52nd Annual Virginia Accounting & Auditing Conference Simulcast

The audit as we know it has never had more technology options than it does today. With all the talk about the pace of change, technological advancements, and all sorts of buzzwords like AI, RPA and neural networks, it can be intimidating and difficult to keep up with the tech options in the accounting and auditing marketplace. In this session, we'll discuss some of the major categories in technology audit innovations to best equip your radar.

Explore accounting and auditing-related issues as a result of the pressures of the pandemic. Discuss the impacts on contingent liabilities, supply chain, investments and more. Also determine survival strategies related to inflation and online business operations.

Business valuations remain a key component of gift, estate, income taxes and business succession planning — particularly in light of the planned 2025 “sunset” of relevant provisions in the Tax Cut and Jobs Act (TCJA) of 2017. Obtain an overview of the nuances of the business valuation process and discuss various strategies for valuing business ownership interests and entities. Gain planning tips necessary for productive business valuations and calculations, as well as examples of the pitfalls and consequences of improper planning. Closely held and family-owned businesses require increased attention — particularly considering the looming sunset provisions, President Biden’s recently released FY23 Budget “Green Book” provisions, and qualified business income (QBI) deduction (§199A) issues. This session also includes case studies to demonstrate the consequences and possible benefits of properly planned business valuation engagements and practitioner tips for providing value-added services for clients.

This session will cover cryptocurrency and blockchain concepts through short stories of how a CPA went from not knowing anything about blockchain to becoming passionate about the math behind the technology. The stories will start with an intriguing title at a national CPA conference then go into the highs, lows and pivots behind building one of the first real-use cases of blockchain technology in the accounting industry. The over-arching goal of these tales is to help you have some context to process the extreme media stories that seem to oscillate between Ponzi scheme and fear of missing out (FOMO).

Obtain an overview of recent and proposed updates related to accounting and auditing topics affecting the nonprofit industry. Identify the impact of key changes and developments in auditing and accounting guidance and regulations that are currently impacting the nonprofit industry.

Explore accounting and auditing-related issues as a result of the pressures of the pandemic. Discuss the impacts on contingent liabilities, supply chain, investments and more. Also determine survival strategies related to inflation and online business operations.

The Association of Certified Fraud Examiners (ACFE) / the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Fraud Risk Management Guide (FRMG) was published in 2016 and quickly gained acceptance as best practices for preventing, detecting and thus deterring fraud. The fraud landscape is constantly changing and evolving. Learn about ACFE and COSO’s efforts to refresh the FRMG to make it more current and more relevant to the changed and changing fraud environment.

During the past year, no country or economy around the globe was seemingly spared from the impacts stemming from price inflation, energy shocks, a rising interest rate environment, pandemic-era labor market changes, record levels of human migration, or the war in Ukraine. At the same time, these impacts impelled governmental, business, financial and personal innovation and resilience. Explore these developments together and take a look into what may lie ahead.

Explore the importance of self-care in the workplace and the implications it has on mental health. Obtain strategies for supportive management, aiding staff in setting boundaries and managing their time, stress management, and engaging in positive self-care practices both during and outside of work hours.

Interest on the part of investors and other corporate stakeholders in environmental, social and governance (ESG) matters has surged in recent years, and the current economic, public health and social justice crises have only intensified this focus. This lunch session will give you foundational knowledge of what ESG is at its core; and an understanding of how it will affect your business, your clients’ businesses and the future of the accounting profession — and how to prepare for it all.

If you know fiduciaries or their staff who are concerned about the knowledge base needed for the new retirement plan audit requirements, this session is for you. If you advise plan fiduciaries in any capacity as a professional, the cyber element of the session is for you. If you are a participant and are wanting to understand more about developing practices that you need to adopt to safeguard your retirement funds, this session is for you. Learn about the latest best practices for fiduciaries and plan participants. Take home interactive tools you can use to minimize fiduciary risk in sponsoring a retirement plan (yes, each owner of the plan sponsor is the last one standing in any judicial action, no matter who you try to delegate this risk to). You must take certain actions to be indemnified in the event of a cyber breach. Learn all about it. It begins with education. Then, take action.

Review the key accounting and reporting requirements of recently issued Government Accounting Standards Board (GASB) standards and get an overview of GASB's current projects that will likely become standards in the future.

Obtain an overview of recent and proposed updates related to accounting and auditing topics affecting the nonprofit industry. Identify the impact of key changes and developments in auditing and accounting guidance and regulations that are currently impacting the nonprofit industry.

Our profession is slowly getting back to business as normal, but we’re now faced with both new and lingering challenges — and new opportunities. In this session, learn what your national organization is doing to help you meet and overcome these challenges and take advantage of the resulting opportunities.

