State and Local Governments - Audit and Accounting Guide
This authoritative guide offers complete coverage of state and local government audit and accounting considerations critical for both preparers and auditors.
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Availability
1 year
Product Number
WGGXX12
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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 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 and contains a small amount of category B accounting guidance. This edition of the guide has been updated for the following:
- GASB Statement No. 102, Certain Risk Disclosures
- GASB Statement No. 103, Financial Reporting Model Improvements
- GASB Statement No. 104, Disclosure of Certain Capital Assets
- SAS No. 146, Quality Management for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards
This edition also includes significant enhancive revisions related to:
- Examples of assertions the auditor may determine to be relevant assertions.
- Examples of sources of potential misstatement at the assertion level.
- Auditing leases, subscription-based IT arrangements, public-private and public-public partnerships, and availability payment arrangements.
- AU-C section 315 auditing guidance adapted for governmental entities.
- Examples of inherent risk factors in the governmental environment.
- An example of an investment type having a higher valuation risk.
- Auditing alternative investments.
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
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