Change is inevitable and at times overwhelming for those who are unprepared.Participants can ensure they stay current in governmental and not-for-profit accountingand auditing with this update course. Designed to prepare participants for the latestaccounting and auditing developments affecting governments and not-for-profitentities, this course provides the knowledge to implement the new standards.
Learning Objectives
Identify the effect of GASB statements on accounting and financial reporting forstate and local governments. Identify the projects that are on the active standard-setting agenda and theirobjectives. Identify when a liability should be recorded for compensated absences. Identify how FASB's Accounting Standards Updates affect not-for-profit financialstatements. Identify the requirements of recently issued or effective Statements on AuditingStandards (SASs). Identify the requirements of Statement on Quality Management Standards (SQMS)No. 1, *A Firm’s System of Quality Management*, SQMS No. 2, *Engagement QualityReviews*, and SQMS No. 3, *Amendments to QM Sections 10*, A Firm’s System ofQuality Management, *and 20*, Engagement Quality Reviews. Identify recent changes to the AICPA Code of Professional Conduct that affectauditors of governments and NFPs. Distinguish the provisions of the Government Auditing Standards 2024 Revision. Identify Yellow Book requirements related to independence, management’sresponsibilities, and reporting.
Major Topics
GASB updates Not-for-profit accounting updates Compensated absences FASB accounting standards updates Statement on Quality Management Standards (SQMS) No. 1, 2, and 3 Auditing Standards Board update Governmental auditing update
