book

Governmental Accounting and Auditing Update

by Melisa F. Galasso

July 2020

Intermediate to advanced

192 pages

4h 29m

English

Wiley

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Recent GASB standardsGASB Statement No. 84GASB Statement No. 87GASB Statement No. 89GASB Statement No. 90GASB Statement No. 91Recent GASB Implementation GuidesNotes
GASB resources
Recently issued auditing and attestation standardsSAS No. 135SAS No. 137SAS No. 138SSAE 19SSAE 20Recently issued changes to the Code of Professional ConductOther projects to monitor2018 mid-year progress report – Enhancing Audit QualityAddressing common audit deficienciesNotes

Government Auditing Standards, 2018 RevisionOMB Compliance SupplementUniform Guidance refresherUniform Guidance — SEFAUniform Guidance — Determination of major programsUniform Guidance – Reporting considerationsProtected personally identifiable informationUniform Guidance — Procurement standardsCost principles in a single auditGovernment-wide audit quality studyProposed changes to the Uniform GuidanceCommon deficiencies found in single auditsNotes
Chapter 1Chapter 2Chapter 3

Content preview from Governmental Accounting and Auditing Update

Chapter 3Federal Government Activities

Learning objectives

Recognize key changes found in Government Audtiting Standards, 2018 Revision.
Identify the role of the Compliance Supplement in a Uniform Guidance compliance audit.
Identify and apply guidance found in the Uniform Guidance.
Recognize proposed changes to the Uniform Guidance.

Government Auditing Standards, 2018 Revision

In July 2018, the U.S. Government Accountability Office (GAO) issued Government Auditing Standards, 2018 Revision (2018 revision). Upon its effective date, the 2018 revision will supersede the Government Auditing Standards, 2011 Revision. The effective date of the 2018 revision is for financial audits, attestation engagements, and reviews of financial statements for periods ending on or after June 30, 2020, and for performance audits beginning on or after July 1, 2019. Therefore, the first full fiscal year audits performed under the 2018 revision will be for June 30, 2020, year-ends. Access to the 2018 revision is available on the GAO website at www.gao.gov/yellowbook/overview. Key changes found in the 2018 revision follow.

Format and organization. One important change relates to the format and organization of the content. The 2018 revision presents all requirements within a box, with the application guidance following. This allows for clear identification of the requirements versus application guidance. Furthermore, two chapters were added and content within chapters has been reorganized. Application ...