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This includes sessions from the conference: 2023 AICPA & CIMA Governmental Accounting & Auditing Online Update

Sessions Included:

Welcome and KEYNOTE - Navigating Uncertainty (Aug 14, 2023 09:50 AM)

Secrets, Conspiracies and Hidden Patterns: Detecting and Combatting Fraud in the Public Sector (Aug 14, 2023 11:05 AM)

Leading in the IG Community - the Impact of Oversight (Aug 14, 2023 02:30 PM)

Single Audit Update (Aug 14, 2023 02:30 PM)

Empowering Yourself and Your Organization with Data Literacy (Aug 14, 2023 04:00 PM)

SOC Engagements (Aug 15, 2023 11:10 AM)

Hot Topics - SLG Financial Statements Panel (Aug 15, 2023 11:10 AM)

Single Audit Update - REPLAY (Aug 15, 2023 11:10 AM)

Opioids Settlement Accounting: Choosing the Right Treatment (Aug 15, 2023 01:05 PM)

Ethics in Practice: Update and Hot Topics (Aug 15, 2023 01:05 PM)

Leases (SBITA)/GASB 87 (Lessons Learned) and GASB 96 (Aug 15, 2023 02:10 PM)

Hot Topics - Single Audit Panel (Aug 15, 2023 02:10 PM)

How to Thrive in a Hybrid Work Environment (Aug 15, 2023 03:40 PM)

Risk Assessment Under SAS No. 145 (Aug 16, 2023 10:05 AM)

OMB Update (Aug 16, 2023 11:35 AM)

GASB Update REPLAY (Aug 16, 2023 11:35 AM)

Key Takeaways Panel and Q&A and Closing Remarks (Aug 16, 2023 01:10 PM)


Welcome and KEYNOTE - Navigating Uncertainty

Aug 14, 2023 9:50am ‐ Aug 14, 2023 10:50am

Identification: GAE2301

There are important risks and opportunities facing the economy, financial markets, and businesses. This talk includes an evaluation of recent trends, current data, and future risks and opportunities. This talk will also include critical strategic recommendations and actionable takeaways and recommendations.

In this discussion, join economist and futurist Jason Schenker who will discuss inflation and interest rates as well as risks that threaten growth and corporate profits. Mr. Schenker will also discuss labor market data, apparently mixed labor market signals, and the war for talent. Finally, Mr. Schenker will also delve into the subject of Cold War Two®, the end of globalization, and associated supply chain risks.

Looking into the future of technology and work, Mr. Schenker will discuss several critical long-term trends in demographics and technology, including how ChatGPT and other AI technologies will be valuable and increasingly common. Mr. Schenker will share actionable winning strategies for the current uncertain environment now and for the years ahead.

Learning Objectives:
  • Identify current economic and financial market trends and their potential impacts on business.
  • Analyze key upside and downside risks to the economic and financial market outlook.
  • Recognize Cold War Two® and associated geopolitical risks to the global economy and financial outlook.
  • Identify the most important labor market trends and dynamics, including the impact on the war for talent.
  • Identify opportunities to use generative AI, like ChatGPT, while maintaining due care and fiduciary duties.

Speaker(s):


Secrets, Conspiracies and Hidden Patterns: Detecting and Combatting Fraud in the Public Sector

Aug 14, 2023 11:05am ‐ Aug 14, 2023 12:20pm

Identification: GAE2304

The presentation will discuss the latest trends in fraud to impact the public sector.  Through use of actual investigation case studies and examples, we will discuss the most common fraud schemes impacting the public sector.  The presentation will also discuss effective internal controls that can be used to deter various common fraud schemes and will illustrate the use of data analytics in the detection of fraud.

Learning Objectives:
  • Identify the most prevalent fraud schemes that impact the public sector.
  • Identify common red flags for those fraud schemes.
  • Identify effective internal controls to deter those fraud schemes, and data analytics that can be used to assist in the detection of those fraud schemes.

Speaker(s):


Single Audit Update

Aug 14, 2023 2:30pm ‐ Aug 14, 2023 3:45pm

Identification: GAE2308

Single audits continue to be a hot topic for governments. Federal funding subject to single audit continues at historic levels and, while winding down, COVID-19 funding continues to be subject to audit for many entities. This session will cover updates in the 2023 Compliance Supplement, resources to help you complete your single audit and discuss nuances in federal funding.

Learning Objectives:
  • Identify key information in the 2023 OMB Compliance Supplement
  • Identify the latest federal funding nuances and related single audit implications
  • Recognize news from the AICPA Governmental Audit Quality Center
  • Identify single audit developments and the single audit landscape looking forward

Speaker(s):


Leading in the IG Community - the Impact of Oversight

Aug 14, 2023 2:30pm ‐ Aug 14, 2023 3:45pm

Identification: GAE2306

Conducting Oversight in the 21st Century - how we are working together to impact the efficiency and effectiveness of government.

