InstructorTerri Hays
TypeOnline Course
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Tuition Options


PracticeEdge Elite™

Standard Tuition $400 US

Senior Fellow Tony Artabane, CPA, Managing Member of Anthony Artabane CPA, PLLC, (PricewaterhouseCoopers LLP) (Former)

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 8-10 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.

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Students shall learn the following within this Course:

1) Identification of the Key factors in assessing the significance of the Regulatory Investigation, Fraud or Potential Illegal Act and the major considerations for planning a comprehensive management response including those factors impacting the Fund’s financial reporting process and annual audit.

2) Scoping with external counsel an engagement which will include sufficient investigatory procedures for the needs of management in connection with the financial reporting process and for the needs of the Fund’s auditor.

3) Identification of the 6-8 major areas of impact on the Fund’s financial statements and identification and summary of the relevant accounting literature, including:

    • Accrual of legal and professional costs
    • Disclosure related to the matter
    • Modifications of disclosure related to guarantees, risks, and uncertainties
    • Consideration of disclosure of subsequent events
    • Potential going concern considerations and other footnote disclosures.

4) Identification of the 6-8 most likely modifications to the audit scope and the relevant auditing standards applicable to accruals of legal costs, guarantees and indemnifications, internal control, subsequent events, and potential going concern matters.

5) Identification of the specific audit guidance and requirements for communication with external counsel, assessment of the scope of external counsel or management’s investigation, and assessing the probability of and a range of possible loss and the related disclosure.

6) Identification of potential impact on the auditor’s opinion and the relevant auditing standards on reporting.

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Lectures One and Two:

Senior Fellow from Practice:

  • Anthony Artabane, Managing Member of Anthony Artabane CPA, PLLC, PwC*

Guest Lecturers:

  • Gerald Russello, JD, Partner, Sidley Austin
  • Kevin Bandoian, CPA, Partner | Regulatory Financial Advisory Services, PwC
  • Kevin Kelcourse, JD, Assistant Regional Director, SEC
  • Andy Fish, JD, Partner, Lockelord
  • Patricia Poglinco, JD, Partner | Investment Management Group, Seward & Kissel

Lecture Three:

Senior Fellow from Practice:

  • Anthony Artabane, Managing Member of Anthony Artabane CPA, PLLC, PwC*

Guest Lecturers:

  • Kenneth Berman, JD, Partner, Debevoise & Plimpton
  • John Buretta, JD, Principal Deputy Assistant Attorney General, U.S. DOJ**
  • George Canellos, JD, Co-Director, Enforcement, SEC**
  • John Hague, CPA, Partner, McGladrey
  • Leslie Lake, Managing Member, Invus Finanical Advisors

*Formerly Of

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Accreditation Information

CLE Information

Credit Hours: 6
Subject Area: Professional Practice
States: Contact Curriculum Advisor For More Information

CPE Information

Credit Hours: 9
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information


Course ID Number:  8372


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Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.

Arizona: Does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. RCA programs may qualify for credit based on the requirements outlined in the MCLE Regulations and Ariz. R. Sup. Ct. Rule 45.

Iowa: The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.

Missouri: On-demand web programs are restricted to six hours of self-study credit per year. Self-study may not be used to satisfy the ethics requirements. Self-study can not be used for carryover credit.

New Hamphsire: The approval is for three years from recorded date.

New Mexico: On-Demand web programs are restricted to 4.0 self-study credits per year.

New York: Newly admitted attorneys may not take non-traditional course formats such as on-demand Web Programs or live Webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats.

North Carolina: A maximum of 4 credits per reporting period may be earned by participating in on-demand web programs.

Ohio: To confirm that the web program has been approved, please refer to the list of Ohio’s Approved Self Study Activities at Online programs are considered self-study. Ohio attorneys have a 6 credit self-study limit per compliance period. The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.

Oklahoma: Up to 6 credits may be earned each year through computer-based or technology-based legal education programs.

Pennsylvania: PA attorneys may only receive a maximum of four (4) hours of distance learning credit per compliance period. All distance learning programs must be a minimum of 1 full hour.

Rhode Island: Audio Only On-Demand Web Programs are not approved for credit. On-Demand Web Programs must have an audio and video component.

Tennessee: The approval is for the calendar year in which the live program was presented.

Virginia: All distance learning courses are to be done in an educational setting, free from distractions.

Wisconsin: Ethics credit is not allowed. The ethics portion of the program will be approved for general credit. There is a 10 credit limit for on-demand web programs during every 2-year reporting period. Does not approve of Audio-only On-Demand Webcasts.

Iowa, Mississippi, Oklahoma, and Wisconsin DO NOT approve Audio Only On-Demand Web Programs.

If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.

If applicable, the RCA will apply for credit in your state upon request.