit costs… Contingent consideration… Goodwill… Accounting and reporting on the acquisition and disposal of noncontrolling interests... Presentation and disclosure issues Presentation Method Field of Study Group-live; lecture and discussion of questions Accounting and case studies Level of Knowledge Availability Date Basic 6/1/2010 Prerequisites Author(s) None William Loscalzo, CPA Advance Preparation Recommended CPE Credit None 8 hours Course taught by Greg Clark, John Fleming, Kenn Heaslip, William Loscalzo, and Deborah Rose Participant Comments “This was the first time I’ve attended a course led by Bill Loscalzo. Great presentation! Lots of practical advice experience/examples made the information and material interesting and easier to understand.” “Very well spoken.” “Would attend another one of his seminars.” “Had lots of examples, which related to the topics.”


Loscalzo’s Tax, Cash and Modified Cash Basis Financial OCBOA Statements and Other Alternatives to GAAP (OCBOA) Why Attend This Course? Find some “relief” from GAAP standards that are costly to implement and incomprehensible to financial statement users. This program will: • Explore alternatives that permit professional presentations that don’t cut corners but are cost efficient • Illustrate exactly what is necessary when preparing tax, cash, or modified cash basis financial statements • Provide hard to find report, presentations and disclosure examples • Address the new SSARS 19 provisions as they relate to OCBOA

Designed for Practitioners in public practice and CPAs in industry who are responsible for the preparation of non-public, financial statements where OCBOA or special presentations can be beneficial.

Objective Participants will be able to: • Address the issues unique to OCBOA presentations • Determine when OCBOA or special presentations are appropriate • Distinguish between circumstances when OCBOA or GAAP departures are the most appropriate • Prepare financial statements on an other comprehensive basis of accounting • Prepare special purpose presentations

Major Subjects When is a presentation an OCBOA or a GAAP departure... Differences between cash and modified cash... Common book vs. tax differences... Tax basis financials – what to do with non-taxable and non-deductible items... GAAP disclosures – which apply and which can be omitted... Statement of cash flows – how to treat in an OCBOA presentation... Using special purpose presentations... Reporting considerations... Using GAAP departures… Practice aid on OCBOA Presentation Method Field of Study Group-live; lecture and group discussion of discussion questions. Accounting The course manual contains pro forma financial statements and notes.


Prerequisites Author(s) None Deborah Rose, CPA


Course taught by Greg Clark, Jack Ellovich, John Fleming, Kenn Heaslip, Rebecca Lee, William Loscalzo, Robin Ring, and Deborah Rose

Participant Comments “Manual set up to be used as a reference guide. I appreciate that.” “Real life experience/stories were a great addition to the course.” “The course material appears to be excellent and a good future resource.” “Excellent presentation on FIN 46(R) – I actually understood it! Great explanation on OCBOA statements and SSARS 8.” “Very good program – learned a lot.” “Materials are exemplary! Very well done. Lots of example verbiage for the various cases.” “Enjoyed the presentation – very useful.” “Good program that covered real world uses of OCBOA.”


Loscalzo’s Tax Practitioner’s Guide to Accounting TPAR and Reporting Issues Why Attend This Course? Meet your A&A CPE requirement with topics that relate to your responsibilities. You will: • Learn why a tax return and a tax basis financial statement are not the same • Learn what book versus tax differences need to be disclosed in tax basis financial statements • Address frequently encountered accounting and performance issues by tax practitioners • Address uncertain tax positions Designed for Tax practitioners who are associated with compiled or reviewed GAAP and tax basis financial statements Objective Participants will be able to: • Identify differences between GAAP requirements and the tax return • Recognize problems in compilations and reviews, and apply the provisions of SSARS 19 • Apply the provisions of recent accounting pronouncements Major Subjects Highlights new and troublesome issues for those tax practitioners who are responsible for issuing compilation and review reports… Examination of book versus tax differences… Changes needed to the body of the statements when tax basis financials are presented… Tax basis financials – what disclosures are really necessary… Revised deferred tax requirements, including uncertain tax positions… Problems and issues in compilations and reviews, including an update of recent SSARS standards and interpretations (including SSARS 19) and the reliability project... Overview of recent relevant accounting pronouncements Presentation Method Field of Study Group-live; lecture and group discussion of questions Accounting Auditing Level of Knowledge Availability Date Basic 6/1/2010 Prerequisites Author(s) None William Loscalzo, CPA Advance Preparation Recommended CPE Credit None Accounting – 5 hrs Auditing – 3 hrs Course taught by Greg Clark, John Fleming, Kenn Heaslip, Rebecca Lee, William Loscalzo, and Deborah Rose Participant Comments “Well suited A&A course for the tax practitioner.” “A&A topics like this are great for tax practitioners and private company CPAs who need info on OCBOA financials, particularly cash or accrual tax basis financials.” “Class was outstanding!” “The seminar was an excellent update of current events in the subject area. The manual will make a good reference tool.” “Very informative for tax people-good presentation skills for a boring subject.” “Material is relevant and well presented.” “I am leaving the class with a much better understanding of the scope of responsibility and wider knowledge of what to look for.” “The subject matter was complex but I still feel that I got my money’s worth. I will definitely be using the materials in my practice.” “Peer review comments a plus – thanks.”


Loscalzo’s Tips on How to Review Documentation Effectively WPR Includes Practice Aids – Updated for SAS 103 (redrafted) Audit Documentation, Risk Assessment Standards, and recent SSARS. Why Attend This Course? Cut down review time by: • Understanding the documentation issues caused by SSARS 10, SSARS 17, SAS 103 (redrafted), and the

Risk Assessment SASs • Learning tips on how to quickly catch problems and motivate staff to correct them • Motivating staff to correct documentation “deficiencies”

Through a series of interactive cases, you will get practice with reviewing engagement files.

Designed for The in-charge accountant responsible for supervising the engagement

Objective Participants will be able to: • Perform an effective review of documentation • Document the review process • Communicate deficiencies to staff • Differentiate between review responsibilities of an in-charge, supervisor, and partner

Major Subjects Program illustrates how effective review of documentation can prevent peer review problems... Documentation requirements under the risk assessment SASs and SSARS 17 requirements... Common documentation problems... Approaches to workpaper review... Effective communication techniques that boost morale, not deflate it... Documentation of the review process... Case studies dealing with “live” documentation problems for both reviews and audits Presentation Method Field of Study Group-live; lecture and case study approach. Participants Auditing will be asked to review problem documentation.


Prerequisites Author(s) None John Fleming, CPA and Margaret Loscalzo, CPA


Course taught by Greg Clark, Jack Ellovich, John Fleming, Rebecca Lee, Ralph Nach, and Deborah Rose

Participant Comments “The best auditing seminar I have attended!” “Good to see actual examples.” “This is the first CPE I’ve taken that I enjoyed the case studies.” “This is probably one of the best classes I have taken recently. The class was interactive and very useful to my role set at work.” “I would recommend this course highly for new in-charges, seniors, etc.” “Excellent seminar also very up to date with the latest SSARS, SASs & FASBs.” “Superb Presentation.” “Course material will be a good reference to workpapers in the future.” “The role playing is an excellent idea. Keeping the audience involved is very important.” “Hands-on exercises and assignments will help retain subject matter.”


The Loscalzo Answer to Frequently Asked Questions FAQ in Accounting and Auditing Highly rated Q&A format used Why Attend This Course? This program hits the mark by reviewing real issues and questions asked prior to the session by accountants who are past attendees of our seminars. The manual includes approximately 70 “live” issues dealing with accounting and disclosures, compilations, reviews, and audits. Get quick and practical solutions to issues that may confront you. Specific emphasis on issues associated with variable interest entities. Designed for Practitioners in public practice who need to keep on top of changing needs and current issues in the profession Objective Participants will be able to: • Recognize issues impacting their clients • Resolve emerging practice problems • Address problems before they arise Major Subjects Accounting and disclosure issues – cash and cash equivalents, capitalized costs, investments in closely-held entities, related and affiliated entities, variable interest entities, nonmonetary transactions, debt and equity transactions, and revenue recognition… Variable interest entities… Compilation and review issues – documentation, interim reporting, special presentations and reports, OCBOA… Auditing and reporting issues – inadequate accounting records, investments in closely-helds, inventory, receivables and payables, sampling issues, and SAS 115 Presentation Method Field of Study Group-live; lecture and group discussion of questions Accounting Auditing Level of Knowledge Availability Date Intermediate 5/15/2010 Prerequisites Author(s) Basic audit and accounting course or experience Margaret Loscalzo, CPA Advance Preparation Recommended CPE Credit None Accounting – 5 hrs Auditing – 3 hrs Section on auditing and reporting qualifies for the 24 hour Yellow Book requirement. Section on accounting and disclosure qualifies for the 24 hour requirement if auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. Course taught by Greg Clark, John Fleming, Kenn Heaslip, Rebecca Lee, William Loscalzo, Ralph Nach, and Deborah Rose Participant Comments “Instructor was exceptional. Material was interesting and relevant to my needs. Manual is a great reference material.” “I really liked the question/answer format of the text material. So many times you can read about the updates and the SASs, however it is when you need to apply them that questions arise. The format of the questions as situations and then the ‘what do I do now?’ was great.” “The format of the written material was particularly helpful – a question with the related answer.” “Evaluations were very good! Great class.” “Excellent material in this program.” Very well presented with real life examples.” “This was a great course. Too many courses are just theoretical. This was hands on actual cases. Common applications.” “Questions and answers resulted in a more interesting A&A course.” “Best money spent on an A&A course in years. I will be taking more Loscalzo courses.”


SSEECCTTIIOONN 44:: PPRROOFFEESSSSIIOONNAALL EETTHHIICCSS PPRROOGGRRAAMMSS Our ethics curriculum includes a generic ethics program and several state board specific programs. For the following states, we have developed a four hour ethics program that complies with their applicable state board ethics CPE requirement: • Delaware • New Jersey • New York • Connecticut • Vermont • Massachusetts Please check with your state board ethics requirements to see if a generic ethics program or a state board specific program is required. Why Attend This Course? With the profession in the hot seat, CPAs need to be aware of standards and principles that impact the services they provide. Through a series of frequently asked questions, CPAs will recognize and resolve relevant ethics issues. Designed for CPAs in public practice as well as CPAs employed in private industry Objective Participants will be able to: • Identify independence issues • Comply with other ethics requirements such as providing records, commissions and contingent fees, etc. Major Subjects Independence – attest engagements… Electronic tax submissions... Integrity and objectivity… Gifts and entertainment… Contingent fees and commissions… Client records... Issues impacting non-attest practices and engagements Presentation Method Field of Study Group-live; lecture and group discussion of questions Regulatory Ethics Level of Knowledge Availability Date Intermediate 5/15/2010 Prerequisites Author(s) Basic knowledge of professional ethics rules Margaret Loscalzo, CPA and William Loscalzo, CPA and regulations Advance Preparation Recommended CPE Credit None 4 hours Course taught by Greg Clark, John Fleming, Kenn Heaslip, Rebecca Lee, William Loscalzo, and Deborah Rose

NOTE: This four hour ethics program can be combined with any of our four hour programs.

Participant Comments “Well done. Good balanced ethics review with case studies. Nice that session book included text to read to expand learning on topic as well as appendix of MA rules.” “Very informative class. Discussed problems and resolution of these problems that are practical to small practices.” “I really learned about a dozen new things. Great course.” “Ethics presentation was excellent and relevant. Real life experiences help to reinforce understanding of the requirements. Very good!!!” “Great presentation. Course brought out topics I was not aware of.” “Course was excellent and very, very informative.” “This course was much improved over the ethics course from the last 3 year period. The discussion, using case studies on independence were very good. The CPE information was excellent. I found this course to be useful and interesting.”. “Prior to attending, I perceived an ethics continuing education requirement was a waste of my time. The quality of the discussion leader and the material presented proved me wrong. This was a very informative and educational program.” “Perfect for interactive case-study style presentation.” “Practical applications and examples are excellent.” “Great seminar – very useful, thorough materials.” “I really enjoyed the program – much better than I thought it was going to be.”


SSEECCTTIIOONN 55:: NNOOTT--FFOORR--PPRROOFFIITT AACCCCOOUUNNTTIINNGG && AAUUDDIITTIINNGG PPRROOGGRRAAMMSS ((IINNCCLLUUDDIINNGG AAUUDDIITTSS UUNNDDEERR GGOOVVEERRNNMMEENNTT AAUUDDIITTIINNGG SSTTAANNDDAARRDDSS AANNDD OOMMBB CCIIRRCCUULLAARR AA--113333))

Loscalzo’s A&A Issues Unique to Health Care Organizations (HCO) ...............................................................5-2

Loscalzo’s Guide to Tax-Exempt Organizations and the New IRS Form 990 (TEO) ........................................5-3

Loscalzo’s Frequently Missed Issues for OMB Circular A-133 Audits (FMI) .....................................................5-4

Loscalzo’s Not-for-Profit Auditing Made Easy (NFPME) ...................................................................................5-6

Loscalzo’s Not-for-Profit Industry Update and Major Accounting and Disclosure Issues (NFPARA) ................5-8

Loscalzo’s Step by Step Guide to Compliance Auditing - A Gateway to Efficiency (HGCA).............................5-9


Allocating Costs in Not-for-Profit Organizations – 4 hours ...............................................................................9-3

NEW! Case Studies in Compliance Auditing – 4 hours ....................................................................................9-4

NEW! Identifying and Addressing the Risk of Fraud in Not-for-Profit Organizations – 4 hours ........................9-5

NEW! Loscalzo’s Case Studies in Complex Not-for-Profit Accounting, Disclosure and Auditing Issues – 4 hours ...............................................................................................................................9-6

Testing Internal Control Over Compliance and Compliance for Major Programs and Evaluating and Reporting the Results Obtained – 4 hours...........................................................................9-10

Effective Practices for Applying OMB Cost Circulars to Federal Awards – 2 hours ........................................10-8

Selecting Major Programs for OMB Circular A-133 Audits – 2 hours ............................................................10-14

Understanding the Requirements of Government Auditing Standards (Yellow Book) – 2 hours...................10-17


Loscalzo’s A&A Issues Unique to Health Care HCO Organizations Why Attend This Course? Health care organizations, like those in any other complex and highly regulated industry, are affected by risks and developments unique to the industry. In addition, they are subject to a variety of very specific accounting principles and disclosure requirements. This course will provide the participant an industry and accounting and auditing update for health care organizations to support their understanding of the entity and its environment, including risks specific to health care organizations. The course will also discuss accounting and auditing issues specific to hospital systems, nursing homes and physician practices. Although the course is designed primarily to cover not-for-profit owned health care entities, participants working for or with investor owned and governmental health care organizations will also benefit from the course, even though GASB requirements will not be addressed.

Designed for Practitioners who audit health care organizations (primarily) and CPAs in industry who wish to become familiar with accounting principles and disclosure issues. This course will cover third party reimbursement issues only as they relate to the audit of the financial statements and will not cover cost report preparation.

