Learn about the Federal Accounting Standards Advisory Board’s (FASAB) latest accounting standards, proposed standards, and major projects. FASAB has issued several new Statements of Federal Financial Accounting Standards (SFFAS) and proposed SFFAS during the year.

Participants will hear an overview and discussion of these topics:

• new standards for reporting leases, 
• the new budget and accrual reconciliation,
• efforts to improve disclosures and other required information,
• evolving concepts for federal financial reporting, 
• proposals regarding reporting on federal land,
• new guidance related to the Department of Defense’s implementation efforts, and
• progress on reporting risks assumed by the federal government.

After this session attendees will be able to:

-Recall the issues the Federal Accounting Standards Advisory Board views as a priority in the near term and why.
-Recognize newly issued standards.
-Recall tentative decisions of the Board on key projects. 
-Identify emerging issues.

We explore the use of data analytics that can be used to perform various audit procedures including elements of risk assessments, tests of controls, substantive procedures, or concluding audit procedures. 

After this session attendee will be able to:

-Apply guidance included in the recently issued AICPA Guide to Audit Data Analytics to your audits.
-Determine how these techniques could be used in the state & local government industry.

The session will focus on the state tax impact and implications of the new federal tax law. 

After this session attendees will be able to:

1. Identify the issues that states will be addressing over the next year in operations, and state revenue and budget needs, as a result of the new federal tax law. 
2. Analyze the states' conformity and decoupling of specific provisions in the tax law.
3. Differentiate the responses of various states to the new federal tax law.

The Department of Homeland Security is required to obtain an audit opinion on internal control over financial reporting under the DHS Financial Accountability Act. With two material weaknesses remaining, in ITGC and Financial Reporting, the panelist will present DHS’ approach in using ITGC to posture the Department for sustainment of traditional manual controls, while improving data quality.

Learning Objectives:

• How to plan and conduct an assessment of financial systems that have greatest impact on significant business processes

• How to identify and test sources of information produced from financial systems

• Next steps in fully integrating application controls into the overall control environment to reduce traditional transaction testing

This session will cover single audit developments that occurred over the last year and also, look at the future of single audits. Auditors from firms and state audit organizations will be represented. 

Learning Objectives:

-Evaluate what is in the 2018 “skinny” Compliance Supplement and how to use it.
-Interpret the latest quality issues noted in single audit quality reviews.
-Examine best practices when dealing with a client’s Corrective Action Plan.
-Predict future single audit developments such as a new Data Collection Form, future quality studies, and the recent federal grants-oriented cross-agency priority goals.

The AICPA Peer Review Program’s recent study of single audit quality gives insight into the types of problems found and what factors correlated to higher-quality single audits. If your firm or state audit organization (SAO) conducts single audits, you should take advantage of this opportunity to learn more about the types of problems found and what factors led to the highest quality single audits. 

Specific topics to be discussed include: 

• The single audit quality factors that correlated to quality; 
• Common misconceptions and areas of non-conformity identified; and 
• Steps firms and SAOs can take to strengthen their single audit quality

After this session attendees will be able to:

-Identify factors that correlate to single audit quality 
-Analyze insights into the most common areas of non-conformity found in the single audits studied.

This course is designed to walk through the content to help prepare you for the Single Audit Certificate. It will include case studies to demonstrate the materials to best prepare you to successfully receive your digital badge. Major topics include internal controls over compliance, major program determination and reporting.

After attendees attend this session they will be able to:

- Describe the process for performing major program determination
- Document proper internal controls over compliance