Hear how the CPA profession is evolving and working to provide resources and opportunities for CPAs to succeed.

Hear about the steps PwC has taken to challenge the status quo, be accountable and take action in achieving diversity, equity and inclusion (DEI) aspirations. Learn and understand ways to meet a moment that calls on all of us to reflect on our progress and what needs to advance to build a more diverse, equitable and inclusive future in accounting and auditing.

Obtain an overview of the current Virginia and U.S. economies, including the status of labor markets, prices, consumer sentiment and challenges ahead.

Explore the key changes in the 2022 Compliance Supplement and guidance from the 2021 Supplement that was carried over into the 2022 Supplement. Learn about the continuing impact of COVID-19 funding on 2022 single audits. Discuss other single audit news and activities including the transition of the Federal Audit Clearinghouse in 2022 from the Census Bureau to the General Services Administration and discover best practices and tips to navigate the complexities of today’s single audits.

Join this session for an interactive Financial Accounting Standards Board (FASB) update. Focus on recent changes that impact financial reporting in the upcoming year and beyond.

Learn and understand how recent changes have created significant opportunities for both business and individual taxpayers.

Join this session for an interactive Financial Accounting Standards Board (FASB) update. Focus on recent changes that impact financial reporting in the upcoming year and beyond.

Explore the key changes in the 2022 Compliance Supplement and guidance from the 2021 Supplement that was carried over into the 2022 Supplement. Learn about the continuing impact of COVID-19 funding on 2022 single audits. Discuss other single audit news and activities including the transition of the Federal Audit Clearinghouse in 2022 from the Census Bureau to the General Services Administration and discover best practices and tips to navigate the complexities of today’s single audits.

Get up to speed on recently issued standards for audits, reviews, compilations and attestation engagements. Discuss standards when supplementary information accompanies financial statements and the practitioner’s report thereon, new standards on audit evidence, accounting estimates, risk assessment, predecessor/successor communications, and quality management. Also, explore the new standards for examinations and attestation reviews.

Urgent workplace issues such as changing leave laws, workers compensation claims, workplace harassment and emerging technologies, will be focal points of this session. Gain insights, tools and resources to successfully anticipate and navigate employment laws, stay compliant and mitigate legal risks.

Are you new to government contracting or a seasoned veteran? Either way, this session will have something for you. We'll break down indirect rates and their impact on government contractors. Discover how rates are calculated and discuss some common indirect rate structures. We will then dive into the latest audit and oversight trends and activities of both the Defense Contract Audit Agency and the Defense Contract Management Agency that may impact contractors. Business systems have seen a great deal of activity over the past year, and we will identify the sources of the movement and actions that contractors may want to consider from a tactical and strategic standpoint. Additionally, you'll obtain updates for contractors regarding PPP loan forgiveness implications on incurred cost proposals and observations of the latest audit trends.

This interview-style presentation will give you more than “just a pinch” of SALT (state and local tax)! Get up to date on sales and use tax, state income tax nexus, pass-through entity tax changes, and what we think is to come.

Get up to speed on recently issued standards for audits, reviews, compilations and attestation engagements. Discuss standards when supplementary information accompanies financial statements and the practitioner’s report thereon, new standards on audit evidence, accounting estimates, risk assessment, predecessor/successor communications, and quality management. Also, explore the new standards for examinations and attestation reviews.

Focus on the historic risks associated with reporting on financial statements with an emphasis on risk management, as well as best practices when engaged only to prepare financial statements. Learn lessons learned from CAMICO’s decades-long history defending CPAs from claims; potential jury implications; and important dos and don’ts to protect CPAs and their clients.

Take a look at the future of the profession and examine our opportunities and challenges. Be challenged to look at the ambiguity with optimism. Optimism is created by having a strategy … a plan for the future. While we cannot have all the answers, we can exhibit confidence in our team when we have a plan. We cannot “sit back and wait”. This session is intended to create the motivation necessary to put you in a unique position to “own” the future.

This webcast takes place ONLINE the day after the conference ends.

*This course has been approved by the Virginia Board of Accountancy (VBOA) to fulfill your 2022 ethics requirement.

This course is designed with information from actual "ripped from the headlines" ethics cases. Most of these cases are on the extreme end of ethical misdeeds, but there’s a lot that can be learned about "doing the right thing" from examining these cases. An ethical decision-making model will be presented in relation to each case. The key to utilizing an ethical decision-making model is appreciating how they each may be useful depending on the circumstances. By better realizing what is needed in a given situation, you can do a better job of choosing the right decision-making model to address necessary issues.

Credit: Regulatory Ethics - 2