Governmental Accounting and Auditing Update + State & Local Guide

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Accounting and auditing for state and local governments

An essential tool for auditors of governmental entities of all sizes, this guide helps both new and experienced auditors to:

• Understand the GAAP applicable to the financial statements of state and local governments
• Audit and report on those financial statements in accordance with GAAS

Guidance and updates

This guide is based on pronouncements issued or cleared by GASB, contains a small amount of category B accounting guidance, and has been updated for the following guidance:

• GASB Statement No. 99, Omnibus 2022
• GASB Statement No. 100, Accounting Changes and Error Corrections—an amendment of GASB Statement No. 62
• GASB Statement No. 101, Compensated Absences
• GASB Statement No. 102, Certain Risk Disclosures
• GASB Implementation Guide No. 2023-01, Implementation Guidance Update — 2023
• SAS No. 143, Auditing Accounting Estimates and Related Disclosures
• SAS No. 144, Amendments to AU-C Sections 501, 540, and 620 Related to the Use of Specialists and the Use of Pricing Information Obtained From External Information Sources
• SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
• SAS No. 147, Inquiries of the Predecessor Auditor Regarding Fraud and Noncompliance With Laws and Regulations (NOCLAR)

Who Will Benefit

• Auditors of the basic financial statements of a state or local government in accordance with GAAS
• Finance personnel of a state or local government responsible for financial reporting

Key Topics

• Guidance to solve complex accounting and reporting issues
• Newly issued authoritative accounting and auditing standards
• Example audit procedures

Latest governmental accounting and auditing requirements

Recent developments can easily pass you by. Learning about new GASB, OMB, and Yellow Book requirements, will allow you to stay up to date on auditing standards and best practices.

You’ll learn about the following topics:

• Recent GASB standards and how to implement them
• Recently issued Statements on Auditing Standards
• Changes to the AICPA Code of Professional Conduct that affect governments
• The changes introduced in Government Auditing Standards 2024 Revision
• Quality management implementation considerations
• Yellow Book requirements relating to independence, management responsibilities, and reporting
• Updates to the Uniform Guidance issued by the OMB

Practical application of new requirements

You’ll have the opportunity to practice what you learn through realistic examples, and robust review questions will reinforce your knowledge to get you ready for implementing the new requirements.

Who Will Benefit

• Preparers of government financial statements
• Auditors of government financial statements
• Users of government financial statements

Key Topics

• GASB updates
• Updated Statements on Auditing Standards (SASs)
• Statement on Quality Management Standards (SQMS) No. 1, A Firm’s System of Quality Management
• SQMS No. 2, Engagement Quality Reviews
• SQMS No. 3, Amendments to QM Sections 10, A Firm’s System of Quality Management, and 20, Engagement Quality Reviews
• Yellow Book & OMB updates affecting single audits
• Ethics updates for governments and not-for-profit entities

Learning Outcomes

• Identify the effect of GASB statements on accounting and financial reporting for state and local governments.
• Identify the projects that are on the active standard-setting agenda and their objectives.
• Identify when a liability should be recorded for compensated absences.
• Apply the disclosure criteria related to concentrations and constraints to determine whether and how to make disclosures required under GASB Statement No. 102, Certain Risk Disclosures.
• Identify the requirements of recently issued or effective Statements on Auditing Standards (SASs).
• Identify the requirements of Statement on Quality Management Standards (SQMS) No. 1, A Firm’s System of Quality Management, SQMS No. 2, Engagement Quality Reviews, and SQMS No. 3, Amendments to QM Sections 10, A Firm’s System of Quality Management, and 20, Engagement Quality Reviews.
• Identify recent changes to the AICPA Code of Professional Conduct that affect auditors of governments and NFPs.
• Distinguish the provisions of the Government Auditing Standards 2024 Revision.
• Identify Yellow Book requirements related to independence, management’s responsibilities, and reporting.
• Identify changes to the Uniform Guidance.