New GASB, OMB, and Yellow Book standards and requirements are detailed in this governmental accounting and auditing update to help you stay ahead of federal audit changes. Latest governmental accounting and auditing requirements Recent developments can easily pass you by. Learning about new GASB, OMB, and Yellow Book requirements, will allow you to stay up to date on auditing standards and best practices. You’ll learn about the following topics: - Recent GASB standards and how to implement them - Recently issued Statements on Auditing Standards - Changes to the AICPA Code of Professional Conduct that affect governments - The changes introduced in Government Auditing Standards 2024 Revision - Quality management implementation considerations - Yellow Book requirements relating to independence, management responsibilities, and reporting - Updates to the Uniform Guidance issued by the OMB Practical application of new requirements You’ll have the opportunity to practice what you learn through realistic examples, and robust review questions will reinforce your knowledge to get you ready for implementing the new requirements. Who Will Benefit - Preparers of government financial statements - Auditors of government financial statements - Users of government financial statements Key Topics - GASB updates - Updated Statements on Auditing Standards (SASs) - Statement on Quality Management Standards (SQMS) No. 1, *A Firm’s System of Quality Management* - SQMS No. 2, *Engagement Quality Reviews* - SQMS No. 3, *Amendments to QM Sections 10*, A Firm’s System of Quality Management, *and 20*, Engagement Quality Reviews - Yellow Book & OMB updates affecting single audits - Ethics updates for governments and not-for-profit entities Learning Outcomes - Identify the effect of GASB statements on accounting and financial reporting for state and local governments. - Identify the projects that are on the active standard-setting agenda and their objectives. - Identify when a liability should be recorded for compensated absences. - Apply the disclosure criteria related to concentrations and constraints to determine whether and how to make disclosures required under GASB Statement No. 102, *Certain Risk Disclosures*. - Identify the requirements of recently issued or effective Statements on Auditing Standards (SASs). - Identify the requirements of Statement on Quality Management Standards (SQMS) No. 1, *A Firm’s System of Quality Management*, SQMS No. 2, *Engagement Quality Reviews*, and SQMS No. 3, *Amendments to QM Sections 10*, A Firm’s System of Quality Management, *and 20*, Engagement Quality Reviews. - Identify recent changes to the AICPA Code of Professional Conduct that affect auditors of governments and NFPs. - Distinguish the provisions of the Government Auditing Standards 2024 Revision. - Identify Yellow Book requirements related to independence, management’s responsibilities, and reporting. - Identify changes to the Uniform Guidance.