ACPEN Signature: 2021 Governmental Accounting & Auditing Update

Stay up-to-date on rapidly changing developments by participating in the 2021 Governmental Accounting and Auditing Update! Take advantage of this opportunity to find out about breaking government issues. This is your opportunity to hear about the latest challenges facing state and local governments and practitioners who work with them and audit them, presented by leading experts on governmental accounting and auditing, both those who work in the trenches and those from the regulatory world.

With all of the fiscal, regulatory, and new standards challenges facing governments and their auditors, it is important to keep current on critical issues and developments. In 2021, governments and their auditors continue to operate in a rapidly changing environment as they face the many challenges associated with the COVID-19 pandemic and recovery. From a governmental accounting, auditing, and compliance perspective, 2021 will be a critical year for addressing the complex pandemic-related challenges as well as focusing on implementing new standards and requirements! Plus, it is imperative that you start planning for the significant changes coming in 2022 and beyond! Hear our important updates for 2021 on addressing key challenges (including accounting, control, operations, auditing, federal funding, compliance, reporting) related to the COVID-19 pandemic! Other exciting new topics this year include focused discussions on implementing GASB’s fiduciary activities and lease standards and the AICPA reporting standards, as well as tackling cyber security challenges!

Even with GASB Statement No. 95’s postponements of the effective dates of certain standards due to the COVID-19 pandemic, effective dates for key GASB standards are already here or approaching quickly. GASB has also provided guidance and tools addressing pandemic-related accounting issues. Now is the time to find out about the details on how these and other recently effective guidance will affect governmental accounting and reporting. The ACPEN panel of experts can fill you in on all the latest details you need to know about critical new requirements, implementation issues, and developments.

Governments are implementing or have recently implemented GASB’s standard on fiduciary activities. And the implementation time for the complex new lease standard is now! Other key standards that will be covered include conduit debt obligations (GASB Statement No. 91) and public-private and public-public partnerships and availability payment arrangements (GASB Statement No. 94), as well as the latest information on GASB projects (including key projects on revenue recognition and the reporting model). You’ll get the latest scoop on all the new standards from both the GASB, preparer, and audit implementation sides—and hear about solutions to those issues.

2021 is also the time to focus on preparing to implement GASB’s new lease standards! GASB’s new lease standards significantly change the existing lease guidance for governments. It is imperative that government finance officials and their auditors understand how GASB Statement No. 87 and related implementation guide questions and answers will affect accounting for leases and the effect on governmental reporting. Now is the time to find out about implementation challenges and to set a strategy in motion on how to conquer those critical implementation issues!

For Single Audits, the ACPEN panel will cover topics that are relevant to single audits being performed NOW. Following current developments and using the most recent guidance is critical to conducting quality single audits. Hear the details on the latest single audit issues. In addition to providing you with the latest information about the effect of the COVID-19 pandemic on single audits, the ACPEN panel will highlight key issues relating to the Uniform Guidance (including recent revisions), the 2020 and 2021 OMB Compliance Supplements, submission deadlines, the schedule of expenditures of federal awards, key challenges with the COVID-19 funding under the CARES Act, ARP, CRRSAA, Provider Relief Fund, the updated Audit Guide, and the latest audit quality findings relating to single audits. It is critical that auditors understand how requirements have changed, how to effectively use the Compliance Supplement, and how to identify and test key COVID-19 funding requirements.

New hot topic for 2021 on preparing to face cyber security challenges!  Hardly a week goes by without major headlines heralding another successful ransomware or other type of cyber attack bringing an entire organization to a standstill. Even a non-malicious unplanned outage can be devastating and yet few in top management or in finance understand what it takes to keep IT reliable and safe. This topic takes a non-technical approach to the role all of us play in hardening the target and keeping IT both reliable and effective.

Finally, you’ll receive an update on the most recent accounting and auditing developments affecting governments and government auditors. This includes Single Audit issues, AICPA and Yellow Book implementation issues, new and recently effective GASB pronouncements, audit issues, and a look at what’s on the horizon. Join ACPEN’s panel of experts as they discuss, not only the technical requirements of new standards, but also the key implementation issues that must be addressed by auditors and their governmental clients! Benefit from their experience and insights from many perspectives, as well as their long experience in governmental accounting and auditing.

This broadcast is designed to provide CPE that meets the Yellow Book CPE criteria.

Faculty Interaction! With ACPEN courses, you may send questions to the panel in advance at Pre-CourseQuestions@ACPEN.com, and remember, participants can submit questions to the panel during the course and for two days after every ACPEN course, providing unparalleled faculty access!

Basic Course Information

• Review most recent governmental accounting and auditing developments
• Discuss the new and recently effective GASB pronouncements

• Find out about the requirements in challenging new standards on fiduciary activities, leases, conduit debt, public-private and public-public partnerships and availability payment arrangements, and other new GASB standards.
• Hear some hints on how to avoid pitfalls and prepare for a successful implementation of the new fiduciary activities and lease standards. (Hear the perspectives from a seasoned government finance official, auditors, and a standard-setter that want to help you successfully conquer these complex new standards!)
• Find out the details about critical implementation and audit issues for governments and auditors tackling other new GASB standards.
• Hear the latest about hot audit topics, including audit issues relating to the COVID-19 pandemic!
• Hear information about current accounting, auditing, and operational issues affecting governments and their auditors, including pandemic-related issues.
• Hear about the most recent developments affecting single audits, including the 2021 OMB Compliance Supplement, as well as:
• Guidance from the AICPA, OMB, and other agencies about the treatment of COVID-19 funding, information of which funding is subject to Uniform Guidance requirements, treatment of funding on the SEFA, deferrals, and the latest information about compliance issues.
• The latest guidance on compliance requirements and single audit reporting.
• Changes to the 2021 Compliance Supplement.
• Updates on Federal Audit Clearinghouse activities and the Data Collection Form.
• Single audit quality issues (including recent audit quality findings).
• Discover the details about a recent update to Government Auditing Standards, 2018 Revision (2018 Yellow Book).
• Discover how new accounting and auditing standards will affect governments and your government practice, including common implementation issues, reporting issues, and best practices. The key focus will be on implementing the new reporting standards.
• Hear guidance from experts on how to avoid common single audit deficiencies.
• Find out how you can prepare to face cyber security challenges.
• Learn the most recent auditing standards, government and Yellow Book/single audit risk alerts, and the latest AICPA audit and accounting guides.
• Find out what GASB projects are on the horizon, with a focus on the reporting model project.