Objective Participants will be able to: • Identify the risks inherent in the health care industry • Identify and evaluate the most common significant risks in a health care organization • Evaluate specific accounting and auditing issues specific to not-for-profit and investor owned hospitals,

nursing homes and physician practices

Major Subjects Understanding the health care entity and its environment... Reimbursement basics… Financial Statements of Health Care Organizations… Identifying significant systems of internal control… Analytical procedures (preliminary and substantive)… Clinical coding validations… Risk based capital requirements… Accounting and auditing of: Accounting estimates… Revenue recognition… Agency funds… Investments, including the new literature on endowments… Receivables… Estimated final settlements… Promises to give… Premiums and stop loss insurance receivables… Tax exempt entities… Advance refundings… Arbitrage liabilities… Assets whose use is limited… Medical malpractice and other professional liability issues… Fair value… Uncertain tax positions… The reporting entity… New merger/acquisition literature… Accounting and reporting for providers of prepaid health care services Presentation Method Field of Study Group-live; lecture and group discussion Accounting and Auditing Level of Knowledge Availability Date Intermediate 6/1/2010 Prerequisites Author(s) Basic audit course Margaret Thomas, CPA, MHA Advance Preparation Recommended CPE Credit None Accounting – 3 hrs Auditing – 5 hrs Course taught by Carolyn Jeff and Margaret Thomas

Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.

Participant Comments “Finally a CPE course that addresses healthcare in NJ & real issues our industry faces. Thank you.” “The seminar was very informative and I learned about some topics that I didn’t know very well previously.”


Loscalzo’s Guide to Tax-Exempt Organizations and TEO the New IRS Form 990 Why Attend This Course? Not-for-profits will face the challenge of filing a new Form 990. This course will help those working with not-for-profits learn about recent major developments in not-for-profit tax law, including: • Different types of tax-exempt organizations and the process for obtaining a tax-exemption • Congressional and IRS policy for amending the form • How the new Form 990 specifically differs from the old form Designed for Auditors and tax practitioners who have not-for-profit clients, as well as CFO/controllers in the not-for-profit sector Objective Participants will be able to: • Identify common errors and pitfalls in preparing Form 990 and how to avoid them on the new Form 990 • Identify transactions that may give rise to unrelated business income tax, as well as other prohibited/limited

activities of tax-exempt organizations • Use Form 990 and the Panel on Nonprofit Sector reports as tools to identify and fix corporate

governance deficiencies in their own organizations

Major Subjects An introduction to tax-exemption, including incorporating a not-for-profit organization under state law… Discussion of requirements of tax-exemption, including Form 1023/1024… Discussion of various types of tax-exempt organizations… Distinction between public charities and private foundations… Discussion of all sections of the new Form 990 Core Form, and all schedules highlighting sections on financial statements, enhanced compensation disclosure & corporate governance… Discussion of changes from the 2008 Form 990 to the 2009 Form 990… Common errors and pitfalls in completing the Form 990, especially the sections on financial statements, Schedule A and Schedule B… Discussion of the Panel on the Nonprofit Sector and best practices for not-for-profit organizations Presentation Method Field of Study Group-live; lecture, case examples and Tax group discussion questions


Prerequisites Author(s) Basic knowledge of not-for-profit accounting Bradley Firestone, Esq., CPA

Advance Preparation Recommended CPE Credit None 8 hours With regard to tax courses, paragraph 23 of the Guidance on GAS Requirements for CPE states that some tax services are not related to the subject matter of the audit. Therefore, those courses would not qualify for CPE purposes for either the 24 or 80 hour requirements. However, if the auditor needed the knowledge to perform work under GAS, then he/she could claim GAS CPE. Form 990 courses count toward the 24 and 80 hour requirement if the analysis of the entity’s tax return is useful and relevant to performing the audit. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. Course taught by Allen Fetterman, Bradley Firestone, and James Woy Participant Comments “Excellent program!” “It's a very informative CPE.” “Good info!” “Very good seminar relating to a difficult topic.”


Loscalzo’s Frequently Missed Issues for FMI OMB Circular A-133 Audits Why Attend This Course? Peer reviews and AICPA Professional Ethics Division Investigations have found that substandard A-133 audits are prevalent. This was confirmed in 2007 by the President’s Council on Integrity and Efficiency’s (PCIE) research project “National Statistical Sample for Audit Quality”. Now the AICPA and government bodies are addressing the issues with changes in professional literature. This course addresses the deficiencies noted in that project, and the new SAS No. 117 on Compliance Auditing that addresses many of them. The course also addresses changes in recordkeeping, internal control and reporting for entities expending funds awarded under the American Recovery and Reinvestment Act (ARRA). With nearly $3 billion awarded since 2009, these requirements will affect many organizations. The course will also address how the changes impact audit procedures to be performed. In addition, the course addresses the impact that SAS No. 115 will have on the report on internal control over financial reporting and internal control over compliance and the AICPA’s new practice aids on internal control and the Schedule of Federal Awards (SEFA).

This course will: • Help you avoid recurring common failures in audits under Government Auditing Standards and OMB

Circular A-133 • Provide you with the latest 2007 Yellow Book changes, as well as changes to the reports on internal

controls over financial reporting (GAS) and internal control over compliance (A-133) Designed for • Audit practitioners working on not-for-profit and/or public sector clients who need audits performed in

accordance with the Yellow Book and OMB Circular A-133 • Accountants in not-for-profit or government organizations that need a compliance audit Objective Participants will be able to: • Identify areas for improvements in their Government Auditing Standards (GAS) and OMB Circular A-133

audits • Implement changes to audits as a result of AICPA risk assessment and documentation standards Major Subjects Using the very popular “Loscalzo Frequently Asked Question Format”, the major subjects covered will include: documentation, multipurpose testing, design of compliance and internal control tests, sampling applications, reporting findings, consideration of abuse, documentation and testing of all five elements of internal control, lack of segregation of duties, schedule of federal awards, and identifying major programs. Presentation Method Field of Study Group-live; frequently asked question format Auditing encouraging discussion


Prerequisites Author(s) Assumed knowledge of not-for-profit and governmental Margaret Thomas, CPA, MHA accounting and reporting, Yellow Book and OMB Circular A-133




It is recommended that this course not be scheduled in conjunction with “Loscalzo’s Step by Step Guide to Compliance Auditing – A Gateway to Efficiency.”

Course taught by Allen Fetterman, Carolyn Jeff, Rebecca Lee, Margaret Thomas, and James Woy

Participant Comments “As soon as I left the class, I started making lists and writing memos for the job that I was taking this course for.” “This course was great. The content was presented in a very effective manner as well as the instructor kept the participants involved. The program had the adequate amount of information for the time and prepared the staff/managers for issues/items to keep in mind for the upcoming summer jobs.” “The questions and answer format was a refreshing change in presentation and not only kept the program interesting but was thought provoking and sparked discussions.” “Q&A format of material was unique and good way to present material.” “The format of Q&A in the materials made the seminar enjoyable rather than a lecture format. This also encouraged interaction from attendees.” “Great topic to address recurring issues from practitioners – very insightful for old and new professionals who practice in the field.” “This provides a very well-organized, logical understanding of these requirements, and was very well presented.” “I liked the format of questions and answers. It kept my interest and zeroed in on the problems and issues.” “Q&A format was very useful and kept it clear and easy to understand.” “I really like the question and answer format. It provides real audit situations which all of us have experienced in one way or another or may experience in the future. This definitely helps grasp the topics discussed and keep our attention.” “I love this course!!!, Everyone should take this course!!!, I will tell the World!!!” “Very difficult subject to present. Group leader did a good job with the topic materials.” “This provides a very well-organized, logical understanding of these requirements and was very well presented.” “Good course.”


Loscalzo’s Not-for-Profit Auditing Made Easy NFPME Practice Aids

Why Attend This Course? Audits of not-for-profit organizations can be challenging. Not-for-profits have their own specific accounting principles, giving rise to different audit issues. Many small to midsize not-for-profits lack sophisticated accounting personnel, causing challenges in the auditor’s understanding of internal controls and assessment of risk. In addition, the integration of a financial statement audit with the requirements of Government Auditing Standards and OMB Circular A-133 adds another layer of complexity. This course also addresses communication of internal control deficiencies under SAS No. 115. In addition, this course illustrates how to document the risk assessment procedures, including the understanding of internal control and the linkage between the risk assessment, and the audit programs for a very small volunteer fire department with less than $300,000 in revenue. This course includes updates on the current issues for 2010 including a discussion of the professional literature recently issued (i.e., on endowments, mergers and acquisitions, ARRA funds, and discussion of the new SAS No. 117 on compliance). Designed for Practitioners who audit not-for-profit organizations, CPAs or others new to working in not-for-profit organizations or interested in how audits are conducted Objective Participants will be able to: • Plan and perform audits for small to mid size not-for-profits as efficiently as possible • Consider the design of internal controls and determine whether the internal controls have been

implemented (including areas specifically identified by the not-for-profit audit guide) • Perform risk assessments under the new risk assessment auditing standards • Integrate requirements of Government Auditing Standards and A-133 in the planning and conduct of the

financial statement audit to gain efficiencies • Audit areas that specifically apply to not-for-profits • Consider the likely ramifications of SAS No. 115 on not-for-profits and draft reports with comments for not-

for-profit organizations • Use tools and templates contained in the manual to enable their clients to do a better job of preparing

internal control documentation, as well as financial statements and disclosures • Prepare the level of documentation needed to support the risk assessment for a very small client

(<$300,000 in revenue) Major Subjects Understanding and documenting the system of internal control over financial reporting… Defining the risk of material misstatement… How to create audit plans that are responsive to identified significant risks… Coordinating fraud risk assessment and risk assessment procedures… Holding a risk assessment discussion with the audit team… Performing specific risk assessment procedures… Identifying significant risks… Substantive tests for not-for-profit specific account balances and classes of transactions … Use of electronic confirmations… SAS 115 requirements... Tools and templates that will enable clients to do a better job of preparing internal control documentation, as well as financial statements and disclosures

This course will not cover how to audit major programs.

Presentation Method Field of Study Group-live; lecture and group discussion Auditing

Level of Knowledge Availability Date Basic/Intermediate 6/1/2010

Prerequisites Author(s) Basic audit course or experience Margaret Thomas, CPA, MHA




It is recommended that this course not be scheduled back to back with “Loscalzo’s Implementation Guide to the Risk Assessment Standards,” “Loscalzo’s Hands on Guide to Understanding and Testing Internal Control,” or “Loscalzo’s Not-for-Profit Industry Update and Major Accounting and Disclosure Issues.” Course taught by Allen Fetterman, Carolyn Jeff, Rebecca Lee, Margaret Thomas, and James Woy Participant Comments “Good examples. Clearly presented. Content very helpful. Best, straight forward audit class I’ve attended.” “Finally, an audit course with practical examples.” “Love the practice tools.” “Excellent.” “Great speaker – Easy to listen to, good examples, etc. Materials can be used in practice as excellent reference.” It was a great course. Allen had a good knowledge of the subject. He excellently pointed out the new risk assessments, applicability to non-profit accounting. Excellent material reference as well.”


Loscalzo’s Not-for-Profit Industry Update and NFPARA Major Accounting and Disclosure Issues Why Attend This Course? Not-for-profits are under more intense scrutiny than ever before from regulators to donors. In this environment, not-for-profit executives and their auditors must focus on the transparency in financial reporting. This program provides a 2010 update of the issues at the forefront of industry to assist the auditor in assessing risk. It also includes consideration of the major accounting and disclosure issues specific to voluntary health and welfare organizations, private educational institutions and trade associations.

Designed for • Practitioners working with not-for-profit organizations in public practice • Not-for-profit industry accountants who need to keep on top of current accounting and disclosure

requirements

Objective Participants will be able to: • Apply the issues faced by not-for-profits in today’s environment which will help them assess risk • Recognize and deal with major accounting and disclosure issues impacting their clients or organizations • Prepare complete and accurate financial disclosures • Enhance transparency in financial reporting

Major Subjects Not-for-profit industry update 2010… Major accounting and disclosure issues specific to not-for-profit organizations– cash and cash equivalents, including concentration of bank deposits, contributions received and made, contributed services, gifts in kind, contributed utilities and use of long-lived assets, split interest agreements, agency transactions, investments, special considerations for endowments, guarantees, unrelated business income taxes, fund raising costs, consolidations, functional expenses, functional classifications… Fair value... Mergers and acquisitions… Special industry considerations related to trade associations, voluntary health and welfare organizations and educational institutions

Presentation Method Field of Study Group-live; lecture and group discussion of questions Accounting


Prerequisites Author(s) Basic familiarity with not-for-profit accounting and auditing Margaret Thomas, CPA, MHA

Advance Preparation Recommended CPE Credit None 8 hours Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. It is recommended that this course not be scheduled back to back with “Loscalzo’s Not-for-Profit Auditing Made Easy.” Course taught by Allen Fetterman, Carolyn Jeff, Rebecca Lee, Margaret Thomas, and James Woy

Participant Comments “Truly enjoyed this seminar. Taking back a few new ideas to help my non-profit organization.” “James said it the best – this is one of the best strictly accounting courses that I have seen. I learned so much today and could not have asked for a better course to help me out as a controller for a non-profit. Please offer this course again next year!” “Very good written materials –lots of good examples.” “Fabulous examples in the book – well thought through- Thanks for a great workshop!!☺.” “Great seminar – Good information presented that I haven’t seen presented in detail before. Information I needed for financial structure in my organization. This type of course has been much needed to provide better guidance and interpretation of accounting pronouncements and guidance.” “The material handed out is well prepared and can be used as a resource on a continuing basis.” “This course was a surprise. It was more meaningful than I anticipated.” “Excellent as usual for Loscalzo seminars.” “This course surpassed expectations.” “Great course – Thank You!”


Loscalzo’s Step by Step Guide to Compliance Auditing - HGCA A Gateway to Efficiency Includes Practice Aids – Start to finish guidance on performing OMB Circular A-133 audits. Includes guidance on how to efficiently integrate a compliance audit into the financial statement audit using the risk assessment standards. Also includes assessing internal control findings using the guidance in SAS No. 115 and the results of the National Statistical Sample of Single Audits conducted under the auspices of the PCIE. Why Attend This Course? Peer reviews and AICPA Professional Ethics Division Investigations have found that substandard A-133 audits are prevalent. This was confirmed in 2007 by the President’s Council on Integrity and Efficiency’s (PCIE) research project “National Statistical Sample for Audit Quality”. Now the AICPA and government bodies are addressing the issues with changes in professional literature.

Following a workshop step by step format, this course addresses the deficiencies noted in that project, and the new SAS No. 117 on Compliance Auditing that addresses many of these deficiencies. Also discussed are the changes in recordkeeping, internal control and reporting for entities expending funds awarded under the American Recovery and Reinvestment Act (ARRA). With nearly $3 billion awarded since 2009, these requirements will affect many organizations. The course will also address how the changes impact audit procedures to be performed. It will discuss the AICPA’s new practice aids on internal control and the Schedule of Federal Awards (SEFA).

Equally important is performing the audits efficiently by integrating the audit of internal control over financial reporting and internal control over compliance, by judiciously using practice aids and by performing and documenting the “right” level of work.

