Learning is Better at the Beach!

8:00–11:45 am

Concurrent Sessions

Susan Smith
Surgent & Associates, LLC

1A: Surgent’s Individual Income Tax Update

This highly informative session will bring you up-to-speed on the latest in individual tax law developments and the corresponding or responsive planning opportunities available to your clients. You will come away from the session ready to educate your individual tax clients and implement tax-savings ideas that will serve their ever-evolving needs.

Field of Study: Taxes

Thomas Newell
Surgent & Associates, LLC

1B: Annual FASB Update and Review 

This session provides a detailed discussion on the key topics related to financial reporting, though in a summarized format. It will focus on recent ASUs issued by the FASB with a concentration on issues of greatest significance to most accounting practitioners, including recently released 2024 ASUs. Specifically, the session will review recently issued FASB standards on leases and provide an update on ASC 842 and ASC 326 post-implementation items and other hot button accounting issues, such as what is on the FASB’s technical agenda. This session is the place to be for a succinct but thorough update on the big topics impacting financial accounting and reporting.

Field of Study: Accounting

12:15–4:00 pm 

Concurrent Sessions

Susan Smith
Surgent & Associates, LLC

2A: Buying and Selling a Business: Tax and Structuring Overview

One of the major transactions CPA clients are faced with is the purchase or disposition of a business. To help tax professionals advise those clients, this session offers a comprehensive analysis of the business and tax aspects of buying and selling a business. It is a practical guide to help practitioners and industry CPAs understand structuring techniques. All CPAs, including controllers and executives in industry, should understand how difficult the process of buying and selling a business has become.

Field of Study: Taxes

Thomas Newell
Surgent & Associates, LLC

2B: Guide and Update to Compilations, Reviews, and Preparations

Specifically designed for preparation, compilation, and review practitioners, this session will provide you with a comprehensive review and hands-on application for performing financial statement preparation, compilation, and review engagements. You will learn the ins and outs of applying SSARS No. 21, Clarification and Recodification, as well as the additional guidance related to SSARS engagements through the issuance of SSARS Nos. 22-25 by the ARSC. The session will also review recent peer review feedback on SSARS engagements, providing insights on how to successfully apply this guidance. Not only will this session bring you up to date on SSARSs requirements and guidance, but more importantly, it will provide you with practical examples and illustrations to help you effectively and efficiently perform compilation, preparation, and review engagements.

Field of Study: Auditing

8:00–11:45 am

Concurrent Sessions

John F. Georger
Surgent & Associates, LLC

3A: Best Practices in Not-for-Profit Accounting and Reporting

Don’t just wing it when you can soar! To catch the eye of resource providers and fulfill the needs of leadership, it is essential that not-for-profits prepare financial statements which excel. This session will empower you with the knowledge of not-for-profit accounting and reporting to surpass the expectations of financial statement users. Over 15 focused exercises are included to illustrate and refine today’s best practices in not-for-profit accounting and reporting.

Field of Study: Accounting

Kerry Roberts, CPA
Surgent & Associates, LLC

3B: Critical Issues That CPAs in Industry Will Need to Face This Year

In this session we will tackle pressing issues at a “need to know” level and then discuss the practical implications. You will come away armed with the “big picture.” Preparedness is half the battle, so do not miss this critical briefing.

Learning Objectives

• Understand the impacts of recent accounting pronouncements and critical tax topics on CPAs in industry

Field of Study: Accounting

Susan Smith
Surgent & Associates, LLC

3C: Surgent’s S Corporation, Partnership, and LLC Tax Update

If you are a practitioner who wants the latest information on tax changes affecting your business clients or employers, then you should take this enlightening session. You will learn invaluable knowledge, strategies, techniques, innovative tax-planning concepts, income-generating ideas, and other planning opportunities available to S corporations, partnerships, LLCs, and LLPs.

Learning Objectives

• Understand the current planning issues for businesses
• Understand how recent legislation impacts planning for pass-throughs
• Understand what pass-throughs can do in light of tax law changes

Field of Study: Taxes

Thomas Newell
Surgent & Associates, LLC

3D: Current Issues in Accounting and Auditing: An Annual Update

Designed for accounting and attestation practitioners at all levels in both public accounting and business and industry, this session provides a detailed review of the multitude of FASB and AICPA standards issued over the past few years. The session also provides many hands-on examples and illustrations to help apply the guidance in practice and discusses other important A&A practice matters to be aware of, including an update on peer review and audit quality.

