This includes sessions from the conference: Governmental Accounting and Auditing Update Conference 2019
As senior editor and correspondent on NPR’s Washington Desk, Ron Elving covers the stories, the issues, and the people driving Washington decision-making. In his engaging style, Ron will discuss where things stand on the Hill, in the Executive Branch and in the broader body politic.Speaker(s):
This session will focus on evaluating errors in single audits, including what should be a written finding in the audit and how to write effective findings.
This session will provide an overview of what is happening in the single audit arena. You will learn about the:
The Federal Audit Executive Council (FAEC) is one of several working groups under the Council of the Inspectors General on Integrity and Efficiency (CIGIE). FAEC’s role is to coordinate on issues that affect the Federal audit community. Chair, Dr. Brett Baker, leads the FAEC in addressing some recent matters of common interest:
This session is intended to provide attendees with key insights, tips, and best practices on the latest updates to the Data Collection Form (DCF) and related instructions issued by the Federal Audit Clearinghouse (FAC). Participants will learn important information on the following:
Delivering the audit results to the governing body can pose many challenges depending on the size and knowledge base of the audience. Whether you are communicating to a large city or regional council or a small governing board, this session will provide an experienced perspective on how to deliver audit results succinctly and leave a positive impression on the Governing Body.
The Department of Defense achieved a critical milestone in November 2018: undergoing its first full financial statement audit and meeting a key congressional mandate. DOD did not expect to receive an opinion on its financial statements. The DOD Comptroller has remarked that implementing all the process and system changes necessary to pass the audit will take time and recognizes the issuance of notices of findings and recommendations (NFR) as a major outcome of the audit. The department’s success in improving its financial management and audit readiness will be measured by progress in remediating deficiencies noted in the NFRs.
How risk assessments are performed in the audit of financial statements has been challenged recently. As you prepare for the upcoming audit season or your next peer review, know that how your audit team performs risk assessments will be scrutinized. This session will provide a refresher on the audit risk assessment standards with some specific thoughts on application for state and local governments.
This session will take a deep dive into GASB 84, Fiduciary Activities, walking through various transactions and analyzing how GASB 84 might apply, keeping in mind not only the standard itself but also the related implementation guide. The session will also outline reporting considerations as well as potential audit-related considerations to consider with the adoption of this new standard.
You continue to hear about cybersecurity and risk management when it comes to your audits. Yet, what are the next steps once you’ve inquired about a client’s risk management plan? Better yet, what are the next steps when you find out there is no plan? This session will provide insight into how and why CPAs and accounting professionals should be involved in these inquiries and processes. Cybersecurity risk management best practices, frameworks, and how to tie these into strategic initiatives will be discussed.