This course will address how audits will change based on the new SAS and audit guide on compliance auditing, as well as the impact that SAS No. 115 will have on the report on internal control over financial reporting and the report on internal control over compliance.

Designed for Audit practitioners working on not-for-profit and/or public sector clients who need audits performed in accordance with the Yellow Book and OMB Circular A-133. Also accountants in not-for-profit or government organizations that need a compliance audit. Although this course does not specifically address HUD issues, there are many similarities between HUD engagements and ones conducted under OMB Circular A-133.

Objective Participants will be able to: • Plan, calculate sample size, test transactions, conclude and report in accordance with Yellow Book

requirements and the OMB Circular A-133 • Integrate the financial statement audit with the compliance audit for efficiency • Properly document work performed during the audit • Identify the appropriate findings to report • Identify the appropriate compliance opinion to use • Write appropriately worded findings for the Schedule of Findings and Questioned Costs and the Data

Collection Form • Draft applicable reports using the appropriate report forms

Major Subjects Participants will be engaged in a number of hands on step by step exercises designed to lead them through the planning and executing of a financial statement/ A-133 audit. Emphasis will be given to “frequently missed” areas as identified by the PCIE report. At the conclusion of this session, participants should feel more comfortable with their level of documentation skills and more confident that their work will stand up to peer review or review by governmental agencies


Presentation Method Field of Study Group-live; combination of lecture and hands-on Auditing application of principles Level of Knowledge Availability Date Basic/Intermediate 5/15/2010 Prerequisites Author(s) Assumed knowledge of not-for-profit and governmental Margaret Thomas, CPA, MHA accounting and reporting, Yellow Book and OMB Circular A-133 Advance Preparation Recommended CPE Credit None 8 hours Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. It is recommended that this course not be scheduled in conjunction with “Loscalzo’s Frequently Missed Issues for OMB Circular A-133 Audits.”

Course taught by Allen Fetterman, Margaret Thomas, and James Woy Participant Comments “The most practical single audit course I have ever attended.” “Very good and informative course! Very timely course.” “Good focus on planning and compliance.” “It was refreshing to have a book that had information and was not just pictures of PowerPoint presentations.” “I was very impressed by this seminar. This was one of the best CPE courses I have attended.” “Loscalzo, as usual, did a great job with the course material.” “Case studies very useful.” “This is one of the most informative and engaging CPE classes I have been to. It has provided very useful information.” “I thoroughly enjoyed the hands on portion of this workshop. I learn and understand more from doing than listening to lecture.” “This is the best A-133 course I’ve been to.” “This was the clearest, least confusing seminar on Compliance Audits.” “I was looking for means on how to improve our audits. Instructor gave them to me in a very understandable manner.”


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Loscalzo’s Audits of Defined Contribution Pension Plans (Emphasizing 401k Plans) (DCPP) ......................6-2

Loscalzo’s Current Practice Issues and Solutions In Audits of Employee Benefit Plans (AEBP)...................6-3


NEW! 11-K Employee Benefit Plan Audits ..................................................................................................10-2


Loscalzo’s Audits of Defined Contribution Pension Plans DCPP (Emphasizing 401k Plans) Why Attend This Course? Learn how to avoid the most common problems and deficiencies found by the DOL. Discover how to: • Determine if a plan needs to be audited • Identify unique employee benefit plan audit risks • Perform the right type and amount of audit testing • Draft GAAP and DOL compliant financial statements

Designed for Practitioners in public accounting firms that audit defined contribution pension plans

Objective Participants will be able to: • Audit defined contribution plans in accordance with GAAS and DOL requirements including the new 403(b)

audit requirements • Identify audit risk areas for defined contribution plans • Develop and perform appropriate tests to address these risks • Avoid mistakes in drafting financial statements

Major Subjects Defined contribution audit requirements… Typical EBP audit and reporting deficiencies… Unique audit planning characteristics in EBP audits… 403(b) plan audit requirements and considerations… Difficult audit areas in EBP engagements... Limited scope and full scope audit requirements… Recent changes to 401k financial statement reporting and disclosure requirements… Updating and documenting the RAS standards in EBP audits… Filing and reporting requirements for Form 5500… Unique employee benefit plan accounting and financial reporting requirements… Fair value accounting, reporting and disclosure considerations Presentation Method Field of Study Group-live; lecture, case examples, and discussion questions Accounting Auditing Level of Knowledge Availability Date Basic 5/15/2010 Prerequisites Author(s) Experience in conducting audits of defined Gregory Clark, CPA, and contribution plans William Loscalzo, CPA Advance Preparation Recommended CPE Credit None Accounting – 4 hrs Auditing – 4 hrs Course taught by Greg Clark, Christa Dunn, Rebecca Lee, and James Woy Participant Comments “Left seminar with several pages of notes for specific ideas to fold into our audit practice right now.” “I work at a small firm (less than 20 people) and complete around 5 retirement plan audits per year and this course is exactly what we were looking for.” “The course was full of helpful ideas that we will use.” “The material should be a great reference tool also.” “Excellent course. Honest and practical.” “This was one of the best seminars I have been to. I learned a lot. The instructor’s presentation was excellent. One of the best!” “This manual is TERRIFIC and will be very useful in the field.” “I wanted exposure to this subject. The class absolutely succeeded in doing that.” “This class was well worth the time and fee. I’ve attended Loscalzo seminars before and they are always very professional and interactive.” “Phenomenal class. Very informative.” “Excellent seminar. Good planning ideas expressed, changes in regulation, financial disclosures – well done.” “Great job! Very useful info.” “I enjoyed having examples of what really happens in the real world and how to correct the problems.” “Great reference manual – effective presentation. Appreciate updates for new SASs what’s to come.” “Very insightful and eye-opening ideas on what to do and what not to do when auditing pension plans.”


Loscalzo’s Current Practice Issues and Solutions AEBP In Audits of Employee Benefit Plans Includes Practice Aids – Updated for New Developments Why Attend This Course? Employee benefit plan audits continue to present a myriad of practice issues and risks that practitioners must address.

This advanced course will give you the skills to: • Identify and address difficult and complex accounting, audit and financial reporting issues • Stay current on ongoing regulatory initiatives • Effectively document required auditing procedures

Designed for Practitioners in public accounting firms that audit employee benefit plans

Objective Participants will be able to: • Address and implement current changes and issues in financial reporting for employee benefit plans

including the new 403(b) audit requirements • Address current auditing issues and challenges facing employee benefit plans • Prepare adequate and sufficient audit documentation • Avoid mistakes in audit testing and financial reporting

Major Subjects Current legislative and compliance initiatives and issues... Current DOL and EBSA programs, initiatives and regulatory requirements... Form 5500 filing requirements, issues and changes... Current auditing issues and risk areas inherent in plan audits… Fair value accounting measurement and reporting issues… 403(b) plan audit requirements considerations… Updating planning and testing of the RAS standards in EBP audits... Common noted practitioner deficiencies and errors... Common peer review issues and requirements... EBP financial statement disclosure issues and problems... Unique accounting requirements for defined benefit plans and health and welfare plans Presentation Method Field of Study Group-live; lecture, case examples, and discussion questions Accounting Auditing

Level of Knowledge Availability Date Intermediate to Advanced 5/15/2010

Prerequisites Author(s) Experience in conducting audits of employee benefit plans Gregory M. Clark, CPA

Advance Preparation Recommended CPE Credit None Accounting – 4 hrs Auditing – 4 hrs

Course taught by Greg Clark, Christa Dunn, and James Woy

Participant Comments “Very informative – One of the best courses I have attended at KYCPA.” “EBPs are dry, dry, dry, and this was the most entertaining CPE on this topic I have ever had.” “The material was up to date and relevant to our need for EBP’s.” “The program answered a few “burning” questions on EBPs.” “Excellent course. Hits home in many areas.” “Great update that was lively, relevant and interesting. Wonderful to get a benefit plan course other than basic level.” “This was an EXCELLENT, EXCELLENT seminar!” “Good use of materials—easy to follow.” “It will be easy to use as a reference tool back in the office.” “Good use of practical examples.” “In prior years, we have had difficulty finding courses on pension plans. This was by far the best one we have attended, with respect to the information presented and our needs.” “Nice blend of practical with principles to produce a rich and rewarding course.” “This was the best CPE course I’ve experienced in 8 years of CPE classes.”


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LOSCALZO ASSOCIATES has over 29 years of experience designing what staff need to perform their day-to-day accounting and auditing duties – efficiently and effectively. Through a combination of lecture and case studies, the staff will be given an opportunity to perform real engagement functions. Manuals include practice aids – review and audit programs, disclosure checklists, client representation letters, and technical review checklists.

Loscalzo’s A&A Staff Level 1 – Entry Level Staff - 2 Days (SL1) ......................................................................7-2

Loscalzo’s A&A Staff Level 2 – Experienced Staff - 2 Days (SL2) ....................................................................7-3

Loscalzo’s A&A Staff Level 3 – In-Charge - 2 Days (SL3).................................................................................7-4

Loscalzo’s Documentation Techniques for Entry Level Staff - 1 day (WPT) ....................................................7-5


Loscalzo’s Tips on How to Review Documentation Effectively - 1 day (WPR)..................................................3-9


Loscalzo’s A&A Staff Level 1 - Entry Level Staff - (2 Days) SL1 Includes Practice Aids – Updated for the Risk Assessment SASs and SAS 103 (redrafted)

Why Attend This Course? This course is a must for firms who need to transition newly hired staff from the academic environment to the practice world. The program demonstrates to inexperienced staff with limited “real world” experience a variety of workpapers for typical assignments in the first year in the field. This program combines the one day program Loscalzo’s Documentation Techniques for Entry Level Staff with a discussion of compilation, review and audit procedures. Designed for New entry level staff accountants (less than one year of experience). The course allows participants to easily make the transition from the classroom to the “real world”. Objective Participants will be able to: • Prepare documentation for compilations, reviews, and audits that clearly, concisely, and completely

document the work performed • Perform or describe those procedures typically assigned to first year staff accountants • Link identified risks to audit responses Major Subjects The ABCs of preparing documentation, including SAS 103 (redrafted) requirements... Practical documentation formats that eliminate unnecessary work… Typical documentation deficiencies... Cash procedures... Analysis of receivables... Property, plant and equipment – capitalization and depreciation... Payables and other accrued liabilities... Revenue and expense procedures... Illustrations of documentation for all three levels of service Presentation Method Field of Study Group-live; lecture and group discussion of cases requiring Auditing actual preparation of documentation


Prerequisites Author(s) None Margaret Loscalzo, CPA and John Fleming, CPA

Advance Preparation Recommended CPE Credit Participants should bring a calculator to the session 16 hours Course taught by Richard Ferdinand, John Fleming, Rebecca Lee, Ralph Nach, and Deborah Rose

Participant Comments “I was extremely surprised at how informative this seminar actually was. This was partly due to our instructor’s wonderful personality & knowledge of the material. I just hope I will be able to retain all of the information she shared with us.” “I enjoyed this class and felt this class will help my career as a whole.” “Appreciated calculations and working through examples. I’ve never done that with CPE.” “Very informative. I look forward to level 2 next year.” “The two day class lecture was extremely informative and was relevant to everyone. This course was absolutely worth it, and I cannot wait till next year.” “Very helpful course for someone at the beginner’s level.” “The course was very worthwhile.” “Case studies were useful.” “Material very helpful, lots of it and will be useful.” “Everything is perfect.” “Great seminar!” “I would recommend this course to all entry-level staff.” “I recently changed careers and needed a refresher course on Auditing/Reviews/and Compilations. The class was great. I really learned or re-learned a lot.” “It helped as a “jumpstart” to a career right out of college. Speaker was fun, broke up the presentation nicely with real life stories to move it along.” “This was definitely a must for all first-year staff accountants. It cleared many gray areas that I had in my audits and other types of services I was providing.” “This course was helpful in bridging gaps between college material and real world usefulness.” “The course was able to provide useful information and I was able to ask questions freely. The instructor paid excellent attention to the time.” “Course was excellent for accountants just out of school and working on audits for the first time. Provided a lot of the reasons why we test what we test.”


Loscalzo’s A&A Staff Level 2 - Experienced Staff (2 Days) SL2 Why Attend This Course? As they gain more experience, staff are expected to take on more complex assignments with minimal supervision. This program provides the basics on tailoring audit programs and preparing GAAP financials. This program combines two one-day courses: Loscalzo’s Implementation Guide to the Risk Assessment Standards (PPDA) and Loscalzo’s Disclosure – The Key To Financial Statements (DKFS). Designed for Experienced staff accountants (one to three years of experience) Objective Participants will be able to: • Prepare documentation of the audit plan and audit strategy • Link risk assessment with further audit procedures • Customize audit programs • Prepare disclosures for privately held companies Major Subjects Understanding the entity and its environment including its internal control… Preparing documentation of the audit strategy… Determining when to assess controls and how to do it… Performing risk assessment procedures… Performing tests of controls to streamline substantive testing… Performing substantive tests in the most efficient manner… Evaluating known and likely misstatements… Disclosure requirements for GAAP, with an emphasis on common peer review deficiencies Presentation Method Field of Study Group-live; lecture and group discussion of cases 8 hours in Accounting and discussion questions. For the audit 8 hours in Auditing segment, participants will walk through selected areas of an audit. Level of Knowledge Availability Date Intermediate 7/1/2010 Prerequisites Author(s) Participants should be familiar with the William Loscalzo, CPA, accounting issues included in the FASB Codification Margaret Loscalzo, CPA Advance Preparation Recommended CPE Credit Participants should bring a calculator to the session 16 hours Audit Section (Day 1) qualifies for the 24 hour Yellow Book requirement. Disclosure Section (Day 2) qualifies for the 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. Course taught by Christa Dunn, John Fleming, Rebecca Lee, William Loscalzo, and Ralph Nach Participant Comments “Text was incredibly informative and touched on a great number of current issues and issues which are at times forgotten about or overlooked.” “This was excellent in format and informative – best CPE in a while. Excellent resources to back up speaking points.” “More fun than a barrel of monkeys.” “Solid program, reminded me a great deal of my auditing class from college, but a bit more useful. Definitely suggested for the future.” “Very organized and planned program. I liked the interactive approach to learning.” “This seminar was one of the more positive and informative experiences I’ve had.” “I thought the course was great. It really helped me with understanding what is expected of me as far as procedures go.” “Excellent course. I will highly recommend.” I really learned many auditing points. Great course!” “Easy to understand. Well prepared presentation materials.”


Loscalzo’s A&A Staff Level 3 - In-Charge (2 Days) SL3 Updated for SAS 103 (redrafted) Audit Documentation, Risk Assessment SASs, SSARS 10 and SSARS 17

Why Attend This Course? Many accountants find “doing” much easier than delegating. This program concentrates on building supervision and engagement management skills. It also addresses: • Reviewing documentation • Writing review comments This course includes the one-day program, Loscalzo’s Tips on How to Review Documentation Effectively.

