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Fraud Discussion - With A Focus on Government Procurement

Aug 15, 2022 11:40am ‐ Aug 15, 2022 12:55pm

Identification: GAE2205

This session will address fraud fundamentals, the meaning of public purpose in government procurement, highlights from the recently issued ACFE Report to the Nations and specific procurement fraud and the related red flags.

Learning Objective:
  • Recognize a fraud discussion with a focus on government procurement.


Understanding and Testing IT Controls and How it Relates to Your Audit

Aug 15, 2022 1:10pm ‐ Aug 15, 2022 2:25pm

Identification: GAE2208

Understanding IT general controls is an important part of the risk assessment process in a financial statement audit, but what if a deficiency is identified? This session with not only refresh your memory on the auditor’s responsibilities related to understanding IT general controls but will also seek to help develop strategies surrounding evaluating deficiencies and consider the impact of those deficiencies on the audit.

Learning Objectives:
  • Identify an auditor’s responsibility related to IT controls in a financial statement audit
  • Recognize strategies to consider when a deficiency in general IT controls is identified
  • Identify how deficiencies in general IT controls could impact the audit


Single Audit Update

Aug 15, 2022 2:45pm ‐ Aug 15, 2022 4:00pm

Identification: GAE2211

The last year has been one of the more challenging ever for single audits due to the significant influx of federal funding resulting from the COVID-19 pandemic. There will be many of the same types of challenges to address in the coming year. This session will provide an overview of what is happening in the single audit arena.

Learning Objectives:
  • Identify key information in the 2022 OMB Compliance Supplement
  • Identify COVID-19 funding updates and related single audit implications
  • Recognize news from the AICPA Governmental Audit Quality Center
  • Identify the single audit landscape looking forward


Cloud Environment Controls

Aug 15, 2022 2:45pm ‐ Aug 15, 2022 4:00pm

Identification: GAE2209

Participants in this session will get a basic introduction to cloud computing, hear about lessons learned from common challenges and hear about how cloud computing is a shared responsibility. Presenters will focus on five key risk dimensions of operating in a cloud environment and discuss controls that agencies may consider as they balance the need for security and speed. After attending this session, participants will have better insights into the considerations necessary to architect and operate in the cloud while achieving compliance requirements.

Learning Objectives:
  • Identify five key risk dimensions of operating in a cloud environment.
  • Identify controls that agencies may consider as they balance the need for security and speed.


Understanding and Supervising IT - Employees are from Jupiter, IT employees are from Neptune

Aug 15, 2022 4:15pm ‐ Aug 15, 2022 5:30pm

Identification: GAE2213

In just a few short years, IT has become an integral part of every aspect of an organization's operations.  Unfortunately, as our dependance on IT has grown, our understanding of what a good IT operation looks like has not.  Whether the Finance Officer supervises IT or simply must work with them, this session takes a non-techie approach to understanding IT.

Learning Objectives:
  • Identify the key elements necessary for a quality IT department.
  • Improved ability to identify and evaluate general controls over technology.


Implementing the New Auditing Standards (SAS 142-145) in Your Governmental Practice (Risk Assessment/Audit Evidence/Specialist)

Aug 15, 2022 4:15pm ‐ Aug 15, 2022 5:30pm

Identification: GAE2214

SAS 142-145 lays out significant changes to the auditing standards that will be in play shortly! Understanding their impact, and in particular, any unique impact to governmental audits, will be critical in future audits. This session will provide a concise overview of these new standards along with considerations to take with you as you plan your firm’s implementation efforts.

Learning Objectives:
  • Identify the main concepts within SAS 142-145
  • Recognize certain changes to the auditing standards that might require changes to your firm’s tools, processes, and/or training
  • Recall examples of the application of these standards in the governmental audit environment


Auditing the Coronavirus State and Local Fiscal Recovery Funds (SLFRF)

Aug 16, 2022 10:35am ‐ Aug 16, 2022 11:50am

Identification: GAE2218

Many auditors will have to audit the Coronavirus State and Local Fiscal Recovery Funds Program for the first time in 2022.

The $350 billion program is one of the largest federal programs subject to single audit ever, with over 30,000 recipients.

Although funding went primarily to states, local government, and tribal entities, those recipients could potentially pass the funding down to not-for-profits or even for-profit entities.

Adding to the challenge is that many small local government recipients of this funding have not had to undergo an audit of federal financial assistance in the past.

This session is intended to help auditors having to address this program in their single audits.

Learning Objectives:
  • Identify how the Coronavirus State and Local Fiscal Recovery Funds Program affects single audits.
  • Analyze auditor considerations and challenges and take appropriate action.
  • Use best practice tips and resources to achieve a quality single audit.


OMB Update

Aug 16, 2022 10:35am ‐ Aug 16, 2022 11:50am

Identification: GAE2216

The Deputy Controller in the Office of Federal Financial Management at OMB will provide a general overview of OMB activities.

Learning Objectives:
  • Identify OMB updates about recent memorandum.
  • Identify an update on the President's Management Agenda.
  • Identify other relevant government-wide updates.


AICPA Professional Ethics Update Focused on State and Local Governments

Aug 16, 2022 12:10pm ‐ Aug 16, 2022 1:25pm

Identification: GAE2221

This session will describe the AICPA ethics structure, present a quick reminder of the requirements for the State and Local Government Client Affiliates Interpretation that is currently effective, discuss recently adopted standards (such as NOCLAR and others), discuss the current exposure draft for compliance audits, identify key differences between the AICPA Code of Professional Conduct (Code) and the 2018 Yellow Book, and identify common mistakes in yellow book and single audits.

Learning Objectives:
  • Identify the structure of the Professional Ethics Division and its role in standard setting and enforcement activities
  • Identify recently adopted standards in the Code
  • Identify the current exposure draft for compliance audits and how it could affect you
  • Recognize the differences between independence requirements in the Code and the 2018 Yellow Book
  • Identify common mistakes in yellow book and single audits


The Single Audit Explorer, more than meet the AI

Aug 16, 2022 1:40pm ‐ Aug 16, 2022 2:30pm

Identification: GAE2223

Inspired by the AICPA’s Go Beyond Disruption Campaign, please join this session for a hands on Artificial Intelligence (AI) demonstration. AI includes a variety of technology and data analytic capabilities expected to change work as we know it. As AI expands in many aspects of our personal lives it is now developing in government operations and public interest in exploring AI use cases is increasing. This session will offer AICPA members a hands on primer and demonstration on several aspects of AI including, machine learning, natural language processing and deep learning, leveraging an open source automated Single Audit Explorer (SAE). After the session participants will be able to download the SAE to start their AI journey on their own.

Learning Objectives:
  • Recall basic concepts related to AI.
  • Recognize the importance of AI.
  • Identify current practical applications of AI (including use cases in audit, accounting and finance)
  • Recognize AI capabilities.
  • Recognize the importance of data in AI applications