Work Order Mistakes to Avoid

Date: Monday, January 8, 2024
Time: 12:00 PM ET / 11:00 AM CT / 10:00 AM MT / 09:00 AM PT [Prevailing Time]
Presenter: Adam R. Bailey, CPA, Partner, Partner, Bolinger, Segars, Gilbert & Moss, L.L.P.
Moderator: Moderator: Peggy Maranan, CPA, DBA, MBA, CFO & Vice President-Finance, DEMCO
Learning Objectives:
1. Upon completion, the participant will be able to understand the various work order mistakes that the presenter has encountered over a fifteen-year career in auditing electric cooperatives.
2. Upon completion, the participant will be able to identify risk that impact the work order accounting system and can result in material errors in the financial statements.
3. Upon completion, the participant will be able to implement the necessary safeguards and procedures to ensure that mistakes do not occur at their cooperatives.
Field of Study: Accounting
Program Level: Basic
CPE Credit: 1 Credit Hour
Delivery Method: Group Internet-based
Prerequisite(s): No advanced preparation or prerequisites are required for this course.
  Order Recording

Course Description

In the intricate landscape of financial management, precision is paramount, especially when it comes to the work order system. Join us for this knowledge-packed Zoom that delves into the vital realm of work orders and the mistakes that occur that can materially impact financial reporting.

The work order system is very complex and the accounting is impacted by every department at the cooperative. Plant in service is the largest balance on an electric cooperative’s balance sheet and significantly impacts our members electric rates. Being able to identify when a mistake has occurred timely, will allow cooperatives to avoid answering tough questions from their board, members, auditor, and regulators. As such, this session will focus on the mistakes within the work order system that the presenter has encountered that either resulted in a material audit adjustment or identified weaknesses in internal controls.

Presenter and Moderator Bios

Presenter: Adam R. Bailey, CPA, Partner, Partner, Bolinger, Segars, Gilbert & Moss, L.L.P.

Adam has been a partner at BSGM since 2018. He is a CPA and a 2004 graduate of Texas Tech University with dual degrees in accounting and finance. He is active in the firm’s financial statement audit practice specializing in auditing electric cooperatives, financial institutions, and single audits associated with federal grants and awards.

In the course of performing an audit, Adam is very involved in working directly with various electric cooperative software vendors as a way for the firm to more efficiently conduct the audit. Through these efforts, he has assisted with developing specific reports tailored to the needs of auditors and electric cooperative clients alike. He is also involved in developing industry-specific audit programs and training for use by the firm's staff in conducting audits of electric cooperatives and financial institutions.

In his free time, Adam enjoys traveling to various parts of the country with friends and family, as well as attending various sporting events.

Moderator: Moderator: Peggy Maranan, CPA, DBA, MBA, CFO & Vice President-Finance, DEMCO

Peggy Maranan joined DEMCO in February, 2021 and serves as VP, Finance. DEMCO is located in Greenwell Springs, LA. Prior to that time, Peggy worked at Lee County Electric Cooperative, Inc. in North Ft. Myers, FL for twelve years as Manager, Financial Accounting.

She received a B.S. in Accounting from DeSales University in Center Valley, PA, an MBA from Wilkes University in Wilkes-Barre, PA, and a doctorate degree in business administration (DBA) in 2015 from Argosy University, Sarasota, FL. Peggy holds a CPA license in Florida.

Peggy served on the National Society of Accountants for Cooperatives (NSAC) Electric Cooperative Chapter (ECC) Board, and currently serves as the Immediate Past-President. Peggy authors accounting and finance articles in the NSAC industry publication “The Cooperative Accountant”.

She is mother to four children, has seven grandchildren, and enjoys family-time activities.

Cost
Free for NSAC Members / $56.00 for Non-Members

Delivery System

• All programs are delivered using the Zoom platform.
• Confirmations will include log-in instructions.
• Participants are able to participate using any device with an Internet connect (if the device does not have speakers, the participant can also dial-in) or they can participate with audio only by dialing in.
• All registrants will receive a link to the CLN’s recording by email within 48 business hours of event’s conclusion.
• There will be assistance available to help with technical and connectivity issues up to 10 minutes prior to the start of the presentation.

Registration

All registration is done on-line and each guest must provide their name and email address to participate. All NSAC members may register for free. Non-members may register for a nominal fee.

Refund Policy

NSAC will not issue refunds for CLNs. If a registrant is unable to participate in the CLN and provides notification to info@nsacoop.org 48 hours prior to the session, a credit will be provided for a future CLN. Alert the NSAC staff member monitoring the CLN if technical difficulties are encountered and technical support will be provided to eliminate problems with future CLNs.

Additional Information

Live participation is required for CPE credit and polling questions must be answered to document your active participation. All registrants will receive an email following the session with links to the slides and/or handouts, and a link to the CLN recording (unless otherwise stated). If you are unable to participate in the live session, you can still watch the recorded session, but you will not be eligible for CPE credits. Those eligible for credits will receive their certificate by email with 7 business days.

For more information regarding NSAC CLNs or administrative policies such as complaint and refund, contact the NSAC Headquarters, 7946 Clyo Road, Suite A, Centerville, OH 45459, 937-222-6707, or info@nsacoop.org.