- NY Credits : 17.0
- TX Credits : 17.0
Audits of State and Local Governments
This course provides the information an auditor needs to design, perform, and report on a financial statement audit of a governmental entity in accordance with generally accepted auditing standards (GAAS). It provides additional guidance for financial statement audits conducted in accordance with Government Auditing Standards (the Yellow Book). Our experts cover: new auditing and accounting requirements; risk assessment procedures, general planning procedures, and the detailed audit plan; substantive procedures and tests of controls; audit programs for specific audit areas including pensions and postemployment benefits other than pensions (OPEB); special-purpose and state governments; general and concluding procedures; and the auditor's reports. This update includes the audit effects of the revised AU-C Section 570, based on the requirements in SAS No. 132. It also includes an overview of the following newly issued GASB statements No. 81 through No. 87. This course is most appropriate for the professional with detailed knowledge in audits of state and local government who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of this course, the user should be able to:
recognize significant changes to the AICPA Codification of Auditing Standards;
identify the importance and procedures behind risk assessment;
recognize the various classes of financial statement assertions;
identify issues related to substantive testing in a financial statement audit;
identify the process of deciding when and how to perform tests of controls;
recognize the process of developing audit programs and detailed audit plans for various audit areas;
identify unique accounting, reporting, and auditing characteristics in various special purpose governmental units;
identify unique accounting, reporting, and auditing characteristics dealing with pensions and OPEB;
identify various general and concluding audit procedures; and
recognize the importance and relevance of standard GAAS and GAGAS reports on the basic financial statements.