The risk assessment standards expanded the second standard of field work of GAAS from requiring an understanding of internal control to requiring an understanding of the entity and its environment, including its internal control. This change focuses the auditor's attention on the fact that the understanding establishes a frame of reference within which the auditor assesses the risks of material misstatement and plans the audit in response to those risks. While understanding the business is the key, the requirement includes not only investigating the risks the client faces in doing business, but learning what management's response is to those risks, and, consequently, what residual risk of material misstatement of the financial statements remains.

This course emphasizes how the risk assessment standards affect practice by changing the way the auditor gathers information about the entity and its environment, including internal controls.

Blend your auditing and investigative skills to minimize fraud risk by recognizing the red flags and implementing effective counter-measures. Learn the basics of fraud investigation and fraudulent financial reporting, including the legal elements. Learn techniques to give expert testimony. Specifically, this course addresses how to conduct a forensic engagement, specific accounting and federal rules, computer-assisted forensic techniques, and reporting on findings.

Chapter 1: Preparing for a Forensic Investigation

• Analysis of Firm Capabilities
• From Forensic Consultant to Testifying Expert

Chapter 2: Discovering Fraud in Client Operations

Chapter 3: Conducting a Forensic Engagement

Chapter 4: Reporting on Findings and Divorce Engagements

• Reporting on Findings
• Forensic Divorce Engagements

Chapter 5: Fraud Deterrence Services

Human Capital is of the greatest importance to the financial success of a company. The employees do represent the company to customers and the rest of the outside world. When a company follows good human resources practices, the employees will project a favorable image and sing the praises of the company's work environment. Periodically both small and large companies must perform a self-evaluation of their workforce. In each section of the course the learner is given the opportunity to answer specific questions about their company and evaluate the current status. Such issues as manpower requirements, strong internal communications, and separation from service practices are discussed and evaluated.

American commercial banks have always faced a maze of agencies directing and limiting their activities. During the 21st Century and following the Worldcom, Enron, and mutual fund scandals, an abundance of new legislation and regulations arrived. These include the Sarbanes-Oxley Act, the USA Patriot Act, updates of the Bank Secrecy Act, the Check Clearing for the 21st Century Act (Check 21), and the American Jobs Creation Act which allowed some banks to convert to S corporation status.

This legislation has allowed changes in both the methods of operation and the structure of the banking industry. Such rapid changes require bankers to be more attuned to risk management and compliance issues. They must be more nimble in reading and interpreting new laws and regulations.

This course covers the latest in tax legislation, regulations, and rules as they affect corporations. A must-have, it includes new tax legislation covered by the Pension Protection Act of 2006, the Tax Relief and Health Care Act of 2006, the Tax Increase Prevention and Reconciliation Act of 2005, the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), the Working Families Tax Relief Act of 2004 (WFTRA), the American Jobs Creation Act of 2004 (AJCA), and the Katrina Emergency Tax Relief Act of 2005 (KETRA).

Please note that this course assumes a basic understanding of corporate taxation and provides updates and current trends in corporate taxation.

Many wage earners have IRA investments. Are wage earners up on the numerous changes that Congress made to IRAs? This course is intended to integrate the specific tax laws since 2001 as well as Treasury interpretations with respect to contributions to, transfers to and between, distributions from, and the excise tax rules that are applicable to traditional IRAs. Finally, the course provides and illustrates the reporting requirements for IRAs. The course includes the provisions provided by recent legislation, including but not limited to the Tax Reconciliation Act of 2005, the Heroes Earned Retirement Opportunities Act, and most recently the Pension Protection Act of 2006.

Sooner or later, taxpayers distribute funds from their IRA. In some cases, it is mandatory and in others it is voluntary. Upon reaching the age of 70-1/2, the taxpayer is faced with the challenge of making a distribution from his traditional IRA (or IRAs) as well as from each qualified retirement plan. Today, trustees of each plan have the responsibility to provide the required minimum distribution amount to the taxpayer at the start of the tax year. The accountant, on the other hand, is responsible for verifying the calculation for the client and more importantly, to estimate the annual required minimum distribution calculations for the upcoming years so the client has an idea of his financial position. This course gives the reader the tools to understand the various rules for making such a calculation from an IRA as well as a qualified plan. In the case of a voluntary distribution, it may be qualified or nonqualified. A nonqualified distribution opens up the early distribution excise tax. If a taxpayer can satisfy one of the many exceptions discussed in this course, the taxpayer is able to avoid the tax.

Good complements to this course are the MicroMash courses IRAs: Contributions, IRA: Transfers and Conversions, and Retirement Income Taxation. These courses provide a complete discussion of the rules for contributing to, transferring between, and distributing from the qualified plans.

This intermediate course begins with a brief overview of lessons learned in "S Corporations: Large Clients I". Also included is a comparison of S and C corporations, a review of the qualification status, a more in-depth discussion of shareholder basis rules and the special ordering rules that apply, and information about the treatment of suspended losses incurred by an S corporation.

This course also gives a more in-depth description of the distribution process of an S corporation and the tax effect distributions can have on the shareholders of the company, as well as an overview of reasonable compensation and self-employment issues that confront the shareholder-employees of S corporations.

You will also learn about the circumstances in which an S corporation may be subject to a corporate-level tax, the tax impact of an S election on a previously operating C corporation, and the impact of corporate-level tax liabilities subsequent to the S election, such as the built-in gains, LIFO recapture, and tax on passive investment income. The course also briefly covers the effect of the S election on nonliquidating distributions, and retirement plans and fringe-benefit plans after operating C corporation years.

Reorganizations are one of the more complicated areas of corporate taxation; this course peels away several layers of complexities. We will examine the general requirements for a tax-free reorganization, the continuity-of-interest test, asset-continuity tests, and the business-purpose test. We will also explore the various types of tax-free reorganizations (e.g., Type A, B, C, D, E, F, or G). In addition, you will learn which reorganization transactions qualify for tax-free treatment and the reporting requirements.

Corporate reorganizations can have a tax impact on acquired and acquiring corporations, as well as the shareholders. You will become acquainted with the gain or loss recognized in a reorganization transaction, the use of boot in a reorganization transaction, the effect of liabilities assumed in a reorganization transaction, and the basis of assets received in a corporate reorganization. This course will also introduce the allocation rules for certain asset acquisitions and the amortization of intangible assets under IRC Section 197.