What's Going on at the GASB
Title : What's Going on at the GASB
Presented By : Melisa Galasso
The GASB has been working on some big projects lately. This course starts with a look at the GASB standards effective this year, including GASB 94, Public Private Partnerships and GASB 96, Subscription Based IT Arrangements. We will include practical applications in the form of case studies to apply the topics. We will then switch gears to the GASB standards coming down the pike, including the major projects of the GASB.
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Learning Objectives
- Recall the impact of GASB 94 on financial reporting for governments
- Describe the accounting for subscription based IT arrangements
- Prepare journal entries compliant with GASB 94
- Prepare journal entries compliant with GASB 96
- Recall the impact of standards effective in 2023
- Recall major projects the GASB is working on
- Identify GASB standards effective after 2023
Level
UpdatePrerequisites
Prior experience with accounting for governmental agencies
What's Changing in Risk Assessment (SAS 145)
Title : What is Changing in Risk Assessment (SAS 145)
Presented By : Melisa Galasso
SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, was issued in October 2021. The audit standard amends AU-C 315, including many changes to address common audit deficiencies. This course will provide an overview of SAS 145 and its changes to AU-C 315. Attendees will have an opportunity to evaluate the impact on audit methodology and documentation.
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Learning Objectives
Recall changes to risk assessment requirements
Identify impact on audit methodology
Level
UpdatePrerequisites
Prior experience with AU-C 315
Advanced Preparation
None
Yellow Book Ethics
Title : Yellow Book Ethics
Presented By : Melisa Galasso
The 2018 Yellow Book addresses key concepts of ethics including the public interest, integrity, objectivity, and professional behavior. This course will review the key concepts and their application to auditors in a governmental environment. We’ll also review changes to the independence standards in the 2018 Revision.
Key Topics
- Independence
- Ethical principles
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Learning Objectives
- Identify changes to independence rules in the 2018 Yellow Book
- Recognize the ethical principles in GAGAS
Level
IntermediatePrerequisites
Prior experience with Yellow Book
Advanced Preparation
None
Yellow Book Update
Title : Yellow Book Update
Presented By : Melisa Galasso
More and more entities need Yellow Book engagements, including a growing number of for-profit entities. In this course, we will review the unique independence requirements in GAGAS. We'll also review the new engagements that have been created as alternatives to Single Audits that requires the auditor to follow Yellow Book.
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Learning Objectives
- Describe alternative engagements to single audits subject to Yellow Book
- Recall the independence requirements in Yellow Book
Level
UpdatePrerequisites
Knowledge of and experience with Yellow Book and its application to audits
Single Audit Update
Title : Single Audit Update
Presented By : Melisa Galasso
This course will start with a review of the impact of the 2023 Compliance Supplement on Single Audits. We will also review common audit deficiencies found in Single Audits with an emphasis on COVID-related funding.
Promotional Snippet
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Learning Objectives
- Identify changes to single audits as a result of the 2023 Compliance Supplement
- Recall common deficiencies found related to COVID-19 funding
Level
UpdatePrerequisites
Knowledge of and Experience with single audits
Not-for-Profit GAAP Update
Title : Not-for-Profit GAAP Update
Presented By : Melisa Galasso
This course will review the Accounting Standard Updates issued by the FASB that impact nonprofit entities. We will also look at the work of the Not-for-Profit Advisory Committee (NAC) and the projects they are advising the FASB on.
Promotional Snippet
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Learning Objectives
- Recall the impact of ASUs on nonprofit organizations
- Recall the activities of the nonprofit advisory committee
Level
UpdatePrerequisites
Knowledge of and experience with GAAP as applied to government entities
Advanced Preparation
None
Introduction to Yellow Book
Title : Introduction to Yellow Book
Presented By : Melisa Galasso
Performing engagements in accordance with Generally Accepted Government Auditing Standards (GAGAS or “Yellow Book”) requires additional reporting, ethics, and performance requirements. This course will identify and review the guidance found in the Yellow Book and analyze the relationship between Government Auditing Standards and the AICPA Code of Professional Conduct. We will review the Yellow Book requirements for financial statement audits while also touching upon ethical principles and independence.
Key Topics
- Ethical requirements and independence Reporting
- Financial statement audit differences
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Learning Objectives
Describe the unique auditing requirements in the Yellow Book
Level
BasicPrerequisites
None
Advanced Preparation
None
Introduction to Single Audit
Title : Introduction to Single Audit
Presented By : Melisa Galasso
Single Audits are an area of focus for the AICPA's Enhancing Audit Quality Initiative. The Uniform Guidance provides very unique audit requirements when auditing federal funds. This course will look into the unique performance and reporting requirements in Single Audits. Participants will have a basic understanding of internal controls over compliance, compliance requirements, how to use the Compliance Supplement, and the elements of a finding in a Single Audit.
Key Topics:
- Uniform Guidance
- Internal Controls over Compliance
- Reporting
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Learning Objectives
- Describe the unique auditing requirements in the
Uniform Guidance
Level
BasicPrerequisites
None
Advanced Preparation
None
- Describe the unique auditing requirements in the
Uniform Guidance
Accounting and Attestation for ESG
Title : Accounting and Attestation for ESG
Presented By : Melisa Galasso
Environmental, Social and Governance (ESG) has become a hot topic among standard setters. This session will look at the work of the FASB, GASB, and AICPA in the areas of ESG. We’ll also look at the types of engagements CPAs can provide to entities who want assurance around their ESG reporting.
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Learning Objectives
- Identify types of engagements CPAs can perform on ESG related items
- Describe current projects of accounting standard setters
Level
BasicPrerequisites
None
Advanced Preparation
None
Internal Controls Over Compliance vs Compliance
Title : Internal Controls Over Compliance vs Compliance
Presented By : Melisa Galasso
Based on an AICPA Enhancing Audit Quality study, 23% of all single audits subject to enhanced oversight were materially non-conforming with professional standards due to failure to properly test controls over compliance.
This course will provide an overview of internal controls over compliance specifically related to Single Audits. We will discuss how to apply the concept of internal controls to various compliance requirements. Additionally, a common finding in the audits of governmental entities receiving federal grants is the misidentification of controls and mistaking compliance for a control. That's why this course will also focus on identifying compliance versus controls over compliance.
Key Topics:
Internal controls over compliance
Compliance requirements
COSO
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Learning Objectives
- Properly document internal controls over compliance in conformity with the Uniform Guidance
- Compare ICFR with ICOC
Level
IntermediatePrerequisites
Prior experience with single audits
Advanced Preparation
None
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