Single Audit Update

Identification: GAE2104

Pandemic funding has made the single audit arena very challenging and things are changing much more frequently than usual. This session will bring you up-to-speed on important matters. Topics to be covered include:

• Highlights of changes to the 2021 Supplement
• A summary of COVID-19 funding and related challenges.
• Tips and resources

Challenging Areas Introduced in The Compliance Supplements - 2020, 2020 Addendum, and 2021 (Repeated in Session 2117)

Identification: GAE2107

There have been many single audit challenges this year with an unprecedented amount of Federal funding going into the economy. Understanding how to use the Compliance Supplement is more important than ever. This session will dive into the more challenging areas of the 2020 Compliance Supplement and subsequent Addendum as well as information about the 2021 Compliance Supplement.

How Pandemic Funding is Being Used - a Report Out from the Pandemic Response Accountability Committee (PRAC)

Identification: GAE2105

The CARES Act created and tasked the Pandemic Response Accountability Committee with providing transparency and coordinated oversight of federal pandemic response funds—now totaling more than $5 trillion. Come learn more about our structure, what we have accomplished so far, and what we’ve learned in providing critical oversight of American tax dollars. The session will also discuss higher risk areas and fraud indicators related to pandemic funding as well as our Pandemic Analytics Center of Excellence, which was created to conduct data analysis and visualization; promote leading practices; share data, tools and services; and provide investigative support related to COVID-19 relief and response programs.

New Bills: Are You Aware of Everything That Has Come Out?

Identification: GAE2110

From ARPA to Infrastructure, the Biden Administration and Congress have been exceptionally busy during 2021. What are the most important pieces of legislation and how are state and local governments tracking them? Come to this session to identify those key initiatives and assess the impact on state and local governments in 2021 and beyond.

Cybersecurity - how does it fit into audit?

Identification: GAE2112

This session will examine cybersecurity from the perspective of the CFO, CIO and external auditor. Topics will include general controls over IT, vulnerability scanning, penetration testing and tips and tricks for identifying whether audit clients may be potentially vulnerable.

PEEC & SLG Ethics Update

Identification: GAE2113

The AICPA Professional Ethics Division issued the State and Local Government Client Affiliates Interpretation to provide guidance to auditors of State and Local governments in evaluating which entities are affiliates of those governments. This session will go through an overview of the revised interpretation, discuss examples of how affiliates would be evaluated using this interpretation, and introduce some tools to assist in the evaluation. The session will also cover current Ethics projects that will impact state and local governments.

Crypto Assets and Bitcoin: A Primer, the Evolving Regulatory Framework, and the Risks Going Forward

Identification: GAE2111

Crypto assets have had both high and low moments over the last decade. What are they, how they work, and what the future is for this space will each be explored in this presentation. Other areas such as accounting considerations, regulatory framework, and evolving crypto asset products will also be shared.

Challenging Areas Introduced in The Compliance Supplements - 2020, 2020 Addendum, And 2021 (Repeat of Session 2107)

Identification: GAE2117

There have been many single audit challenges this year with an unprecedented amount of Federal funding going into the economy. Understanding how to use the Compliance Supplement is more important than ever. This session will dive into the more challenging areas of the 2020 Compliance Supplement and subsequent Addendum as well as information about the 2021 Compliance Supplement.

GASB Leases: What Auditors and Auditees Need to Know to Implement

Identification: GAE2116

The time has come to implement the new GASB lease standard (GASB 87). This session will explore some of the more significant implementation challenges and key auditor considerations. In this session, we will explore:

• Determining the completeness of the lease population, including identifying embedded leases
• Use of recognition thresholds
• Separating components and allocating contract prices
• Selecting and auditing discount rates
• Subsequent measurement of lease liability/receivable and accrued interest
• Lease remeasurements and implications to accounting systems and processes
• Accounting for lease modifications
• Preparing for required note disclosures
• Common transition adjustment questions
• Using a rollforward approach for auditing
• Consideration of GASB Statement No. 96, Subscription-Based Information Technology Arrangements

Hot Topics in Auditing State and Local Government Financial Statements

Identification: GAE2120

Auditors and governments faced unprecedented circumstances in 2020 and the current environment will continue to impact audits in 2021. 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 during an already challenging time.