Designed for Staff with in-charge responsibility (over two to three years of experience)

Objective Participants will be able to: • Plan and tailor the engagement following the new risk assessment standards • Supervise staff • Perform an effective review of documentation • Document the review process • Communicate documentation deficiencies to staff • Differentiate between the review responsibilities for the in-charge, supervisor and partner

Major Subjects Role of the in-charge… Engagement and time management… Planning considerations, including fraud risk assessment, and the risk of material misstatement… New documentation requirements under the risk assessment SASs and SSARS 10 and SSARS 17 requirements… Common documentation problems… Approaches to workpaper review... Effective communication techniques that boost morale, not deflate it… Documentation of the review process Presentation Method Field of Study Group-live; lecture, role play, and group discussion of Auditing cases involving a review of review and audit documentation Level of Knowledge Availability Date Intermediate 7/1/2010 Prerequisites Author(s) Participants should have staff level experience John Fleming, CPA and Margaret Loscalzo, CPA Advance Preparation Recommended CPE Credit None 16 hours Course taught by John Fleming, Rebecca Lee, Ralph Nach, and Deborah Rose Day 1 topic: “Planning Cost Efficient And Effective Audits (4 hours)” qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.

Participant Comments “Very applicable and interesting. One of the best CPE courses I’ve ever attended.” “I think this class is a must for any in-charge new to the role of a more experience in-charge.” “The course was very informative and helpful. I would recommend this course to other colleagues.” “I really enjoyed the course & the materials, the interaction with the other students.” “Great course! Methods used help to reinforce what’s presented and to keep one’s attention.” “The examples and role playing were great to keep everyone attentive and alert.” “Very good interaction and case studies. Course material in manual appears to be good resource.” “Liked case studies & actual walk through examples – helped tremendously in understanding.” “Role play examples were excellent.” “Great examples. Now I have the “audit” fever! I thought that the material was well organized.” “Case studies worked very well in application of materials.” “Case studies were informative and applicable.” “Seminar was great and enhanced my skills as a reviewer and ability to manage engagements and staff.” “This course was great. It outlined, in detail, all that is expected of a senior and how to meet and achieve those expectations.” “Course was excellent. Having more experience than most other participants, I noted that everything was on point and good advice. Hope the younger participants listened, will recommend to others.” “I thought the group interaction was very helpful. Kept us motivated.”


Loscalzo’s Documentation Techniques for Entry Level Staff WPT Includes Practice Aids – Updated for the Risk Assessment Standards and SAS 103 (redrafted) Why Attend This Course? Prepare workpapers that will minimize review notes and cut down on your time. Through interactive cases, you will learn how to: • Perform procedures typically assigned to first year staff accountants • Document accounting, compilation, review, and audit services • Link identified risks to audit responses This course is a must to help new staff “hit the ground running.”

Designed for New entry level staff accountants (less than one year of experience). The course allows participants to easily make the transition from the classroom to the “real world”. Objective Participants will be able to: • Prepare documentation for a compilation, a review, and an audit that clearly, concisely, and completely

document the work performed • Perform those procedures typically assigned to first year staff accountants Major Subjects Topics include: Practical documentation formats that eliminate unnecessary work... The ABCs of preparing documentation, including SAS 103 (redrafted) requirements... Typical documentation deficiencies... Analysis of receivables... Property, plant and equipment – capitalization, depreciation and leases... Payables and other accrued liabilities... Documentation of revenue and expenses Presentation Method Field of Study Group-live; lecture and group discussion of cases Auditing requiring actual preparation of documentation Level of Knowledge Availability Date Basic 7/1/2010 Prerequisites Author(s) None Margaret Loscalzo, CPA and John Fleming, CPA

Advance Preparation Recommended CPE Credit Participants should bring a calculator 8 hours to the session Course taught by Richard Ferdinand, John Fleming, and Rebecca Lee Participant Comments “A very good course before taking the audit/attestation part of the CPA exam.” “I enjoyed the case studies. They helped us understand the topics better.” “I feel the course material will be very helpful in preparing as well as reviewing workpapers.” “Like the cases and groupwork. Nice program materials => good resource.”


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Loscalzo’s Analyzing Financial Statements, Including Techniques for Cash Flow Analysis (AFS)...................8-2


NEW! Loscalzo’s Annual FASB and AICPA Update (ARU) ..............................................................................1-2

NEW! Loscalzo’s Introduction to the International Financial Reporting Standards (IFRS)................................1-3

Loscalzo’s Deceptive Revenue Recognition and Other Accounting Techniques – Recognizing the Warning Signs (DAT) ...........................................................................................................3-3

Loscalzo’s Disclosure - The Key To Financial Statements (DKFS)...................................................................3-4

Loscalzo’s GAAP Refresher (GAAP).................................................................................................................3-5

Loscalzo’s Guide to the New World of Acquisitions and Consolidations (BCOMB) ..........................................3-6

Loscalzo’s Guide to Tax-Exempt Organizations and the New IRS Form 990 (TEO) ........................................5-3


Loscalzo’s Analyzing Financial Statements, AFS Including Techniques for Cash Flow Analysis Good Industry Course

Why Attend This Course? Re-examine traditional analysis techniques to recognize their strengths and limitations when performing financial statement analysis. Take analysis to a new level by incorporating cash flow based measurements. Utilize cases ranging from public companies to small privately-helds to assess profitability and management of resources.

Designed for CPAs and accountants in industry who analyze financial results to enhance evaluation of operations and develop business strategies

Objective Participants will be able to: • Apply both traditional and non-traditional financial statement analysis techniques for specific entities and

objectives • Use cash flow statements and cash-based ratios to find the real meaning behind accrual-based data • Evaluate the quality of reported earnings • Incorporate use of industry data for benchmarking and best practices analysis

Major Subjects Reading between the lines – what the numbers really mean... Impact on analysis of GAAP trends and information outside the financial statements… The importance of cash flows… Cash flow analysis techniques… Finding and using relevant industry data for large and small companies… Examples of reports generated by commercial software packages… Which ratios tell the real story? Presentation Method Field of Study Group-live; lecture and group discussion of case studies and Accounting discussion questions


Prerequisites Author(s) None Deborah Rose, CPA and John Fleming, CPA


Course taught by Greg Clark, Jack Ellovich, Richard Ferdinand, John Fleming, Rebecca Lee, and Deborah Rose Participant Comments “Best accounting/finance course ever.” “I like that we had to do problems in and during the course so that you are actually learning sometimes instead of just sitting and listening.” “I really got a lot out of the class that I can use in my job.” “Best financial statement analysis presentation I’ve seen.” “Very good and interesting case studies.” “Good information on ratios that banks are looking at to extend loans. Also, good for determining financial health of companies.” “Relaxed style, non-confrontational approach. Working in teams a great idea. I was never bored all day. Good Class!” “This was probably the largest course I’ve attended and my initial reaction was that I wasn’t going to get much out of it. On the contrary – this is probably one of the best if not the best course I’ve attended.” “Very good course – I liked the case examples – made it very interesting and interactive – one of the better CPE course that I’ve taken.” “My first NJSCPA sponsored course. I’ll never go anywhere else again; if I can help it. I was prepared for another boring, useless seminar and was pleasantly surprised. I definitely gained knowledge that I will be able to use. Great Job!” “Best class so far this year.” “This course teaches the importance of non-accounting information for analyzing financial data. I wish they taught this course to first year auditors when I started in audits.” “Presentation was informative and helpful and even a lot of fun.” “Very interesting material – I learned a lot!”


SSEECCTTIIOONN 99:: FFOOUURR HHOOUURR MMIIXX AANNDD MMAATTCCHH PPRROOGGRRAAMMSS The Ultimate in CPE Flexibility These four hour programs have been designed to allow flexibility in scheduling a training program that meets the specific needs of the group. These programs can be combined with other four or two hour programs. Level of Knowledge Field of Study Basic Accounting and/or Auditing Advance Preparation Availability Date None 6/1/2010

Four Hour Mix and Match Programs: NEW! Accounting and Auditing Update............................................................................................................9-2

Allocating Costs in Not-for-Profit Organizations ................................................................................................9-3

NEW! Case Studies in Compliance Auditing ....................................................................................................9-4

NEW! Fair Value Accounting in the 21st Century .............................................................................................9-4

NEW! Identifying and Addressing the Risk of Fraud in Not-for-Profit Organizations........................................9-5

NEW! International Accounting Standards – Differences with U.S. GAAP.......................................................9-5

NEW! Loscalzo’s Case Studies in Complex Not-for-Profit Accounting, Disclosure and Auditing Issues..........9-6

NEW! Loscalzo’s Frequently Asked Questions on Audit Issues.......................................................................9-6

Loscalzo’s Frequently Asked Questions in GAAP Financial Statements ..........................................................9-7

Pitfalls and Problems in Financial Statement Disclosures.................................................................................9-8

Planning Cost Efficient and Effective Audits......................................................................................................9-8

Substantive Analytical Procedures Workshop ...................................................................................................9-9

Testing Internal Control Over Compliance and Compliance for Major Programs and Evaluating and Reporting the Results Obtained...........................................................................................9-10

Using Tax Basis and Other OCBOA Presentations Effectively .......................................................................9-11

Participant Comments “Course was rated excellent by entire audience.” “As always, great program, thank you.” “Fantastic course!” “Very good practice tips and real world examples”


Four Hour Mix and Match Programs NEW! Accounting and Auditing Update This session is a must to keep you on top of the changes you need to know to be effective. The course authors evaluate and emphasize only those standards that affect the small and medium sized entity and develop detailed practical guidance and illustrations. Synopses are provided for specialized issues. Note: This is a four hour version of our full day program “Loscalzo’s Annual FASB and AICPA Update.” Designed for All firms, all staff, all CPAs in privately-held companies – all accountants needing a good year-round update on recently issued standards Objective Participants will be able to apply the provisions of recently issued accounting and auditing pronouncements Major Subjects The program will focus on: Relevant Accounting Standards Updates to the FASB codification since implemented... the revised compilation and review standards, including the new report language, engagement letter requirement and optional disclosure regarding lack of independence…redrafted audit standards including those resulting from the clarity project Field of Study Course taught by Accounting – 2 hrs and Auditing – 2 hrs Greg Clark, John Fleming, Carolyn Jeff,

Rebecca Lee, William Loscalzo, Ralph Nach, and Deborah Rose

Section on auditing standards qualifies for the 24 hour Yellow Book requirement. Section on accounting standards qualifies for 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.


Four Hour Mix and Match Programs Allocating Costs in Not-for-Profit Organizations Indirect costs represent the expenses of doing business that are not readily identified with a particular grant, contract, project function or activity, but are necessary for the general operation of the organization. Although not-for-profit organizations focus on program related costs, the cold hard fact is that there are administrative costs involved in running an organization and grant programs cover only a limited amount of that cost. Therefore, it is important for accountants to understand how to maximize the amount of administrative costs that are allocable to grant programs. This course will help participants navigate the concepts involved in preparing and auditing indirect cost proposals for not-for-profit organizations. Designed for Auditors in public practice and practitioners in industry or public accounting interested in allocating costs to award programs in not-for-profit organizations Objective Participants will be able to: • Identify the activities carried on by the not-for-profit and their costs • Classify activities and costs as direct or indirect • Eliminate unallowable or distorting costs and compute rates for allocation • Audit indirect cost rates under OMB Circular A-133 Major Subjects Identification of the activities carried on by the not-for-profit and their costs… Classification of activities and costs as direct or indirect… Elimination of unallowable or distorting costs… Computation and approval of indirect cost rates, provisional rates, final rates, predetermined rates, fixed rates with and without carryforward… Modified total direct cost as a base… Salaries and wages as a base… Auditing indirect cost rates under OMB Circular A-133 Field of Study Course taught by Auditing – 4 hrs Allen Fetterman, Rebecca Lee, Margaret Thomas,

and James Woy Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.


Four Hour Mix and Match Programs NEW! Case Studies in Compliance Auditing The AICPA has responded to the criticism leveled at it and other organizations (GAO and OMB) in the PCIE’s Report on the Statistical Sample of Compliance Audits. As a result, additional guidance is being provided on many of the deficiencies found during the study. This four hour module will take a look at the changes the new SAS No. 117 and audit guide will make to compliance auditing, as well as other puzzling aspects of compliance auditing using a case study format. The course will also address issues arising as a result of the nearly $300 billion in funding from the American Recovery and Reinvestment Act (ARRA). Designed for Auditors of clients that expend federal awards and CPAs working in those organizations Objective Participants will be able to address compliance issues affecting auditors today and learn how the AICPA has addressed comments by the PCIE report and ARRA funding Major Subjects New SAS and revised audit guide on compliance auditing… Sample size… Writing compliance audit programs when there is no published compliance supplement… Program clusters… Documentation for very small A-133 audits… Internal control… ARRA issues ….Evaluating evidence obtained and reporting findings Field of Study Course taught by Auditing – 4 hrs Allen Fetterman, Carolyn Jeff, Rebecca Lee,

and Margaret Thomas Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. NEW! Fair Value Accounting in the 21st Century Fair value accounting has become a frequent topic of discussion for accountants, users, and government regulators during the past few years. ASC 820, previously FASB 157, Fair Value Measurements, and FSP FASB 157-4, Determining Fair Value When Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly, have caused confusion, frustration, and anger among many. This program will address this new fair value reality as it applies to frequently encountered situations in financial reporting. Designed for Those in public practice and industry Objective Participants will be able to apply the recently issued fair value guidance to financial reporting issues Major Subjects Summarize the main provisions of ASC 820…Identify by type, financial assets and financial liabilities and non-financial assets and non-financial liabilities…Demonstrate with examples, fair value input levels for each type of financial asset and financial liability and non-financial asset and non-financial liability…Asset and goodwill impairment issues…Apply ASC 820 to ASC 805 issues, business combinations, and specifically non-financial assets and non-financial liabilities…Illustrate fair value disclosure examples… fair value option issues

Field of Study Course taught by Accounting – 4 hrs Greg Clark, John Fleming, Kenn Heaslip,

Rebecca Lee, and Ralph Nach


Four Hour Mix and Match Programs NEW! Identifying and Addressing the Risk of Fraud in Not-for-Profit Organizations This four hour module will help auditors and those working in not-for-profit organizations to identify and address the most common fraud and abuse schemes that are perpetrated against them. Using a case study format, participants will learn how these fraud schemes can be prevented and detected. The issue of fraud is especially important to understand in an economy where incentive and pressure to commit a fraudulent act is intensified.

Designed for Auditors of not-for-profit organizations and CPAs working in the not-for-profit industry Objective Participants will be able to identify situations where there is a risk of fraud and create ways to prevent and detect them Major Subjects Identification of fraud risk… Major fraud schemes… Internal controls that are responsive to those risks Field of Study Course taught by Auditing – 4 hrs Allen Fetterman, Carolyn Jeff, Rebecca Lee, and

Margaret Thomas Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. NEW! International Accounting Standards – Differences with U.S. GAAP With the increasing use of International Accounting Standards in the United States by both public and private companies, many accountants find they have to develop an understanding of the International Financial Reporting Standards (IFRS) and how they differ from U.S. GAAP.

