Regulatory Compliance Association Reviews

Audit Impact on Enforcement Actions

Date: March 12, 2018
General Session: 12 Noon to 1:30 PM EST
Location: Webcast (Free)

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This course will highlight the actions needed to be considered by management and legal counsel that will be required for the Fund’s financial reporting and annual audit processes. The Session will include a discussion of the applicable accounting standards and guidance, the 6 to 8 key disclosures which will require modification and or accrual in the Funds financial statements, the analysis management should perform to properly assess these areas, the 6 to key impacts on the annual audit including additional procedures which will likely be required, changes to management’s written representations to the auditor, potential impact on the auditor’s opinion and the relevant auditing standards which provide audit guidance regarding these matters. This course will also highlight the importance of setting the scope of management’s and external legal counsel’s response which likely will include potentially extensive investigatory procedures. The panel will also discuss the audit requirements for communication with management, those charged with governance, and external counsel and the access needed by the auditor. The participants should learn the significant decisions which need to be addressed very early in the response process to better insure a timely financial reporting and audit process and to allow the auditor to obtain the required audit evidence to render an opinion, without limitation as to scope.

Participants will master the following at the conclusion of this session:

  • Importance of developing a Comprehensive Management and External Counsel response
  • Importance of forming an optimal Management and Legal Response Team
  • Importance of involving auditors early in the process
  • Six most likely modifications to the audit scope
  • Six likely areas of impact to the fund’s financial statements
  • Time frame for responding to the regulatory requests for information and completing an internal investigation

Session Chairman:

Walter Zebrowski, JD, CPA, Principal, Hedgemony Partners
Chairman, Regulatory Compliance Association

Senior Fellow from Practice:

Anthony Artabane, CPA, PLLC

Guest Faculty

Dave Daly, Partner, PWC
Jack Yoskowitz, Partner, Seward & Kissel, LLP
Robert Van Grover, Partner, Seward & Kissel, LLP

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