Governmental Accounting and Auditing Update

162 Pages·2017·4.29 MB·English

CPE/CPD = 8 credit hours
Governmental
Accounting and
Auditing Update
Melisa F. Galasso, CPA

G A
OVERNMENTAL CCOUNTING AND
A U
UDITING PDATE
BY MELISA F. GALASSO, CPA
Notice to readers
Governmental Accounting and Auditing Update is intended solely for use in continuing
professional education and not as a reference. It does not represent an official position of the
American Institute of Certified Public Accountants, and it is distributed with the understanding
that the author and publisher are not rendering legal, accounting, or other professional services in
the publication. This course is intended to be an overview of the topics discussed within, and the
author has made every attempt to verify the completeness and accuracy of the information
herein. However, neither the author nor publisher can guarantee the applicability of the
information found herein. If legal advice or other expert assistance is required, the services of a
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You can qualify to earn free CPE through our pilot testing program.
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© 2018 Association of International Certified Professional Accountants, Inc. All rights reserved.
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Course Code: 736488
GAU GS-0418-0E
Revised: July 2018
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Table of Contents

Chapter 1 1-1
Federal Government Activities 1-1
Introduction 1-2
Update on revisions to Government Auditing Standards 1-3
OMB reforms relating to federal awards 1-5
Summary of significant changes to the single audit 1-13
General provisions and pre-award and post-award requirements 1-24
Federal cost principles 1-28
OMB Compliance Supplement for single audits 1-31
Appendix A Chapter 1, A-1
Major Program Determination Case Study Chapter 1, A-1
Chapter 2 2-1
GASB Activities 2-1
Recent GASB standards 2-2
GASB Statement No. 74 2-3
GASB Statement No. 75 2-9
GASB Statement No. 81 2-21
GASB Statement No. 83 2-24
GASB Statement No. 84 2-27
GASB Statement No. 85 2-30
GASB Statement No. 86 2-32
GASB Statement No. 87 2-33
Recent GASB Implementation Guides 2-36
Appendix A Chapter 2, A-1
Status of Current GASB Projects Chapter 2, A-1
Status of current GASB projects Chapter 2, A-3
GASB resources Chapter 2, A-7
Appendix B Chapter 2, B-1
GASB Case Study Chapter 2, B-1
© 2018 Association of International Certified Professional Accountants. All rights reserved. Table of Contents 1
Chapter 3 3-1
AICPA Activities 3-1
Recently issued auditing and attestation standards 3-2
Outstanding exposure documents 3-10
Recently issued guidance 3-11
Recently issued changes to the code of conduct 3-18
Appendix A Chapter 3, A-1
EAQ Initiative Activity Chapter 3, A-1
Glossary Glossary 1
Index Index 1
Solutions Solutions 1
Chapter 1 Solutions 1
Chapter 2 Solutions 5
Chapter 3 Solutions 9
© 2018 Association of International Certified Professional Accountants. All rights reserved. Table of Contents 2
Chapter 1
Federal Government Activities
Learning objectives
 Recognize how the effective dates of the Uniform Guidance affect various stakeholders.
 Identify requirements in the Uniform Guidance for auditors performing a compliance audit.
 Identify key revisions for determining major programs under the Uniform Guidance.

© 2018 Association of International Certified Professional Accountants. All rights reserved. 1-1
Introduction
This chapter discusses ongoing developments relating to audits of entities expending federal awards.

© 2018 Association of International Certified Professional Accountants. All rights reserved. 1-2