South Metro Chapter Professional Development Seminar

Event Cost

Event Description

AGENDA

8:00 – 8:30 am 
Registration & Continental Breakfast 

8:30 – 10:15 am
Art of Forensic Detection: Think Like a Cop and Follow the Evidence
Speaker: Mary O’Connor, ASA,CFE, Partner, Dispute and Advisory Services, Sikich LLP 
Description: The difference between a successful fraud investigation and a failed opportunity is often the mindset of the professional financial staff.  This session contrasts the reasoning applied by a skilled auditor with abductive reasoning, which is essential to solving a suspected incident of fraud.  To illustrate the difference, the participants visit a staged crime scene and solve the murder by “following the evidence”.  True crime stories identify the hallmarks of the mental armor needed to effectively solve a financial crime.  While making a serious point with real professional application, this session is both fun and thought provoking. 
Bonus:  Separation of duties is an easy principle to understand but very difficult to apply, especially with a small staff.  Much of the literature is very wordy without practical application.  In this seminar, we will also provide each participant with some simple rules and a matrix to plan the functions of the finance division to prevent fraud.  In addition, we will also discuss in simple terms what compensating controls really are and how they can work to your advantage.
Learning Objectives - Participants completing this session will be able to:
1. Learn the mindset for following evidence to solve financial crimes.
2. Discuss crime scenes to identify evidence and apply to the workplace.
3. Review real life financial crime scenarios to explore reasoning techniques.
4. Discover ways to mitigate risk of financial crime at your entity.
5. Understand the essence of the principle of separation of duties and a few simple rules to apply using a matrix of responsibilities and compensating controls.  

10:30 – 11:30 am
Moody’s GO Methodology, the ratings process, and key credit trends facing Illinois cities, counties, and park districts
Speakers: David Levett, Analyst, Moody’s and Coley Anderson, Analyst, Moodys
Description: This session will cover the factors in Moody’s General Obligation ratings methodology and the key steps in the ratings process.  Analysts will also discuss credit trends facing Illinois local governments inclusive of cities and counties, and park districts.  The session will also discuss the impact of state pressures and how strong management and reserves can help mitigate the credit impact.
Learning Objectives - Participants completing this session will be able to:
1. Learn about the steps in the bond rating process
2. Discuss the criteria used by Moody’s to rate government bonds
3. Understand how being a local government in Illinois impacts bond ratings

11:30 am – 12:30 pm
Auditing and Accounting Update                                                                
Speakers: Linda Abernethy, RSM US  LLP and Christine Torres, Crowe Horwarth LLP
Description: This course will provide an overview of the provisions of two new GASB Standards, Statement 72 Fair Value Measurement and Application and Statement 77 Tax Abatement Disclosures. Both of these Statements will be required to be implemented in fiscal year 2016 for many governments.  Also, the course will outline some lessons learned from implementation of the new Uniform Grant Guidance and what changes to expect with your upcoming single audit.
Learning Objectives - Participants completing this session will be able to:
1. Understand the new definition of an investment.
2. Understand which investments will be measured at fair value and those that will be measured at cost.
3. Learn how GASB 72 impacts capital assets.
4. Understand the three “Levels” of fair value inputs.
5. Understand what tax abatements are and how they need to be disclosed.
6. Learn tasks that can be done in advance to accumulate tax abatement information.
7. Understand the lessons learned after year one with the new OMB Requirements.
8. Learn what will change with upcoming single audits including the new threshold for requiring a single audit

12:30 – 1:30 pm
Closing Remarks and Lunch

Intended Audience: Finance Professionals
Delivery method:  Group-live
Program Level: Overview
Prerequisites: No prerequisites required 
Advanced Preparation: No advanced preparation required
Field of Study: Accounting (Governmental), Accounting (Audit), Finance
Earn about 4.5 CPE credit