Governmental Auditing Update: AICPA and Single Audit Update FLEXCAST

Overview

There are a number of sets of auditing standards that could possibly apply to an auditor engaged in auditing state and local governments, including the audits of federal funds expended by these types of governments. Specifically, these three sets of standards are the AICPA Clarity Audit Standards, also known as Generally Accepted Auditing Standards (GAAS), Government Auditing Standards (GAS), also known as the Yellow Book, and of course, Uniform Guidance, also known as the Single Audit. This session will take a look at the most recent changes to all three sets of auditing standards and reveal any new insights as to not only what the changes are, but why the changes were contemplated.

Highlights

Auditor Reporting - AU - C 700 Series. Significant Changes to the Auditor’s Report. Auditor Reporting - SAS No. 134. Illustrative Report. SAS 135, Omnibus Statement on Auditing Standards - 2019. SAS 141. Audit Evidence. Auditing Accounting Estimates and Related Disclosures (SAS No. 143). SAS 144.

Prerequisites

None.

Designed For

Professionals in Government and Public Accounting.

Objectives

AICPA and Single Audit Update. AICPA recent activity. SAS 134-140. Auditor reporting- AU- C700 Series. Significant changes to the auditor’s report. Auditor Reporting SAS No. 134. Section 705- Modifications to the opinion in the independent auditor’s report, emphasis-of-matter paragraphs and other-matter paragraphs in the independent auditor’s report. Various amendments- AU-C 570 & AU-C 260, and other related projects. Illustrative report- Independent auditors report. SAS 135- Omnibus statement on auditing standards- 2019, proposed amendments AU-C 260, communication to Au-C 260 TCWG, AU-C 550 related parties. Statement on auditing standards- SAS No. 136, SAS No. 137, SAS No. 138, SAS No. 20, SAS No. 139. Amendments to AU-C Section 800, 805, and 810 changes from SAS No. 134 (SAS No. 139). Amendments to AU-C Sections 725, 730, 930, 935, and 940 to incorporate auditor reporting changes from SAS No. 134 and 137 (SAS No. 140). SAS 141. Audit Evidence (SAS No. 142). Auditing accounting estimates and related disclosures (SAS No. 143). SAS 144 & 145. Single Audit Update. Compliance supplement breaking news. What is COVID19 Funding. Matrix of compliance requirements.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.