Learning Objectives:
  • Identify background and updates on Inspector General Community.
  • Recognize impact of Oversight Work.
  • Recognize Pandemic Oversight - the Impact of the PRAC
  • Identify where we are going from here.

Speaker(s):


Empowering Yourself and Your Organization with Data Literacy

Aug 14, 2023 4:00pm ‐ Aug 14, 2023 4:50pm

Identification: GAE2309

The world moves at an incredible pace in our day and age. How does one keep up with it? How does one develop the skills to succeed in this world? Come join Jordan Morrow, the Godfather of Data Literacy, as he discusses the topic of data literacy. Jordan will touch upon what data literacy is, the world of data, and how to be more data driven. Jordan will also touch upon the world of data literacy and AI. Come join for a fun and engaging session!

Learning Objectives:
  • Identify what is data literacy
  • Recognize the world of data and the objective of using data to make decisions
  • Identify what it means to be data driven and how to become more data driven
  • Recognize the world of data literacy and AI

Speaker(s):


Hot Topics - SLG Financial Statements Panel

Aug 15, 2023 11:10am ‐ Aug 15, 2023 12:25pm

Identification: GAE2312

Auditors and governments faced unprecedented circumstances the past few years and the current environment will continue to impact audits in 2023. Government auditors face several practice issues, making it difficult to perform effective and efficient audits while maintaining the quality stakeholders and our profession expect. Learn about the latest developments impacting state and local government financial statement audits and how to navigate them.

Learning Objectives:
  • Identify how the current environment is impacting the planning and risk assessment process for state and local government audits.
  • Recall the latest findings identified in the peer review process.
  • Recognize the content of the AICPA Audit Guides including new content that has been developed over the last few years and how you can leverage this great content to your advantage.
  • Identify other challenges impacting SLG audits this year and how to best address them.

Speaker(s):


SOC Engagements

Aug 15, 2023 11:10am ‐ Aug 15, 2023 12:25pm

Identification: GAE2311

Learn about service organization relationships and your responsibilities as a user of third-party services. On completion of the training you will:

  • Know the difference between a service organization and a subservice organization 
  • Understand the risks associated with service organizations - specifically cloud service providers
  • Be aware of user responsibilities and complementary user entity controls common to third-party arrangements
  • Have knowledge of best practice monitoring activities over service organizations

Learning Objectives:
  • Identify the difference between a service organization and a subservice organization
  • Analyze the risks associated with service organizations
  • Identify user responsibilities and complementary user entity controls
  • Identify best practice monitoring activities over service organizations

Speaker(s):


Single Audit Update - REPLAY

Aug 15, 2023 11:10am ‐ Aug 15, 2023 12:25pm

Identification: GAE2313

Single audits continue to be a hot topic for governments. Federal funding subject to single audit continues at historic levels and, while winding down, COVID-19 funding continues to be subject to audit for many entities. This session will cover updates in the 2023 Compliance Supplement, resources to help you complete your single audit and discuss nuances in federal funding.

Learning Objectives:
  • Identify key information in the 2023 OMB Compliance Supplement
  • Identify the latest federal funding nuances and related single audit implications
  • Recognize news from the AICPA Governmental Audit Quality Center
  • Identify single audit developments and the single audit landscape looking forward

Speaker(s):


Ethics in Practice: Update and Hot Topics

Aug 15, 2023 1:05pm ‐ Aug 15, 2023 1:55pm

Identification: GAE2316

This session will provide you a high-level overview of the independence and ethics standards when serving audit clients subject to Yellow Book requirements, including commonly asked questions and AICPA ethics activities and updates and hot topics relevant to the profession. We will review certain nonaudit services that are prohibited and others that maybe allowable once the services are evaluated under the Conceptual Framework. Discuss best practices and guidance for preparing related independence documentation. Review available resources to assist auditors in complying with the applicable independence standards.

Learning Objectives:
  • Identify a high-level understanding of the Yellow Book independence standards
  • Identify when to apply the Conceptual Framework when evaluating nonaudit services
  • Recognize the AICPA’s recent affiliate definition to State and Local Governments
  • Identify a high-level overview of AICPA ethics activities

Speaker(s):


Opioids Settlement Accounting: Choosing the Right Treatment

Aug 15, 2023 1:05pm ‐ Aug 15, 2023 1:55pm

Identification: GAE2315

State and local governments stand to receive more than $54 billion over 18 years from legal settlements with the manufacturers, distributors, and retailers of prescription opioids. The complexity of the settlement provisions and differences in how states are handling the distribution of proceeds to localities have resulted in there being no single answer to the question, "How should my government account for and report the settlement money?" This session lays out the steps that governments and their auditors should take and the questions they should ask in order to determine the appropriate accounting and financial reporting standards to follow. 

Learning Objectives:
  • Identify the key factors that determine the appropriate accounting
  • Distinguish between the settlement provisions that are most relevant to the accounting standards
  • Identify the applicability of exchange versus nonexchange transactions and program versus general revenue

Speaker(s):