Join us as we present important updates and reminders to take into consideration as you start planning your 2023 single audits. We’ll cover a number of updates from the industry as well as some common findings and pitfalls you may encounter during this year’s single audit. 

Topics covered: 

• COVID-19 and Infrastructure Act grants update 
• 2023 Compliance Supplement insights 
• Data Collection Form submission changes 
• Common findings and pitfalls 

There have been fundamental shifts in the most basic concepts of auditing in the past several years; most notably risk assessment and audit evidence. This session will focus on the impact of the most recent auditing standards to auditors and their audits.  

Topic covered in this session include:

• A basic understanding of the scope of new auditing standards  
• How each standards is impacting audits today and tomorrow  
• Tips and tricks for implementation 

Local governments are facing increasing difficulty to maintain strong internal controls due to staff shortage, high turnover, and changing working arrangements. This session will discuss common pitfalls of internal control and provide practical tips on how to improve from both financial and cybersecurity perspectives. Audience participation and questions will be encouraged.   

Topics covered: 

• Briefly discuss concept of internal control 
• Overview of the five components of the COSO framework 
• Common pitfalls of internal control for financial activities and cybersecurity, and tips for improvements 

Topic covered in this session include:

• Subscription based IT arrangements 
• What we learned from GASB 87 
• Focus on GASB 96 and GASB 94 

This session will give an overview of the GASB pronouncements that become effective in the coming fiscal years. The session also will explain some of the projects on GASB’s current technical agenda. 

Topics covered: 

• Statements 94 and 96 
• Recently issued Statements 99, 100, and 101 
• Current technical agenda projects including the Financial Reporting Model Improvements Project and the Revenue and Expense Recognition Project  

This session addresses fraud detection and prevention and focuses on tasks, activities and personalities that statistically are most likely to be exploited and exploitive. Additionally, this session will identify the controls needed to thwart fraudsters because 'trust is not an effective control."