Field of Study: Accounting & Auditing

12:15–4:00 pm 

Concurrent Sessions

John F. Georger
Surgent & Associates, LLC

4A: Evaluating Fraud Risk in a Financial Statement Audit

The Association of Certified Fraud Examiners says that there is fraud lurking in all businesses, including not-for-profit organizations. It often goes undetected for years and when uncovered, management and the board may question why an auditor did not identify it. The auditor’s responsibility in a financial statement audit is to assess risk and perform sufficient procedures to obtain reasonable assurance that the financial statements are free from material misstatement due to fraud or error. However, failure to perform an adequate fraud risk assessment and report deficiencies in internal control, such as a lack of segregation of duties, can leave a firm vulnerable. This session will discuss the audit procedures that should be performed in accordance with AU-C §240 as recently amended, best practices in performing fraud risk assessment procedures, when and how to report control deficiencies noted in an audit, and the most frequent types of fraud found in small to mid-sized entities along with internal controls that could be implemented to help prevent and detect them. We will look at various cyber fraud schemes and how they might be prevented or detected, the use of analytics as fraud risk procedures, and assessments of fraud risk in a Single Audit.

Field of Study: Auditing

Kerry Roberts, CPA
Surgent & Associates, LLC

4B: Project Management: Tips, Tricks, and Traps

This past year has shown us the need for numerous projects and the need to manage those projects in a unique way. Project management is a way of thinking highly recognized and practiced by large organizations, but often neglected by the smallest companies and entrepreneurs. This session quickly discusses the basics of project management thought and practice and then spends the majority of the time exploring some of the greatest mistakes that can be made, the ways to avoid them, and some of the tricks that have been introduced into the discipline. In the program we will explore some of the specific types of project management as well as some of the available software programs to make the task of project management easier. In an effort to avoid talking theory without concrete examples, we will often use examples born from projects needed as a result of our experiences with COVID-19.

Field of Study: Management Services

Susan Smith
Surgent & Associates, LLC

4C: IRS Tax Examinations and Hot Issues

The Inflation Reduction Act increased the IRS budget. As a result, the IRS continues to replenish its audit workforce. The IRS trains its audit workforce by examining the tax returns of individuals and small businesses. Now, more than ever, Accounting, Tax and Financial Professionals need clients to understand the need for documentation and procedures to substantiate what IRS examiners are pursuing. Learn the high audit risk areas and ways to help clients survive an IRS audit with little or no change. It is critical for Accounting, Tax, and Financial Professionals in public accounting to understand the risk to clients and to themselves in tax return preparation and planning since the IRS continues to increase its audit coverage and is examining more taxpayers than it has in the recent past.

Field of Study: Taxes

Thomas Newell
Surgent & Associates, LLC

4D: Construction Contractors: Accounting and Financial Reporting Issues

Accounting and financial reporting for construction contractors may be the most difficult area to be in compliance with the various standards. Also, construction engagements are, in many instances, more “dangerous” than most lines of business due to the many users of the financial statements. In this session, we will discuss why construction accounting and financial reporting are so complex and discuss the relationship between the contractor and the surety, both from an underwriting and claims perspective. We will also explore what the surety looks for in order to maximize potential bond credit.

Field of Study: Accounting

8:00–11:45 am

Concurrent Sessions

John F. Georger
Surgent & Associates, LLC

5A: The Most Critical Challenges in Not-for-Profit Accounting Today

Not-for-profit entities have recently applied critical new standards related to contributions of nonfinancial assets, leases, and more. Now is the time to know more than just what the standards say – we need to know what they mean and how they will affect not-for-profit entities. This session is designed to do just that! The session materials utilize a highly illustrative and innovative format. Over 15 focused exercises are included to provide an enhanced working knowledge of the challenges in not-for-profit accounting.

