Governmental Auditing Update: AICPA and Single Audit Update FLEXCAST

Overview

Navigating the intricate landscape of auditing standards for state and local governments, especially when dealing with federal funds, can be daunting for auditors. This course provides an essential solution by thoroughly examining the latest changes in the three key sets of auditing standards: AICPA Clarity Audit Standards (GAAS), Government Auditing Standards (GAS or Yellow Book), and Uniform Guidance (Single Audit). Participants will gain not only an understanding of the recent amendments but also the rationale behind these changes. The session covers significant updates across the AICPA standards, including SAS 134-140, modifications to the auditor’s report, and new amendments to various AU-C sections. For those involved in Single Audits, the course also delves into the latest compliance supplements and the implications of COVID-19 funding. This course is designed to equip auditors with the knowledge and insights necessary to effectively apply these standards, ensuring compliance and excellence in their auditing practices.

Highlights

Auditor Reporting - AU - C 700 Series. Significant changes to the Auditor’s Report. Auditor Reporting - SAS No. 134. Illustrative report. SAS 135, Omnibus Statement on Auditing Standards - 2019. SAS 141. Audit evidence. Auditing accounting estimates and related disclosures (SAS No. 143). SAS 144.

Prerequisites

None.

Designed For

Professionals in government and public accounting.

Objectives

AICPA and Single Audit Update. AICPA recent activity. SAS 134-140. Auditor reporting- AU- C700 Series. Significant changes to the auditor’s report. Auditor Reporting SAS No. 134. Section 705- Modifications to the opinion in the independent auditor’s report, emphasis-of-matter paragraphs and other-matter paragraphs in the independent auditor’s report. Various amendments- AU-C 570 & AU-C 260, and other related projects. Illustrative report- Independent auditors report. SAS 135- Omnibus statement on auditing standards- 2019, proposed amendments AU-C 260, communication to Au-C 260 TCWG, AU-C 550 related parties. Statement on auditing standards- SAS No. 136, SAS No. 137, SAS No. 138, SAS No. 20, SAS No. 139,. Amendments to AU-C Section 800, 805, and 810 changes from SAS No. 134 (SAS No. 139). Amendments to AU-C Sections 725, 730, 930, 935, and 940 to incorporate auditor reporting changes from SAS No. 134 and 137 (SAS No. 140). SAS 141. Audit Evidence (SAS No. 142). Auditing accounting estimates and related disclosures (SAS No. 143). SAS 144 & 145. Single Audit Update. Compliance supplement breaking news. What is COVID19 Funding. Matrix of compliance requirements.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.