Participants will learn the latest on governmental accounting and auditing with this fast-paced interactive course that analyzes the GASB requirements for governments and provides an understanding of OMB and Yellow Book requirements. Additionally, they'll gain valuable information about important updates to auditing standards and best practices, including recent GASB updates, the latest SAS requirements, changes to requirements for auditing federal funds, and ethics updates affecting government and not-for-profit entities.
Objectives
When you complete this course, you will be able to: 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 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.
Highlights
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