Designed for Those in public practice and industry

Objective Participants will be able to identify differences in US GAAP and International Accounting Standards

Major Subjects Describe the requirements associated with IFRS 1 – first time adopters of IFRS… Identify the primary differences between IFRS and U.S. GAAP… Describe the current joint accounting projects being worked on by the IASB and FASB… Discuss IFRS for Small and Medium Sized Entities (SMEs)... Illustrate a complete set of financial statements for a company reporting on IFRS Field of Study Course taught by Accounting – 4 hrs Greg Clark, John Fleming, Kenn Heaslip,

Carolyn Jeff, Rebecca Lee, Ralph Nach, and Deborah Rose


Four Hour Mix and Match Programs NEW! Loscalzo’s Case Studies in Complex Not-for-Profit Accounting, Disclosure and Auditing Issues This course will delve into complex issues that not-for-profits and their auditors face today. The literature will be discussed followed by a case study that will provide participants with the opportunity to explore the ways it could be handled using the literature. This module will concentrate on organizations of moderate size and larger. Designed for Auditors of not-for-profit organizations and CPAs working in the not-for-profit industry Objective Participants will be able to efficiently apply auditing literature to a variety of complex issues Major Subjects Endowments… Alternative investments… Mergers and acquisitions… Split interest agreements… Fair value… Consolidation… Other than temporarily impaired investments… Uncertain tax positions… Agency transactions (foundations) Field of Study Course taught by Auditing – 4 hrs Allen Fetterman, Carolyn Jeff, Rebecca Lee,

Margaret Thomas, and James Woy Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. NEW! Loscalzo’s Frequently Asked Questions on Audit Issues Using the popular “Frequently Asked Question” format, this session will take a deeper dive into issues that auditors have found troubling over the past two years. It will deal with risk assessment implementation issues, efficiency issues for smaller clients, sampling and more.

Designed for All practitioners in public practice

Objective Participants will be able to efficiently apply auditing literature to a variety of troublesome issues

Major Subjects Audit risk… Documenting consideration of presumed risks of fraud… Inherent risk and its role in combined risk… Monitoring… Key controls... Process vs. controls… When testing controls makes sense and when it doesn’t… Significant risks… Difference between assessment of risk at high and significant risks… Linkage… Report on internal control (significant deficiencies and material weaknesses)… Communications with those charged with governance (in planning and at the end of the audit)… Using a service auditor’s report

Field of Study Course taught by Auditing – 4 hrs Greg Clark, John Fleming, Carolyn Jeff,

Rebecca Lee, Ralph Nach, Deborah Rose, and Margaret Thomas

Qualifies for the 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.


Four Hour Mix and Match Programs Loscalzo’s Frequently Asked Questions in GAAP Financial Statements This program uses a question and answer format to discuss real practice questions that have been raised by Loscalzo clients. Note: This program is a four hour version of “The Loscalzo Answer to Frequently Asked Questions in Accounting and Auditing.”

Designed for Those in public practice and industry Objective Participants will be able to: • Recognize issues • Resolve emerging practice problems • Address problems before they arise Major Subjects Vendor rebates… Startup costs – can they be capitalized?... How to treat refinancing costs… Cash and cash equivalents – what qualifies… Purchase/supply commitments… Capitalized costs… Loans… Leases… Debt issues… Revenue recognition… Statement of cash flows… Shipping and handling costs… How to record initial capital contributions made in property… Accounting when there is an exchange of non-monetary assets… Problems in applying the equity method… Consolidation issues… Investments in closely held entities… Equity transactions… Related/affiliated entities… Computer software capitalized costs… Professional employer organization… and Impact of new FASB pronouncements Field of Study Course taught by Accounting – 4 hrs Greg Clark, John Fleming, Kenn Heaslip,

Carolyn Jeff, Rebecca Lee, William Loscalzo, Ralph Nach, and Deborah Rose

Qualifies for the 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.


Four Hour Mix and Match Programs Pitfalls and Problems in Financial Statement Disclosures This four hour program highlights the most common disclosure errors being made in financial statements. Special emphasis will be on problem disclosures identified in peer review. Note: This program is a four hour version of “Loscalzo’s Disclosure – The Key to Financial Statements.” Designed for Accountants in public practice and industry Objective Participants will be able to prepare disclosures for privately-held companies Major Subjects General disclosures including accounting policies, commitments and contingencies, guarantees, risks and uncertainties, and related parties… Balance sheet items including cash, accounts receivable, inventory costs, goodwill, and other intangibles… Liabilities issues, including classification problems… Income statement areas including the new rules on accounting changes and error corrections, extraordinary items, accounting estimates, discontinued operations, income taxes, including uncertain tax positions… and Cash flow statement Field of Study Course taught by Accounting – 4 hrs Greg Clark, John Fleming, Kenn Heaslip, Carolyn Jeff,


Qualifies for the 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. Planning Cost Efficient And Effective Audits Many auditors still view planning as merely a compliance requirement. But those conducting profitable audits know that planning is the key to good realization. This program will walk you through the technical requirements of audit planning and illustrate how those requirements can truly identify how to cut time on the job. Designed for Those in public practice Objective Participants will be able to plan an engagement following the risk assessment standards Major Subjects Using knowledge of the client and its industry to identify risk areas… Materiality decisions that streamline testing… Revisiting control risk assessment under the risk assessment SASs… Applying fraud risk assessment rules… Making the best use of analytical procedures… Peer review observations concerning the application of the risk assessment standards Field of Study Course taught by Auditing – 4 hrs Greg Clark, John Fleming, Rebecca Lee, Ralph Nach, and Deborah Rose Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.


Four Hour Mix and Match Programs Substantive Analytical Procedures Workshop This course will provide participants with hands-on techniques on how to perform substantive analytical procedures (APs) in an audit engagement. Designed for Accountants in public practice. Objective Participants will learn how to develop expectations, perform and document substantive analyticals. Major Subjects Developing expectations… Factors to be considered in using APs as a substantive test… Types of analytical procedures and which work best – period to period comparisons; scanning the general ledger; analysis of relationships among accounts; comparison to industry standards; comparison of financial to non-financial data; comparison to anticipated results; ratios… Evaluation of differences… Combining APs with other substantive tests… Disaggregated and nonfinancial analytical procedures… Documentation issues. Field of Study Course taught by Auditing – 4 hrs Greg Clark, John Fleming, Carolyn Jeff, Rebecca Lee, Ralph Nach, and Deborah Rose Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.


Four Hour Mix and Match Programs Testing Internal Control Over Compliance and Compliance for Major Programs and Evaluating and Reporting the Results Obtained In 2007, a report was issued on a statistical sample of audits selected for quality control review under the auspices of the President’s Council on Integrity and Efficiency (PCIE). This study quantified what was generally already known by federal agencies – many audits do not meet the required standards. In fact, over half of the audits reviewed had deficiencies. Some commonly noted deficiencies related to testing internal control over compliance, determining sample size for compliance testing and evaluating the results obtained. This course will walk through how to perform each of these tests, how to evaluate the evidence obtained, report the findings and issue the appropriate opinion. There will also be a discussion of how to identify compliance requirements when the program does not have a CFDA number. The program will address changes to internal control as a result of the American Recovery and Reinvestment Act (ARRA) and changes resulting from the AICPA’s new SAS No. 117. Designed for Auditors in public practice and practitioners in industry or public accounting interested in understanding internal controls over compliance and tests of compliance that will be performed by the independent auditor on major programs Objective Participants will be able to: • Differentiate between internal control over financial reporting and internal control over compliance • Identify the internal controls over compliance to understand and to test • Evaluate the tests of internal controls performed and draw conclusions about the sample size needed for

compliance • Evaluate the tests of compliance and determine the findings to be reported under OMB Circular A-133 and

the appropriate opinion on compliance

Major Subjects Internal control over financial reporting- control environment, risk assessment, information and communication, monitoring and control activities… Compliance supplement – part 6, internal controls over compliance at the 5 levels… Understanding controls over compliance… Looking for overlap with controls over financial reporting where appropriate… Identifying key controls… Testing controls… Evaluating the results of tests of internal controls… Determining a compliance sample size… Testing compliance… Evaluating the results of tests performed… Schedule of findings and questioned costs… Compliance opinions… Report forms for internal control over compliance and compliance for major programs Field of Study Course taught by Auditing – 4 hrs Allen Fetterman, Carolyn Jeff, Rebecca Lee,

Margaret Thomas, and James Woy Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.


Four Hour Mix and Match Programs Using Tax Basis and Other OCBOA Presentations Effectively With the complexities and cost of GAAP financials, many practitioners have encouraged clients to use tax basis and other OCBOA financial statements. This program will address OCBOA reporting and disclosure requirements, including the AICPA interpretation and practice aid on OCBOA. Note: This program is a four hour version of “Loscalzo’s Tax, Cash and Modified Cash Basis Financial Statements and Other Alternatives to GAAP.” Designed for Practitioners in public practice and CPAs in industry who are responsible for the preparation of non-public, non-GAAP financial statements Objective • Address the issues associated with OCBOA presentation • Prepare financial statements on an other comprehensive basis of accounting Major Subjects • What are the most common GAAP versus tax differences? • Which footnotes can be eliminated in OCBOA presentations? • What does "communicate the substance of GAAP disclosures" mean under the AICPA interpretation? • Are changes needed to the body of statements when tax basis financials are presented? • Should tax basis statements include non-taxable and non-deductible items? • Can any financial statements be eliminated in an OCBOA presentation? Field of Study Course taught by Accounting – 4 hrs Greg Clark, John Fleming, Carolyn Jeff,

Rebecca Lee, William Loscalzo, and Deborah Rose


SSEECCTTIIOONN 1100:: TTWWOO HHOOUURR MMIIXX AANNDD MMAATTCCHH PPRROOGGRRAAMMSS The Ultimate in CPE Flexibility

These two hour programs have been designed to allow flexibility in scheduling a training program that meets the specific needs of the group. These programs can be combined with other four or two hour programs.

Level of Knowledge Field of Study Basic Accounting and/or Auditing Advance Preparation Availability Date None 6/1/2010

Two Hour Mix and Match Programs: NEW! 11-K Employee Benefit Plan Audits .....................................................................................................10-2 NEW! Accounting Standards Update .............................................................................................................10-3 Accounting Issues for Construction Contractors..............................................................................................10-3 Accounting Issues for Troubling Times............................................................................................................10-4 NEW! Acquisition Accounting – Are You Ready For It? .................................................................................10-4 Analytical Procedures for Not-for-Profit Organizations ....................................................................................10-5 Analytical Procedures for Reviews and Audits ................................................................................................10-5 Common Peer Review Disclosure Deficiencies and How to Solve Them .......................................................10-6 NEW! Consolidation of Variable Interest Entities Revisited ...........................................................................10-6 Cost Capitalization Principles for Real Estate .................................................................................................10-7 Derivatives in Plain English .............................................................................................................................10-7 Effective Practices for Applying OMB Cost Circulars to Federal Awards ........................................................10-8 High Risk Areas — Inventory and Receivables ...............................................................................................10-9 How to Analyze Financial Statements .............................................................................................................10-9 How to Service Small Client Needs within the Framework of Professional Standards..................................10-10 How to Use A Service Organization Report Properly ....................................................................................10-10 Meeting Workpaper Documentation Requirements.......................................................................................10-11 Navigating the FASB Accounting Standards Codification .............................................................................10-11 Practice Problems with Related Party Transactions......................................................................................10-12 Professional Ethics for CPAs.........................................................................................................................10-12 Recent Compilation and Review Issues ........................................................................................................10-13 Revenue Recognition for Real Estate Transactions ......................................................................................10-13 Reviewing Documentation for Efficiency and Effectiveness ..........................................................................10-14 Selecting Major Programs for OMB Circular A-133 Audits ............................................................................10-14 The Dangers of Improper Revenue Recognition ...........................................................................................10-15 Troublesome Accounting and Auditing Issues — A Potpourri of Engagement Issues ..................................10-15 Understanding Financial Statement Assertions.............................................................................................10-16 Understanding the Requirements of Government Auditing Standards (Yellow Book)...................................10-17 Using Nonstatistical Sampling for Efficient Audits .........................................................................................10-18 What’s New with Quality Control and Peer Review .......................................................................................10-18 Writing Effective SAS 115 Reports ................................................................................................................10-19 Participant Comments “Excellent. This is what CPE should be.” “I liked the concept of having 4 different topics wrapped into one day – provides diversity.” “2 hour class formats are great! To the point and very informative.” “I learned a lot from the sampling discussion. Everything was useful.” “Very effective!”


Two Hour Mix and Match Programs NEW! 11-K Employee Benefit Plan Audits Employee Benefit Plans that offer shares of plan sponsor securities to participants for investment are required to register the shares with the SEC. As a result, these plans are subject to annual reporting and disclosure responsibilities under the SEC Act of 1934. This requirement is satisfied by the Plan filing an 11-K. Plans that are required to file an 11-K are considered separate issuers and as such, the audits performed are subject to the provisions of the Sarbanes Oxley Act of 2002 and the auditing standards and rules of the Public Company Accounting Oversight Board (“PCAOB”). This program will discuss many of the unique requirements of an 11-K audit engagement. Designed for Practitioners in public accounting firms with experience in auditing employee benefit plans Objective Participants will be able to: • Identify the unique requirements of an 11-K audit engagement • Prepare audit reports in accordance with SEC requirements • Implement the PCAOB standards • Identify the major differences in performing an audit under PCAOB standards versus generally accepted

auditing standards (“GAAS”) Major Subjects Firm’s registration with the PCAOB… Annual and Special Reporting to the PCAOB… PCAOB Inspections… PCAOB Standards and Rules… Independence Rules… Prohibited Non-Audit Services… Concurring Partner Reviews… PCAOB Engagement Quality Review… Partner Rotation… Pre-approval of Services… Audit Report and Opinion… SEC Filing Requirements… Consent Letter… SAS 61 Letter… Communication of Significant Deficiencies and Material Weaknesses Field of Study Course taught by Auditing – 2 hrs Greg Clark


Two Hour Mix and Match Programs NEW! Accounting Standards Update This session will provide an overview of changes made to pronouncements since the FASB Codification was adopted. Only pronouncements which are relevant to local accounting firms or privately-held companies will be covered in detail. For other issues, a quick synopsis will be provided.