Field of Study: Accounting

Kerry Roberts, CPA
Surgent & Associates, LLC

5B: Controller/CFO Update: Hot Topics Facing Today’s Financial Professional 

In today’s rapidly changing world, finance professionals are required to wear many hats and are often the keys to the success of the organization. On one hand, they need to be abreast of the latest proven financial skills for making the best decisions, and on the other hand they need the best skills to motivate, manage, and lead people. Being pigeon-holed into one area or another is neither good for career building nor good for the organization. This reality has proven to be even more true with the advent of COVID-19. We’ll cover the latest issues that all CFOs and controllers need to know about and provide how-to guidance to allow for immediate use in their organizations. The program is focused on organizational success and will concentrate on ways to manage risk and achieve greater productivity.

Field of Study: Finance

Susan Smith
Surgent & Associates, LLC

5C: This Year’s Top Tax and Financial-Planning Ideas

With tax rates for individuals, estates and trusts changing, tax planning takes on more importance. New ideas for financial planning and retirement must be considered. The purpose of this session is to explore practical tax-planning ideas that practitioners can use to assist clients with their needs. This session is crucial for CPAs who are looking for good ideas that can save clients money!

Learning Objectives

• Understand changes to tax law affecting individual taxpayers through the present.
• Identify strategies that are effective following estate and gift tax changes.

Field of Study: Taxes

Thomas Newell
Surgent & Associates, LLC

5D: Examining ASC 842, Leases: More Than Meets the Eye

Implementing ASU No. 2016-02, Leases (Topic 842) is sure to have a major impact on your balance sheet and potentially on your business as well. This session is a one-stop shop for what you need to know about the now-effective changes to the lease accounting guidance. In this session, we will review how to measure the lease liability and right-of-use asset that will now be recorded on the balance sheet for all leases. We will also tackle the tricky issues of accounting for lease modifications and other lease remeasurement events as well as address the other major provisions of ASC 842, such as disclosures and transition. We will also review the income statement treatment of lease expense for all leases for both lessees and lessors and discuss recent FASB implementation guidance. Lastly, the session will cover all recent updates to the originally issued guidance in Topic 842, including that related to discount rates. With Topic 842’s effective date here, now is the time to get up to speed on this complex new standard.

Field of Study: Accounting

12:15–4:00 pm

Concurrent Sessions

John F. Georger
Surgent & Associates, LLC

6A: Avoiding Deficiencies in Peer Reviews: Focus on Engagement Quality

With the AICPA’s heightened focus on enhancing audit quality, increased oversight of the peer review process and the auditor’s overall responsibility to provide high quality services, the focus on compliance with professional standards has never been greater. Recent peer reviews have indicated that auditors are often failing to perform and/or document certain critical components of an audit such as the auditor’s assessment of risk and linking the results of the assessment to substantive procedures performed. In addition, auditors are not adequately documenting their consideration of fraud, expectations in analytical procedures and the appropriate level of work needed to understand an entity’s internal control. Now is time to revisit the way that auditors are performing and documenting the work performed to meet professional standards since nonconforming engagements can result in an auditor’s referral to the AICPA Ethics Committee. There have not been significant changes to quality control standards since 2006. In June 2022, two new statements on quality management were issued. Another statement was issued recently to incorporate the changes to the Group Audit Standard (SAS 149). A related audit standard on engagement quality, SAS 146, and an accounting and review service standard, SSARS 26, were also issued. These changes are substantive. They are effective for years beginning after December 15, 2025. This course will discuss the new standards. This course will also focus on the most significant items resulting in deficiencies identified in the peer review process. We will also discuss the applicable audit standards, documentation requirements and best practices. The objective of the course is to provide the insights necessary to help an auditor improve not just the quality of their work but also the perception of the accounting profession as a whole.

Field of Study: Auditing

Kerry Roberts, CPA
Surgent & Associates, LLC

6B: Innovative Forecasting and Budgeting: Moving Beyond the Traditional Techniques

Did 2020 show us that planning doesn’t work? It might seem that way. But, obviously some organizations survived far better than others due to their ability to handle unexpected change. Forecasting and budgeting are two words that often draw an adverse reaction from many financial professionals; let us help you turn that frown upside down with our innovative approach to planning and budgeting. The pandemic has shown us that our planning process must be far nimbler and allow our organization to shift rapidly. We’ll move beyond the traditional techniques and show you easier ways to complete the process while cutting out the political pitfalls that end up causing a lack of accountability and can be demotivating to the staff. During the seminar we will cover such topics as the sales/income plan, capital equipment planning, the “one-year operating plan” (formerly referred to as a budget), the “monthly operating plan,” cash planning, risk planning, and much more! Join us for this seminar as we help you streamline your forecasting and budgeting processes, which turns into a win-win for the employees and the organization.

