Early Bird Fees (through 7/7)
After 7/7, add $50 to your fee.
CPE: 8 hours
Category: Accounting & Auditing
Advanced prep: None
Who should attend: Public and industry professionals who work in/with governmental entities.
Note: Qualifies for Yellow Book
This course is also available as a webcast. Click here to register for the webcast. (You will be redirected to the ACPEN site.)
Learning Objectives and Course Content:
Stay up-to-date on rapidly changing developments by participating in the 2015 Governmental Accounting and Auditing Update ACPEN live video webcast! This is your opportunity to hear about the latest challenges facing governments and practitioners who work with them and audit them. ACPEN’s panel is made up of leading experts on governmental accounting and auditing, both those who work in the trenches and those from the regulatory world.
With all of the new fiscal, regulatory, and standards challenges facing governments and their auditors, it is important to keep current on critical issues and developments. From a governmental accounting, auditing, and compliance perspective, 2015 will be a critical year for implementing new standards and requirements! Plus, it is imperative that you start planning ahead for the significant changes coming in 2016!
On the governmental accounting side, the GASB’s new pension standard for plans is effective right now and the time to implement the new standard for employers is here! You’ll get the latest scoop on all the issues from both the GASB and audit implementation perspectives—and hear about solutions to those issues. This is not the time to sit on the sideline—plan and employer management as well as auditors all need to lay the groundwork to successfully meet the challenges associated with implementing these complex new standards.
GASB has been very busy in the last year with new standards on fair value (GASB No. 72), an additional pension standard for pensions outside the scope of GASB No. 68 (GASB No. 73), two new OPEB standards (GASB Nos. 73 and 74) that parallel the plan and employer pension standards (GASB Nos. 67 and 68), and the new GAAP Hierarchy standard (GASB No. 76). Plus, new standards on tax abatement and external investment pools are expected to be released later in 2015. Now is the time to find out the details on how these and other recently effective standards will affect governmental accounting and reporting. The ACPEN panel of experts can fill you in on all the latest details you need to know about critical new requirements, implementation issues, and developments.
On the audit side, some plans and their auditors are still working through the critical implementation issues for the pension standard for pension plans and for GASB No. 68 for employers—and a call to action to conquer critical implementation issues that affect both plans and employers. This year’s broadcast will be the perfect time to learn the details about how the latest auditing and reporting issues will affect your engagements and practice, including the issues covered in the State and Local Governments Audit & Accounting Guide and Risk Alert, the revised COSO Internal Control Framework, and GAO’s new “Green Book” on internal controls. The panel will discuss crucial implementation and practice issues for government audits and spotlight issues, including the impact of internal control revisions on local governments and the often challenging task of explaining “governmental net position” in the post-pension era to governing bodies and officials.
For Single Audits, the ACPEN panel will cover topics that are relevant to single audits being performed NOW, and highlight key changes that are applicable to FUTURE single audits. Following current developments and using the most recent guidance is critical to conducting quality single audits. Hear the details on the latest single audit issues, including the OMB’s Uniform Guidance, the 2015 OMB Compliance Supplement, expected changes to the Data Collection Form for 2015, and the latest peer review findings relating to single audits.
The panel will cover new guidance in the 2015 OMB Compliance Supplement on compliance requirements and explain how to use the Compliance Supplement to audit awards under both the previous OMB guidance and the new Uniform Guidance. Among the topics the panel will cover are changes to critical changes to the content and structure of the Compliance Supplement. With dramatic changes in the 2015 Compliance Supplement, including streamlining of compliance requirements and 2 sections of compliance requirements (Parts 3.1 and 3.2), it is critical that auditors understand how requirements have changed and how to effectively use the Compliance Supplement.
OMB’s Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) will affect the audit process for single audits! The ACPEN panel will highlight key changes in the new Uniform Guidance and cover some surprisingly complicated issues relating to the effective dates of various requirements. Topics covered will include the increase in the single audit threshold, changes to the process for determining major programs, and combination of OMB audit and cost principles circulars. It is essential that governments and auditors understand that the timeline on applying certain parts of the new guidance is shorter than they initially thought!
Finally, you’ll receive an update on the most recent accounting and auditing developments affecting governments and government auditors. This includes Single Audit issues, AICPA and Yellow Book implementation issues, new and recently effective GASB pronouncements, audit issues, and a look at what’s on the horizon. Join ACPEN’s panel of experts as they discuss, not only the technical requirements of new standards, but also the key implementation issues that must be addressed by auditors and their governmental clients! Benefit from their experience and insights from many perspectives, as well as their long experience in governmental accounting and auditing.
- Carole A. Burgess, CPA, Executive Editor, Thomson Reuters/PPC, Carrollton, TX
- David R. Bean, CPA, Director of Research and Technical Activities, Governmental Accounting Standards Board, Norwalk, CT
- Frank Crawford, CPA, President, Crawford & Associates, PC, Oklahoma City, OK
- Dan O’Keefe, CPA, MBA, CFE, Shareholder, Moore Stephens Lovelace P.A., Winter Park, FL
- Kevin Smith, CPA, Partner, Crowe Horwath LLP, Dallas, TX
Major Subjects and Key Benefits:
- Find out about the requirements in challenging new standards on fair value (GASB No. 72), an additional pension standard for pensions outside the scope of GASB No. 68 (GASB No. 73), two new OPEB standards (GASB Nos. 73 and 74) that parallel the plan and employer pension standards (GASB Nos. 67 and 68), the new GAAP Hierarchy standard (GASB No. 76), and other new GASB standards.
- Find out about GASB’s pension standards for plans and employers, and hear the details about critical implementation and audit issues for plans, employers, and auditors that you need to know about—and take action on¾NOW.
- Find out about the grant reform changes included in OMB’s Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and learn how the changes will affect current and future single audits.
- Hear about the most recent developments affecting single audits, including the 2015 OMB Compliance Supplement, as well as:
§ The latest guidance on compliance requirements and single audit reporting,
§ Dramatic changes to the Compliance Supplement,
§ Expected changes to the Data Collection Form for 2015,
§ Single audit quality issues (including recent peer review findings), and
§ Pitfalls, practice tips, and valuable perspectives from experienced practitioners.
- Discover how new accounting and auditing standards will affect governments and your government practice, including common implementation issues, reporting issues, and best practices.
- Hear some hints on how to effectively carry out the often challenging task of explaining governmental net position in the post-pension era to governing officials. (This session will make questions about deferred inflows/outflows of resources a breeze and prepare you for those difficult conversations about the impact of the pension standards—and upcoming OPEB standards—on the financial statements. Don’t miss out on this topic!)
- Find out about GAO’s new Green Book on internal controls and the revised COSO internal control framework.
- Hear guidance from experts on how to avoid common single audit deficiencies and understand the IG perspective of the state of audit quality, and what impact that will have on your practice.
- Learn the most recent auditing standards, government and Yellow Book/single audit risk alerts, and the latest AICPA audit and accounting guides.
- Find out what GASB projects are on the horizon.