Note: This is a two hour version of our full day program “Loscalzo’s Annual FASB and AICPA Update.” Designed for All firms, all staff, all CPAs in privately-held companies – all accountants needing a good year-round update on recently issued accounting standards Objective Participants will be able to apply new accounting literature Major Subjects Relevant pronouncements issued since the FASB Codification was adopted… Special emphasis will be placed on the most common disclosures including sample footnotes Field of Study Course taught by Accounting – 2 hrs Greg Clark, John Fleming, Carolyn Jeff, Rebecca Lee, William Loscalzo, Ralph Nach, and Deborah Rose

Qualifies for the 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. Accounting Issues for Construction Contractors Many in the profession continue to use inappropriate revenue recognition techniques for contractors. This program is designed to assist participants in making sound, supportable decisions regarding the accounting for long-term construction contracts. Designed for Those in public practice with construction contractor clients and those in industry working for construction contractors Objective Participants will be able to apply percentage of completion and completed contract methods of recognizing income and evaluate the circumstances under which each is permissible or required Major Subjects When the completed contract method is acceptable for GAAP financial statements… Applying the percentage of completion method correctly… Appropriate methods of calculating percentage of completion… Adequate accounting policy disclosures… Supplementary disclosures… Classified vs. unclassified balance sheets… Costs in excess of billings and billings in excess of cost Field of Study Course taught by Accounting – 2 hrs William Loscalzo, Rebecca Lee, and Ralph Nach


Two Hour Mix and Match Programs Accounting Issues for Troubling Times As the economy falters, many industries are feeling financial pressures. These pressures often impact GAAP accounting requirements. This course will identify the following major accounting pronouncements that might affect companies and how to apply them. Designed for Those in public practice and industry Objective Participants will be able to recognize and apply pronouncements relating to a down turn in the economy Major Subjects The impact on debtors and creditors when a loan is in trouble, restructured or modified and what the differences are… Identifying when a long lived asset, goodwill or an intangible asset must be tested for impairment and how to calculate and record the adjustment… Identifying and accounting for lease modifications by either the lessee or the lessor… Costs incurred relating to the exit of a business… Discontinued operations… Going concern disclosures… Subsequent events… Accounting for foreclosures… Evaluating the adequacy of reserves… Accounting for the abandonment of assets and assets that are held for sale… Other than temporary impairments of investments Field of Study Course taught by Accounting – 2 hrs Greg Clark, John Fleming, Kenn Heaslip,

Carolyn Jeff, Rebecca Lee, William Loscalzo, Ralph Nach, and Deborah Rose

NEW! Acquisition Accounting – Are You Ready For It? Your client just purchased a rental property. Simple asset purchase or business acquisition? With the new fair value requirements now applying to "hard assets", acquisition accounting takes on a whole new meaning. This session will discuss not only how the business combination pronouncement expands what is accounted for as a business acquisition but it also discusses the nuances of items never before required to be valued. The program will use specific examples of what and how acquired items must be valued. Designed for Those in public practice and industry Objective Participants will be able to identify assets and liabilities including any noncontrolling interest that requires special fair value considerations Major Subjects Fair Value Measurements (Overview)… Valuation of Assets and Liabilities… Business Combinations… Determination of the Useful Life of Intangible Assets… Noncontrolling Interests in Consolidated Financial Statements Field of Study Course taught by Accounting – 2 hrs William Loscalzo and John Fleming


Two Hour Mix and Match Programs Analytical Procedures for Not-for-Profit Organizations Auditors are required to perform substantive tests of all significant account balances and classes of transactions. This testing can take the form of tests of details, substantive analytical procedures (SAP) or a combination of the two. Since sample sizes for tests of details can be very large, especially for statement of activity accounts, many auditors are turning to substantive analytical procedures. Designed for Auditors in public practice and practitioners in industry or public accounting interested in performing substantive analytical procedures Objective Participants will be able to: • Assess when it makes sense to perform substantive analytical procedures • Perform and document these procedures Major Subjects Determining whether it is efficient or effective to perform SAPs… Testing reports used when performing SAPs… Plausible and predictable relationships in data used for SAPs… Setting expectations… Refining expectations… Evaluating precision… regression analysis… Concluding based on the audit evidence obtained Field of Study Course taught by Auditing – 2 hrs Allen Fetterman, Carolyn Jeff, and

Margaret Thomas Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor's Yellow Book clients. Note that the determination of course qualification is a matter of an auditor's professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. Analytical Procedures for Reviews and Audits Updated for SSARS 17 There’s no question that analytical procedures require a great deal of judgment in deciding just how much “digging” must be done to develop expectations and evaluate fluctuations and other anomalies that are discovered. And it’s true that analytical procedures require a thorough understanding of the client’s operations. But these two characteristics are exactly why analytical procedures can be effective evidence on reviews and audits and a strong tool for increasing efficiency. This program is designed to clear up misconceptions in implementing professional performance standards and increase effectiveness and efficiency in the performance of analytical procedures. Designed for Accountants in public practice Objective Participants will be able to perform and document analytical procedures appropriately and cost effectively Major Subjects Using knowledge of the client and changes to develop expectations… Knowing when to stop investigating fluctuations… Selecting the most effective and efficient APs… Documenting APs Field of Study Course taught by Auditing – 2 hrs Greg Clark, John Fleming, Carolyn Jeff,



Two Hour Mix and Match Programs Common Peer Review Disclosure Deficiencies and How to Solve Them This program reviews the most common disclosure “errors” cited in peer review over the last decade.

Designed for Practitioners in public practice and CPAs in industry who are responsible for the preparation of non-public financial statements. Since one of our course authors has served on the NJSCPA Peer Review Executive Committee for 18 years and has performed quality control consultations for over 28 years, this program is a must for those practitioners who will undergo peer review. Objective Participants will be able to prepare disclosures for commonly deficient areas for privately-held companies Major Subjects Accounting policy errors… Risks and uncertainties… Related party problems… Balance sheet "deficiencies"… Classification of liabilities and other issues… Income statement areas… Cash flow statement Field of Study Course taught by Accounting – 2 hrs Greg Clark, John Fleming, Kenn Heaslip, Carolyn Jeff,

Rebecca Lee, William Loscalzo, and Deborah Rose Qualifies for the 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. NEW! Consolidation of Variable Interest Entities Revisited This program will provide you with the most up-to-date revised guidance issued (including ASC 810 (FASB 167), Amendments to FASB Interpretation No. 46(R)) on variable interest entities. Designed for Accountants in public practice and industry Objective Participants will be able to determine if and how to consolidate variable interest entities and to prepare the appropriate financial statements and disclosures Major Subjects Determining when an entity is a variable interest entity… Determining if a primary beneficiary exists… New reconsideration events… Expanded disclosures for private and public companies effective in 2010

Field of Study Course taught by Accounting – 2 hrs Greg Clark, John Fleming, William Loscalzo, Ralph Nach, and Deborah Rose


Two Hour Mix and Match Programs Cost Capitalization Principles for Real Estate GAAP permits certain costs to be capitalized during the construction period. This session will focus on the types of costs that are required to be capitalized, as well as the appropriate period during which capitalization is to occur. Special attention will be paid to the differences between the GAAP capitalization requirements and those of the Internal Revenue Code, including interest capitalization. The program will also discuss when initial operations commence, the appropriate accounting for incidental operations and when they must be capitalized instead of being charged to expense.

Designed for Accountants in public practice and industry Objective To provide accountants with practical guidance so that they may apply the specialized rules with respect to real estate cost capitalization Major Subjects Capitalization of interest cost… Accounting for costs and initial rental operations of real estate projects… Costs associated with the sales of time shares… Accounting for real estate time sharing transactions… Accounting for the impairment or disposal of long-lived assets Field of Study Course taught by Accounting – 2 hrs William Loscalzo and Ralph Nach Qualifies for the 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. Derivatives in Plain English Many accountants automatically assume that pronouncements on derivatives and hedging transactions are irrelevant. But even small privately-held companies use derivatives. This program helps accountants master the basics of identifying and accounting for derivatives.

Designed for Those who prepare financial statements for non-public companies

Objective Participants will be able to apply accounting and disclosure rules for derivatives

Major Subjects What exactly is a derivative… Common derivatives for small privately-held companies… Factors to consider when determining which derivative and hedging pronouncements should be complied with – fair value techniques and using a specialist… Basic accounting requirements… Required disclosures Field of Study Course taught by Accounting – 2 hrs Greg Clark, Ralph Nach and Deborah Rose Qualifies for the 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.


Two Hour Mix and Match Programs Effective Practices for Applying OMB Cost Circulars to Federal Awards Recipients of federal grants must follow Office of Management and Budget (OMB) guidelines in their administration. OMB circulars set standards for financial management, and include written procedures for determining the reasonableness and permissibility of costs with the condition of the award. Designed for Auditors in public practice and practitioners in industry or public accounting interested in applying the provisions of OMB cost and administrative circulars to not-for-profit or governmental entities Objective Participants will be able to apply the provisions of: • OMB Circular A-21 • OMB Circular A-122 • OMB Circular A-87 • OMB Circular A-102 • OMB Circular A-110 Major Subjects OMB Circular A-21 Cost Principles applicable to educational institutions… OMB Circular A-122 Cost Principles applicable to nonprofit organizations… OMB Circular A-87 Cost Principles applicable to state, local and Indian tribal governments… OMB Circular A-102 Administrative Requirements applicable to state and local governments… OMB Circular A-110 Uniform Administrative Requirements applicable to educational, hospital and other nonprofit organizations… Composition of total costs… Factors affecting allowability of costs, reasonable costs, allocable costs, applicable credits, direct costs, indirect costs, allocation of indirect costs and determination of indirect cost rates… Integration of circulars with A-133…. changes brought about as a result of SAS No. 117 on compliance auditing Field of Study Course taught by Auditing – 2 hrs Allen Fetterman, Carolyn Jeff, Rebecca Lee,

Margaret Thomas, and James Woy Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.


Two Hour Mix and Match Programs High Risk Areas – Inventory and Receivables Covers SSARS guidance on analytical procedures and risk assessment standards

The headlines continue to “blast” accounting firms for fraud and misstatement of inventory and accounts receivable, and those are only the ones that make it into the newspapers. This program deals with the key exposure areas for inventory and receivables and how accountants can reduce risk when performing a compilation, review or audit. Designed for Those in public practice Objective Participants will be able to perform compilation, review, and audit procedures for inventory and receivables Major Subjects Inventory audit problems… Inventory – compilation and review problems… Accounts receivable – audit problems… Revenue risk issues… Problems with receivables in SSARS engagements Field of Study Course taught by Auditing – 2 hrs Greg Clark, John Fleming, Rebecca Lee, William Loscalzo, and Deborah Rose Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. How To Analyze Financial Statements While all CPAs know how to analyze financial statements, recent articles in the financial press on improper revenue recognition, quality of earnings and cash flow issues have emphasized the importance of understanding financial statement relationships beyond traditional accrual analysis. This program uses analysis techniques that would identify unusual or unexpected financial statement relationships. Cash flow analysis and use of industry data will be emphasized. Designed for CPAs and accountants in industry who analyze financial results to enhance evaluation of operations and develop business strategies Objective Participants will be able to apply both traditional and non-traditional financial statement analysis techniques for specific entities and objectives Major Subjects Traditional financial statement analysis… Cash flow measurements… Enhancing ratio analysis with cash flow measurements… Quality of earnings considerations… Use of industry data with closely held companies Field of Study Course taught by Accounting – 2 hrs Greg Clark, John Fleming, Kenn Heaslip, Carolyn Jeff, Rebecca Lee, and Deborah Rose


Two Hour Mix and Match Programs How To Service Small Client Needs Within The Framework Of Professional Standards Client requests for financial information to be used by or given to others often don’t “fit” a standard SSARS engagement. In some cases, a CPA’s association with a presentation may actually be prohibited, or may fall under separate attestation standards. Or, there may be simpler options that CPAs are simply not aware of.

This program will discuss how to identify what’s permitted in the literature and how to structure such engagements to meet client needs in the most professional manner while avoiding services that clients don’t need.

Designed for Those in public practice.

Objective Participants will be able to determine what professional standards apply to various untraditional presentations or client needs.

Major Subjects Reliability project… SSARS 13 and 14 on specified elements and pro forma information… Distinguishing a consulting engagement versus an attest engagement… SSARS Interpretation 28 – special purpose presentations – just how many deviations are acceptable… Reporting when performing controllership or other management services… Addressing unusual requests from lenders, potential buyers, and others… Using agreed-upon procedures in certain special situations

Field of Study Course taught by Auditing – 2 hrs Greg Clark, John Fleming, Carolyn Jeff, Rebecca Lee, William Loscalzo, and Deborah Rose How To Use A Service Organization Report Properly This program is designed for practitioners who wish to use service organizations’ reports to reduce the scope of their work and become more efficient as well as those in industry who need to understand how reliably the transactions that they trust to service organizations are being handled. The course also addresses the controls that the user organization needs to have in place.

Note: This program is especially important for practitioners who perform employee benefit plan audits.

Designed for Those in industry who use service bureaus and want to understand how they can help ensure that the controls at the service organizations are appropriately designed (and are effective for those obtaining type 2 reports) as well as those in public practice who use the reports in their audits

Objective Participants will be able to determine how to use service organizations’ reports in their audits

Major Subjects Changes in requirements from SAS 70… Differences in the two types of reports… What work is required on each report... User organization controls… When and how these reports can reduce work… Frequent traps and peer review issues involving service organization reports….Proposed Statement on Auditing Standards, Audit Considerations Relating to an Entity Using a Service Organization

Field of Study Course taught by Auditing – 2 hrs Greg Clark, John Fleming, Rebecca Lee,

William Loscalzo, Ralph Nach, Deborah Rose and Margaret Thomas



Two Hour Mix and Match Programs Meeting Workpaper Documentation Requirements Various standard setting bodies have expanded the requirements for both workpaper preparation and retention. This, coupled with recurring documentation deficiencies noted in peer review, increases the importance of adopting best practices for engagement documentation. Designed for Accountants in public practice Objective Participants will be able to prepare workpapers for compilations, reviews and audits that meet professional standards Major Subjects What workpapers must be prepared in a compilation and review… Audit documentation required by SAS 103 (redrafted) and the risk assessment SASs… Common documentation “blows”… Workpaper retention – what and how long?... Samples of key workpapers will be included in the manual. Field of Study Course taught by Auditing – 2 hrs Greg Clark, John Fleming, Carolyn Jeff, Rebecca Lee, William Loscalzo, Ralph Nach, and Deborah Rose Navigating the FASB Accounting Standards Codification The FASB Codification is the sole authoritative source for accounting research. Although the Codification does not change GAAP, existing standard numbers (FASBs, FINs, TBs, SOPs, EITFs, etc.) have been dropped in favor of areas, topics and sections, and the GAAP hierarchy has been eliminated.

