Stay up-to-date with the latest developments from the Governmental Accounting Standards Board (GASB) in this session. The session will cover newly implemented procurement standards, ongoing projects being deliberated by the board, pre-agenda research, and other current research initiatives. Insights into the post-implementation review process will also be provided, helping attendees navigate the evolving landscape of governmental accounting standards. 

In this session we’ll explore the changes in the key rules and requirements of single audits for 2025. We'll also discuss significant changes to federal compliance rules and regulations and also developments in the federal government to be aware of in the coming year. 

In this session we’ll provide an overview of the accounting and financial reporting changes governmental entities will need to implement as a result of adopting GASB Statement No. 101, Compensated Absences. We’ll also explore some of the initial challenges early implementers have faced and offer some solutions to help streamline adoption.  

Explore how Quality Management Standards (QMS) are transforming governmental audit practices and shaping the future of public sector accountability. This session examines the unique challenges and requirements of implementing QMS in governmental entities, focusing on risk assessment, compliance requirements, and practical implementation strategies. Participants will gain insights into integrating QMS with Yellow Book requirements, managing quality in intergovernmental relationships, and maintaining effective documentation standards for governmental audits. 

One of the Top 25 Thought Leaders in the profession, Donny Shimamoto, CPA, CITP, CGMA, will discuss how we can enhance accounting services using artificial intelligence (AI). There’s a lot of hype around AI and how it will revolutionize the way we work. Some people have even said it will replace accountants. While this is still probably more than a few years off, there are some AI tools that are ready for accountants to adopt now. This session will look at the ways that AI can already be used in audit, tax, and finance. We’ll also discuss the cybersecurity and privacy implications of AI and what you should be doing to mitigate those risks.

This session will share stories about actual frauds that have been perpetrated against California local governments. Ten of the most important fraud controls will be described, discussing why they are important, how to assess the adequacy of the controls, and how to implement the controls. For each of the controls, a real-life fraud will be described to clarify the danger when the control is not working properly. Handouts include (a) comprehensive checklist of internal controls used by governments, (b) list of recommended policies/procedures each government should have documented, (c) sample code of ethics policy, (d) template for monitoring balance sheet account reconciliations, (e) sample policies and procedures handbook, and (f) sample budget vs actual financial report.