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State and Local Governments - Audit and Accounting Guide

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Whether you are a financial statement preparer or auditor, or you practice in state and local government, this guide provides you with advice for handling audit and accounting issues common to state and local governments.

You’ll get critical “how-to” guidance on planning, performing and reporting on your audit engagements; including financial reporting and the financial reporting entity, revenue and expense recognition, capital asset accounting, and the elements of net position.

Updated as of March 1, 2013, the guide is an interpretive publication issued under the authority of the AICPA Auditing Standards Board. The guide’s GAAP-related accounting provisions, which have been cleared by the GASB, are considered category (b) guidance for governmental entities.

Significant updates to the guide include:

  • Fully conformed to reflect the new standards resulting from the Clarity Project and tailored for application in state and local government audit engagements, with a special focus on those standards with substantive changes.
  • Significant revisions to 19 illustrative auditor’s reports resulting from the clarified auditing standards.
  • New guidance related to state and local government Group Audit engagements.
  • Revised guidance for state and local government financial statements prepared in accordance with a special purpose framework.
  • Updated guidance on auditor involvement with municipal securities filings.

The guide also covers the most recently issued GASB pronouncements:

  • Accounting guidance related to service concession arrangements based on the implementation of GASB Statement No. 60, Accounting and Financial Reporting for Service Concession Arrangements.
  • Accounting and financial statement presentation guidance related to the implementation of GASB Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position.
  • New content to help governmental entity financial statement preparer and auditors plan for implementation of GASB 61, 65, and 66, as well as the new pension standards GASB 67, and 68.


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State & Local Governments Audit Guide and Audit Risk Alert
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