A number of “live” research examples will demonstrate access to and navigation around the FASB Codification web site. Internet access will be needed in the classroom. Designed for Those in public practice and industry Objective Participants will be able to use the FASB Codification Major Subjects This module will explain why the Codification project was undertaken… What is – and isn’t – included in the Codification… How GAAP literature is organized… What happened to the GAAP hierarchy and what takes its place… How new standards will be “numbered” and incorporated… Features of the FASB Codification web site, such as search functions, cross referencing and topic location numbering schemes Field of Study Course taught by Accounting – 2 hrs Greg Clark, John Fleming, Kenn Heaslip, Rebecca Lee, Ralph Nach, and Deborah Rose


Two Hour Mix and Match Programs Practice Problems With Related Party Transactions Many notorious accounting scandals included related party scams, and small business owners misrepresenting the substance over form requirements of GAAP when related party transactions are involved. Should a related party transaction be accounted for differently from an arms-length transaction? Is disclosure an “out” to handle related party transactions any way the company wants? Using a series of “live” cases, this program will answer these two questions and discuss proper presentation and disclosure in the financial statements, as well as examine accounting issues involving related parties that are equity method investees. Designed for Accountants in public practice and industry Objective Participants will be able to recognize, account, and disclose related party transactions Major Subjects A closer look at related party transactions and the related accounting guidance… The equity method of accounting for investments in common stock… Special cases – equity method Field of Study Course taught by Accounting – 2 hrs Greg Clark, John Fleming, Kenn Heaslip, Rebecca Lee, Ralph Nach, and Deborah Rose Qualifies for the 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. Professional Ethics for CPAs Through a series of frequently asked questions, this program will discuss AICPA interpretations and rulings and how they impact practitioners in public practice. Note: This is a two hour version of our four hour program “Professional Ethics for CPAs.” Designed for CPAs in public practice as well as CPAs employed in private industry Objective Participants will be able to: • Identify independence issues • Comply with other ethics requirements such as providing records, commissions and contingent fees, etc. Major Subjects Independence – attest engagements… electronic tax submissions... Integrity and objectivity… Gifts and entertainment… Contingent fees and commissions… Client records... Issues impacting non-attest practices and engagements Field of Study Course taught by Regulatory Ethics – 2 hrs Greg Clark, John Fleming, Kenn Heaslip, Carolyn Jeff, Rebecca Lee, William Loscalzo, and Deborah Rose


Two Hour Mix and Match Programs Recent Compilation and Review Issues SSARS 19 effectively rewrote and codified most of the compilation and review standards. This is an entirely new program designed to address the new standards. Designed for Practitioners who perform compilations and reviews for small business clients Objective Participants will be able to: • Effectively perform compilations and reviews • Efficiently document compilations and reviews • Identify problem and exposure areas Major Subjects Revised report language… Required engagement letter… Optional disclosure when independence is impaired… Required documentation… Performance standards Note: All forms, engagement letters, representation letters and reports will be available in Word format. Field of Study Course taught by Auditing – 2 hrs Greg Clark, John Fleming, Rebecca Lee,

Kenn Heaslip, Carolyn Jeff, William Loscalzo, Ralph Nach, and Deborah Rose Revenue Recognition for Real Estate Transactions This program reviews the specialized revenue recognition requirements with respect to real estate transactions. Emphasis is placed on the requirements that must be met in order for full profit recognition to be appropriate and the circumstances that necessitate delayed profit recognition using the installment method or cost recovery method. Special emphasis is placed on determination of when a gain or loss must be recorded on an exchange of real estate.

Designed for Accountants in public practice and industry Objective Participants will be able to determine and apply the appropriate revenue recognition method for transactions involving real estate Major Subjects Full profit recognition… Installment or cost recovery… Exchanges of real estate Field of Study Course taught by Accounting – 2hrs William Loscalzo and Ralph Nach Qualifies for the 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.


Two Hour Mix and Match Programs Reviewing Documentation for Efficiency and Effectiveness With the time pressure of getting the job “out the door”, often review of documentation is limited to checking that the financial statement numbers tie into the documentation and that major technical issues are addressed. Although this approach is clearly important to insure high quality, it does little to train the staff on how to cut out extraneous procedures and documentation. This program will discuss a process that can be used by the reviewer to balance risk and efficiency. It will discuss SAS and SSARS documentation requirements and use an actual review exercise and illustrations on documenting the review process. Designed for The in-charge accountant responsible for supervising the engagement Objective Participants will be able to perform and document an effective review of documentation Major Subjects Documentation contents… Selecting documentation to be reviewed… The actual documentation review… Documenting the documentation review Field of Study Course taught by Auditing – 2 hrs Greg Clark, John Fleming, Rebecca Lee,

Carolyn Jeff, William Loscalzo, Ralph Nach, and Deborah Rose

Selecting Major Programs for OMB Circular A-133 Audits In 2007, a report was issued on a statistical sample of audits selected for quality control review under the auspices of the President’s Council on Integrity and Efficiency (PCIE). With over half of the audits having deficiencies, one recurring noted deficiency related to the implementation of the risk based approach. If the auditor does not choose the right programs to audit according to the guidance, then the audit is deficient.

Designed for Auditors in public practice and practitioners in industry or public accounting interested in understanding how major programs are selected under OMB Circular A-133

Objective Participants will be able to: • Apply the risk based approach described in OMB Circular A-133 • Determine coverage requirements • Prevent deficiencies in program selection identified in the PCIE study

Major Subjects This program walks through the risk based approach with a step by step case study and addresses application of the risk based approach… Low risk auditee… Exceptions to the risk based approach… Setting the threshold and coverage… Type A risk criteria… Type B risk criteria… Excluded B programs… Clusters of programs… Requested programs… Instances where the risk based approach is not applicable… Strategies for efficiency… changes to internal control as a result of the American Recovery and Reinvestment Act (ARRA) … Changes resulting from the AICPA’s new SAS No. 117 Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.

Field of Study Course taught by Auditing – 2 hrs Allen Fetterman, Carolyn Jeff, Rebecca Lee,

Margaret Thomas, and James Woy


Two Hour Mix and Match Programs The Dangers Of Improper Revenue Recognition Headline after headline points out how pervasive improper revenue recognition is. Finally, the FASB has added a project to revisit revenue recognition. Through lecture and short case write-ups, this program will identify improper revenue recognition techniques. In addition, the program will address quality of earnings – so much in the forefront in this scandal-ridden environment.

Note: This is a two hour version of our full day program “Loscalzo’s Deceptive Accounting and Revenue Recognition Techniques – Recognizing the Warning Signs.”

Designed for Practitioners in industry and in public practice

Objective Participants will be able to: • Identify creative accounting practices used to deceive financial statement users • Identify those risk characteristics normally associated with fraudulent financial reporting • Apply accounting rules the right way

Major Subjects General revenue recognition principles… Accounting for product financing arrangements… Accounting for sales of real estate… Software revenue recognition… Service transactions and construction contracts… Improper revenue recognition: a problem for the profession… Other deceptive revenue recognition practices

Field of Study Course taught by Accounting – 2 hrs Greg Clark, John Fleming, Rebecca Lee, Kenn Heaslip, and Deborah Rose Qualifies for the 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. Troublesome Accounting And Auditing Issues – A Potpourri Of Engagement Issues Time and time again, professionals are having difficulty applying, in a practical way, a variety of accounting and auditing pronouncements. This program will pick out and review the most common areas of concern for both the peer reviewer or firm quality control professional.

Designed for Those in public practice

Objective Participants will be able to address troublesome accounting and auditing pronouncements

Major Subjects Some of the areas to be addressed are departures from GAAP or OCBOA… Leasing issues for privately held companies… Reporting issues encountered by local practitioners… Implementation issues regarding the risk assessment standards

Field of Study Course taught by Accounting – 1 hr and Auditing – 1 hr Greg Clark, John Fleming, Carolyn Jeff,

William Loscalzo, and Ralph Nach Section on auditing standards qualifies for the 24 hour Yellow Book requirement. Section on accounting standards qualifies for the 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.


Two Hour Mix and Match Programs Understanding Financial Statement Assertions The risk assessment standards require the auditor to obtain an understanding of internal control for all significant account balances and assertions and determine (at a minimum) if those controls are appropriate and whether or not they have been implemented. This level of understanding is likely to be the most difficult aspect of the risk assessment standards to implement for auditors that generally use a substantive approach to audits.

Designed for Practitioners in public practice who must comply with the risk assessment standards

Objective Participants will be able to identify the proper audit procedures to test each financial statement assertion

Major Subjects This program will explain the financial statement assertions, the level of understanding of controls that is required at the activity level, assessing risk, how to test controls over the assertions, the use of analytical procedures, implications on disclosures and how to identify substantive tests that address: Existence… Occurrence… Rights and obligations… Completeness… Accuracy… Valuation and allocation… Cut off… Understandability… Classification

Field of Study Course taught by Auditing – 2 hrs Greg Clark, John Fleming, Rebecca Lee, William Loscalzo, and Ralph Nach Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.


Two Hour Mix and Match Programs Understanding the Requirements of Government Auditing Standards (Yellow Book) In 2007, the GAO issued a new version of the Yellow Book (Government Auditing Standards) which incorporates the new GAAS professional standards and includes some new material. Auditors cannot afford to ignore GAS since they are required to issue a report on internal control and a report on compliance over financial reporting. In addition, if either the general standards or specific standards are violated, the auditor will be required to specifically state that in the scope section of the report on the financial statements.

Designed for Auditors in public practice and practitioners in industry or public accounting interested in understanding the requirements of government auditing standards

Objective Participants will be able to: • Determine when the Yellow Book applies • Address the general provisions of the Yellow Book • Implement fieldwork and reporting provisions of the Yellow Book

Major Subjects When the Yellow Book applies to audits… GAS independence rules… GAS continuing professional education requirements… GAS quality control and peer review requirements… Consideration of internal control over financial reporting… Consideration of noncompliance… Consideration of abuse… Written representations from management… Reporting

Field of Study Course taught by Auditing – 2 hrs Allen Fetterman, Carolyn Jeff, Rebecca Lee,

Margaret Thomas, and James Woy



Two Hour Mix and Match Programs Using Nonstatistical Sampling For Efficient Audits Many auditors do little sampling in their audits because of the misconception that sampling must be statistical. This program illustrates the guidance in the 2008 AICPA Audit Sampling Guide relating to nonstatistical sampling applications designed to improve audit engagement efficiency. Designed for Those in public practice Objective Participants will be able to select, perform, and evaluate samples Major Subjects Requirements under the risk assessment standards (SAS Nos. 104 to 111)… Planning nonstatistical procedures… Sampling when testing controls and when performing substantive tests… Sampling techniques… Determining sample sizes… Use of probability proportional to size sampling… Sampling error evaluation problems Field of Study Course taught by Auditing – 2 hrs Greg Clark, John Fleming, Rebecca Lee, William Loscalzo, Ralph Nach, and Deborah Rose Qualifies for the 24 hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement. What’s New with Quality Control and Peer Review Beginning in 2009, firms were expected to revamp their quality control systems in order to comply with the Statement on Quality Control Standards No. 7, A Firm’s System of Quality Control. In addition, peer reviews will undergo dramatic changes. This program will keep participants on top of the latest changes to quality control policies and procedures and the peer review process. Designed for Those in public practice Objective Participants will be able to identify changes in the peer review process and quality control standards Major Subjects The six elements of quality control… What’s required for an engagement quality control review… Required policies and procedures for complaints and allegations of non-compliance with standards or the firm’s quality control system… Revised peer review reports and rating system… The difference between a matter, finding, deficiency and significant deficiency and how they need to be documented and evaluated… Independence issues when a reviewing firm also participates in the reviewed firm’s inspection and monitoring procedures Field of Study Course taught by Auditing – 2 hrs Greg Clark, Rebecca Lee, and Ralph Nach


Two Hour Mix and Match Programs Writing Effective SAS 115 Reports Auditors may be forced to write SAS 115 reports that communicate significant deficiencies and material weaknesses in internal control. This program will review the updated guidance in SAS 115 and teach auditors how to write comments that will be viewed by their clients as valuable recommendations and not compliance matters. Designed for Those in public practice Objective Participants will be able to write effective SAS 115 reports Major Subjects Distinguishing between control deficiencies, significant deficiencies and material weaknesses… Evaluating the impact of compensating or complementary controls… Form and content of SAS 115 report… Timing requirements for issuance of the report… Samples of the most common SAS 115 comments Field of Study Course taught by Auditing – 2 hrs Greg Clark, John Fleming, Carolyn Jeff, Rebecca Lee and Margaret Thomas


SSEECCTTIIOONN 1111:: AABBOOUUTT OOUURR IINNSSTTRRUUCCTTOORRSS GREG M. CLARK, CPA, CISA, CFE is an author and discussion leader for LOSCALZO ASSOCIATES LTD. and a Principal with the Business Compliance & Controls Group (BCCG) an accounting consulting firm specializing in employee benefit plan audits and compliance, internal controls auditing, consulting and assessments, and technical accounting training and consulting. With extensive experience in the audit and business compliance field, Greg has participated in all aspects of employee benefit plan engagements, including plan audit and business risk assessments, plan internal control assessment and design, plan regulatory compliance, data retention management, and administrative contract compliance. BCCG provides technical accounting and auditing consulting services, quality control and effectiveness reviews and compliance assistance to CPA firms performing both general attest and employee benefit plan engagements. Greg is an internationally known speaker on the topics of employee benefit plans, technical accounting and auditing, operational auditing and internal controls evaluations, data retention management, organizational risk assessments and various other topics. Greg has worked with accountants and auditors from international companies throughout the world, many Fortune 500 companies, numerous local, regional, and national CPA firms, and for more than 40 State CPA societies. Average Ratings: 4.6 CHRISTA DUNN, CPA is a discussion leader for LOSCALZO ASSOCIATES LTD. and member with Christa M. Dunn, CPA, LLC focusing on the audits of employee benefit plans. She has also taught a variety of accounting courses as an adjunct professor at Trident Technical College and the Citadel Military College of South Carolina. Christa Dunn is a member of the South Carolina Association of Certified Public Accountants and the American Institute of Certified Public Accountants. She received a Master of Accountancy and Bachelor of Business Administration degrees from the University of Georgia. In addition to being a Certified Public Accountant, Christa is also a Certified Fraud Examiner (CFE) and holds the Certified Employee Benefits Specialist (CEBS) and the Associate of Captive Insurance (ACI) designations. Average Ratings: 4.6 JACK ELLOVICH, CPA is a discussion leader for LOSCALZO ASSOCIATES LTD. and is a sole practitioner in Hartford, CT. He has over 35 years of accounting experience, which includes six years with Price Waterhouse, Manager of Internal Audit, and Vice President of audit for a Fortune 500 company and an asset based lender. Jack has also been the managing partner of a local firm. His audit and accounting experiences have included SEC, as well as privately held companies and not for profit entities. In addition, he has performed business valuations, and served as an expert witness in several litigation support engagements. Jack served as an adjunct professor at Central Connecticut State University for eleven years, and has presented continuing education courses in 33 states. Jack has received the Outstanding Discussion Leader recognition from the Connecticut Society of Certified Public Accountants, New Hampshire Society of Certified Public Accountants, and Florida Institute of Certified Public Accountants. Jack has been published in Thinking Big in Small Business, Connecticut Society of Certified Public Accountants, Hartford, CT 1985 and 1986, as well as being the co-author of a staff training course. Average Ratings: 4.4 RICHARD FERDINAND, CPA, MBA is a discussion leader for LOSCALZO ASSOCIATES LTD. and is the Chief Financial Officer of Ensconce Data Technology, the creator of the Digital Shredder, an IT appliance that erases all data on computer hard drives beyond forensic recovery. Previously, Rich was the CFO of a Los Angeles magazine publisher and spent several years as a consultant for a crisis management consulting firm. For over 25 years, Rich has served as a discussion leader for continuing professional education seminars. He is a past recipient of the AICPA’s Outstanding Instructor Award and Award for Instructor Excellence from the California Foundation of CPAs. Rich has also been an accounting instructor at UCLA and is an alumnus of Deloitte & Touche. Average Ratings: 4.7


