2024 State and Local Governments - Audit and Accounting 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