Field of Study: Management Services

Susan Smith
Surgent & Associates, LLC

6C: Maximizing Your Social Security Benefits

The leading edge of the baby boomer generation has already reached retirement age. Financial and tax planners can expect increased demand for strategies that dovetail Social Security with other retirement and estate planning objectives. This course provides tax and financial planning professionals with both the background information on the Social Security system and the strategies clients will need in dealing with Social Security, and the myriad other related retirement planning issues.

Field of Study: Taxes

Thomas Newell
Surgent & Associates, LLC

6D: Technology Trends and Hot Topics Impacting the Accounting Profession

The benefits, and related risks, of utilizing new technology have never been greater for those in the accounting profession. From Artificial Intelligence (AI), Robotic Process Automation (RPA), and Audit Data Analytics (ADA) to cloud-based software solutions, our clients’ technology landscape is rapidly changing. Accordingly, we, as accounting professionals, need to be on the forefront of these changes, including having a firm understanding of the risks associated with the use of these tools. In this course, we’ll review these trends, highlight new and emerging products, such as ChatGPT, and focus on cybersecurity risks and best practices that will allow accounting professionals to help our clients navigate these exciting but challenging times. Plus, we’ll review the relevant guidance on audit evidence found in SAS 142, which guides our use of technology on our professional engagements.

Field of Study: Auditing & Information Technology

8:00–11:45 am

Concurrent Sessions

Susan Smith
Surgent & Associates, LLC

7A: Securing a Comfortable Retirement

This course gives CPAs the knowledge to help their clients plan for retirement by evaluating how much retirement income will be required and strategizing about how to reach retirement goals.

Learning Objectives

• Help clients determine how much retirement income is necessary for the desired retirement lifestyle.
• Identify resources available for retirement.
• Understand how to build the three-legged retirement stool: employer retirement, savings, and Social Security.
• Develop Plan B when the ideal retirement goal is not achievable.
• Explain ways that clients can convert the equity in a home to retirement income.
• Explain how the value of a small business can be converted to retirement income.
• Explain survival possibilities and how first-to-die and last-to-die survival probabilities are used in retirement planning for married couples.
• Understand timing regarding the use of taxable retirement funds and nontaxable funds, and strategies to minimize income tax on Social Security.
• Recognize the role of various investment types, such as mutual funds, equity holdings, and bonds in retirement planning.
• Summarize key points of recent research on the sustainability of retirement income and maintenance of desired retirement lifestyles.

Field of Study: Specialized Knowledge and Applications & Taxes

Thomas Newell
Surgent & Associates, LLC

7B: Financial Statement Disclosures: A Guide for Small and Medium-Sized Businesses

A clear and concise set of proper financial statement disclosures can make or break an entity’s financial statements. Such disclosures are no longer simply additional information provided by a business; they can be complex in nature and difficult to both prepare and understand, especially for small and medium-sized businesses. Oftentimes financial statement users will first turn to the notes in the financial statements in order to get a feel for where the business and its numbers might be heading, so these disclosures need to be well-written and follow applicable standards. This course will focus on key balance sheet and income statement disclosure as well as accounting standards related to revenue (ASC 606) and leases (ASC 842), accounting policies, changes in accounting estimates and errors, subsequent events, going concern, and related party disclosures. The course will use illustrations, examples based on private company financial statements disclosures, and real-world excerpts from financial statements to provide you with a hands-on feel for the disclosure requirements across a number of accounting standards.

Field of Study: Accounting

NCACPA is a NASBA-approved sponsor of continuing education.

For complete program information (course registration, learning objectives, instructional delivery methods, CPE, field of study, prerequisites, program knowledge, level, advance preparation, program description, and speaker information), please visit the event links above.

The North Carolina Association of Certified Public Accountants is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/.

For information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call 800-469-1352.