About Our Instructors (continued) ALLEN L. FETTERMAN, CPA is a discussion leader for LOSCALZO ASSOCIATES LTD. He lectures extensively throughout the country on not-for-profit accounting, auditing, federal compliance audits (OMB A-133), tax compliance, governance and professional ethics. Mr. Fetterman was an assistant professor of accounting at a college and has been a guest lecturer at Yale University and New York University. He is a past recipient of the AICPA’s and FAE’s Outstanding Discussion Leader Award. He has written articles published in national accounting periodicals in the United States and Israel on accounting and taxes for not-for-profit organizations. He retired in 2003 from Loeb & Troper, where he spent thirty-six years serving not-for-profit organizations as an auditor and consultant, the last twenty-five years as a partner. In addition to his client responsibilities, he was the partner in charge of the firm’s quality control and technical resources. He has served on the AICPA’s Not-for-Profit Organizations Committee, Not-for-Profit Audit and Accounting Guide Task Force and Joint Trial Board. He has chaired the New York State Society of CPAs Not-for-Profit Organizations, Professional Ethics, Audit, and Quality Controls Committees and the AICPA Joint Trial Board. He also served as Vice President of New York State Society of CPAs. Mr. Fetterman received his BBA in Accounting from The City College of New York in 1968 and his MBA in Accounting from the Bernard M. Baruch College in 1972. He was elected to Beta Gamma Sigma, the national honorary society in business. He received his CPA certificate in 1973 and is a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants. Allen has served on the governing boards of not-for-profit organizations. He currently chairs the audit committee of his local United Way. Average Ratings: 4.7 BRADLEY FIRESTONE, ESQ., CPA has been the NFL's tax director since July, 2005. He is responsible for all NFL tax filings and planning, including all tax matters related to the National Football League, a Section 501 (c)(6) trade association, NFL Management Council, a Section 501 (c)(6) trade association and the NFL's collective bargaining arm, NFL Ventures, L.P. (the NFL's for-profit media and licensing arm), NFL Charities (the NFL's charitable arm), NFL Disaster Relief Fund, NFL Alumni Dire Need Charitable Trust, and the NFL Youth Football Fund. Before that, Brad was a Senior Tax Manager at Deloitte Tax, LLP, where he had over eight years of experience in tax compliance and consulting to for-profit and not-for-profit clients throughout New York, New Jersey and Connecticut. Brad is a licensed CPA in the State of New York and is admitted to the New York State Bar. Brad holds a B.A. in Political Science from State University of New York at Stony Brook, a J.D. from Hofstra University School of Law, and a M.B.A. in Public Accounting from Hofstra University - Frank Zarb School of Business. Average Ratings: 4.0 JOHN M. FLEMING, CPA, MBA is the Director of Accounting and Auditing for LOSCALZO ASSOCIATES LTD, a wholly owned subsidiary of SmartPros LTD. John has been associated with LOSCALZO ASSOCIATES for twenty years and has conducted approximately 2,100 continuing professional education programs during that time. John is responsible for developing, technically reviewing and delivering accounting and auditing CPE programs for CPA societies, professional associations, accounting firms, and corporate accounting groups. John is also a frequent presenter on accounting and auditing topics in SmartPros monthly video series CPA Report. John is a graduate of LaSalle and Drexel Universities with degrees in accounting and finance. John’s prior practice experience includes audit, tax, consulting, office management, and human resource responsibilities with Deloitte LLP, Richard Eisner & Company LLP, and Ernst & Young LLP. John, a Pennsylvania CPA, served as the 1999/2000 President of the 8,300 member Greater Philadelphia Chapter of the Pennsylvania Institute of Certified Public Accountants and currently serves as a member of the Institute’s Accounting and Auditing Technical Committee as well as co-chair of the Philadelphia Chapter’s International Financial Reporting Committee. In 2006, the PICPA recognized John as a Joseph E. Sterrett Fellow for his contributions to the accounting profession and in 2007, the Philadelphia Chapter recognized John with their Champion Award for his contributions to the PICPA, Chapter, profession and community. John has also served as the 2002/2003 President of the American Accounting Association’s Mid-Atlantic Region. Average Ratings: 4.8


About Our Instructors (continued) KENNETH HEASLIP, MS, MBA, CPA is a discussion leader for LOSCALZO ASSOCIATES LTD. He is a frequent speaker in all areas of accounting and taxation as well as careers in accounting. He recently served as Vice President of the NJSCPA and Secretary of their Scholarship Fund. He is an active member of several Society committees in taxation and student affairs. A past President of the Essex Chapter of the NJSCPA, as well as Trustee of the State Society, Kenn is Director of Taxation and Private Client Services of Leaf, Saltzman, Manganelli, Pfeli & Tendler LLP in Fairfield, NJ, a regional CPA firm. Kenn is an Associate Professor of Accounting at Bloomfield College. He previously was an Executive in Residence at Seton Hall University where he was the students’ choice as “Educator of the Year” two years in a row. He taught in the Executive MBA program at Rutgers University and has been with Becker CPA Review since 1983. Until 1998, Kenn was the National Director of the Becker CPA Review Course, where he was responsible to oversee and train over 350 instructors as well as be the lead editor of the course materials. Kenn lectured extensively throughout the United States, as well as in Canada and Asia. Kenn earned his B.A. from Rutgers College and two graduate degrees, an M.S. in Taxation and M.B.A. in Finance, from Seton Hall University. Average Ratings: 4.6 CAROLYN L. JEFF, CPA is a discussion leader for LOSCALZO ASSOCIATES LTD., and is a manager with Warren, Averett, Kimbrough & Marino, LLC, a full-service CPA firm and the largest locally-owned firm in the state of Alabama. Carolyn has more than fourteen years’ experience in auditing, with an emphasis in serving not-for-profit and healthcare clients. She has provided assurance, business consulting, and internal control evaluation services. Carolyn has worked with not-for-profit and governmental hospitals, HMOs, foundations, trusts, and numerous small to medium not-for-profit clients, as well as a variety of clients in the manufacturing and construction industries. Carolyn is a graduate of the College of Charleston (cum laude) with a degree in Accounting and Business Administration. Carolyn has authored courses in not-for-profit accounting and auditing. She has also lectured on accounting and auditing updates, implementation of risk assessment auditing standards, and taught auditing to staff from the intern to the experienced senior level. Carolyn has served on the internal quality control team for Big Four and local firms. Carolyn is a member of the AICPA, the Alabama Society of CPAs, the South Carolina Society of CPAs, and the Healthcare Financial Management Association. Average Ratings: 4.6

REBECCA M. LEE, CPA is a discussion leader for LOSCALZO ASSOCIATES LTD. She was a principal organizer of Brooke, Freeman & Lee, Birmingham, Alabama, in 1982. As the Firm’s audit partner, she is responsible for the Firm’s audit practice and serves as a quality control reviewer for other firms. She has served on numerous AICPA and state society committees including the AICPA Management Consulting Service Professional Practice Subcommittee and Small Business Consulting Practices Subcommittee and is a past member of the Institute’s MAS Executive Committee and Personal Financial Planning Executive Committee. She has chaired both the Management Advisory Committee and the Personal Financial Planning Committee of the Alabama Society of CPAs. She currently serves as Chairman of the South Carolina Association of CPAs’ Continuing Professional Education Committee. She holds a BS degree in Accounting from Jacksonville State University, Jacksonville, Alabama, along with a Masters Degree in Accounting from Birmingham Southern College, Birmingham, Alabama. Ms. Lee is a discussion leader for all staff level audit training programs as well as, other accounting and auditing technical courses. She is a frequent speaker at CPA conferences, and has lectured extensively in the area of management advisory services at professional meetings and seminars for state societies and the American Institute of CPAs. Ms. Lee has served as professor of management accounting in the graduate studies (Master in Public and Private Management) program at Birmingham-Southern College. She is a member of the Alabama Society of CPAs, the South Carolina Association of CPAs and the AICPA. Average Ratings: 4.6


About Our Instructors (continued) WILLIAM LOSCALZO, CPA is a discussion leader and Vice President of LOSCALZO ASSOCIATES LTD. Mr. Loscalzo was formerly on the Board of Directors of Proginet Corporation, a publicly traded software developer. Mr. Loscalzo has been the Vice-President of Smith, Barney Real Estate Corporation, where he was responsible for the accounting and financial reporting of Security Capital Corporation, a public financial service holding company. Mr. Loscalzo was also formerly the managing member of Loscalzo & Company, LLC, a public accounting firm. Mr. Loscalzo has served as the director of real estate management for Executive Monetary Management, Inc., in New York City and previously spent seven years with Arthur Andersen & Co. in New York. Mr. Loscalzo is currently a member of the American Institute of Certified Public Accountants (AICPA), the New York Society of CPAs and the New Jersey Society of CPAs. He received a B.S. in accounting from Fordham University and a M.B.A. in taxation from Baruch College. He has been a member of the AICPA Real Estate Accounting Committee and the New York Real Estate Accounting Committee. Bill formerly served on the New Jersey Society of CPAs' Accounting and Auditing Standards Committee. He is an active speaker on accounting and auditing and presents many seminars for state societies of CPAs, private industry and accounting firms. Average Ratings: 4.8 RALPH NACH, CPA is a discussion leader for LOSCALZO ASSOCIATES LTD. He is also the President of SkillSmart LLC, a training and technical advisory firm located in the Chicago metropolitan area. Ralph has co-authored several books including Wiley GAAP, Interpretation and Application of Generally Accepted Accounting Principles, and is a nationally known speaker on accounting, auditing, financial reporting, and leadership/interpersonal development topics. Ralph has been a practitioner for more than thirty years during which he has served in capacities including accountant, auditor, technical reviewer, QC director, educator, and chief learning officer for several prominent accounting and consulting firms including Arthur Andersen LLP, the National Office of Audit and Accounting of McGladrey & Pullen, LLP, and a national CPE provider. Ralph holds a BSBA with honors from the Walter E. Heller School of Business Administration of Roosevelt University in Chicago and is currently serving as a charter member of that school’s Dean’s Advisory Council. Ralph also served as an adjunct lecturer in graduate accounting and finance at Northwestern University in Evanston, Illinois. Ralph is a member of the American Institute of Certified Public Accountants, where he formerly chaired “EDMAX,” its Educational Management Exchange subcommittee. He is also a member of the Illinois CPA Society, where he has served as a chairman and/or member of numerous committees, and an associate member of the Association of Certified Fraud Examiners. Average Ratings: 4.6 ROBIN RING, CPA is a discussion leader for LOSCALZO ASSOCIATES LTD. and is a partner with Arena Harrison & Ring, CPA, Inc., and is currently the firm’s quality control director. With more than twenty-five years’ experience, he has participated in all three types of peer reviews, system, engagement, and report reviews. Robin has been a seminar leader for various professional organizations. He is proficient in small business accounting, auditing, and taxation. His audit experience covers the following industries: Employee benefit plans, construction, manufacturing, common interest realty associations, not-for-profits, and rural electric distribution cooperatives. Robin is a member of the American Institute of Certified Public Accountants and the Ohio Society of Certified Public Accountants. He is also a member of the Review Advisory Board, and the CPE Scheduling Committee of the Ohio Society of CPA’s. Robin received his Bachelor of Science degree from St. Joseph's College. Average Ratings: 4.5


About Our Instructors (continued) DEBORAH ROSE, CPA is an author and discussion leader for LOSCALZO ASSOCIATES LTD. and a partner with Loescher, Rose & Co., CPAs. She is also a lecturer at the University of Rhode Island where she has taught accounting courses since 1978. Debbie has 31 years of public accounting experience, nine of which were with Deloitte, Haskins and Sells and Arthur Young & Company. In addition to teaching and writing curriculum for Loscalzo Associates since 1988, she taught numerous regional and national programs for her firms and has been recognized as an Outstanding Discussion Leader by the AICPA. Debbie has served as a board member for the Rhode Island Society of CPAs, and served for many years on their CPE Committee. She authored instructional materials for several Prentice Hall accounting textbooks and also participated as an invited speaker at that publisher's regional conferences for accounting educators. Debbie Rose holds an MS in Accounting degree from the University of Rhode Island and BS in Mathematics from Simmons College. Average Ratings: 4.8 MARGARET S. THOMAS, CPA, MHA is an author and discussion leader for LOSCALZO ASSOCIATES LTD. and she also performs quality control and risk assessment consultations. Ms. Thomas is also a clinical assistant professor at the University of North Carolina at Chapel Hill where she teaches Health Care Consulting and Financial Leadership. From 1986 through 1999 and again in 2005, Ms. Thomas worked for Deloitte, primarily in the accounting and advisory services department. Most recently, she was Director in Deloitte Consulting in strategy and operations practice in the Atlanta office. While at Deloitte, Ms. Thomas was nationally recognized for her work with managed healthcare, employee benefit plans and the public sector, including State Employee Retirement Systems and state and local governments. She also worked extensively with organizations required to report under OMB Circular A-133. Ms. Thomas worked with Enterprise Governance including leveraging Sarbanes Oxley requirements to add value to companies. In the late 90’s she lead the Firm’s National HEDIS Product Committee and was on the Firm’s National Regulatory Compliance Task Force where she chaired the managed care subcommittee. Ms. Thomas is on the NFP committee for North Carolina and also writes all the not-for-profit curriculum for Loscalzo Associates. Ms. Thomas received her Bachelor in Business Administration with a concentration in accounting from the Georgia State University and her Masters in Health Administration at the University of North Carolina at Chapel Hill. She is a frequent speaker at local, regional and national conferences for groups such as the Healthcare Financial Management Association (HFMA), Healthcare Information Systems Society (HIMSS), Healthcare Compliance Association and others. She has written articles for publications of the HFMA, HIMSS, and Healthcare Compliance Association and has won numerous awards for her work with those organizations. She is the treasurer of the Adair Estates Homeowners Association. Ms. Thomas is a member of the Members in Industry Section of the Georgia Society of CPAs and is this year’s Fall Decision Makers Conference chair. In addition to writing numerous training manuals for Loscalzo Associates Ltd., she is co-editor and author of a book published by Jossey Bass in 2004, Essentials of Physician Practice Management. She is in the process of writing a book on not-for-profit financial leadership and governance for not-for-profit executives, managers and their board members. Average Ratings: 4.7 JAMES E. WOY, CPA is a discussion leader for LOSCALZO ASSOCIATES LTD. He is a Partner in the Butte office of Anderson ZurMuehlen & Co., P.C. (AZ) with twenty-nine years of public accounting in the employee benefit and government and not-for-profit field. He is the past President of the Montana Society of CPAs. Jim also performs peer reviews throughout the country and is a instructor for the AICPA peer review program. Jim is a technical reviewer for the MSCPA Peer Review Committee. Jim has served as a member of the AICPA’s Technical Issues Committee. He is an adjunct instructor of Auditing at Montana Tech of the University of Montana, and Board member of Granite Mt. Bank, Butte. Jim is a past President of the Butte Family YMCA and the Butte Exchange Club. He enjoys running. Average Ratings: 4.4

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