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Ready to fast track your knowledge of the auditing and accounting issues significant to state and local governments? Whether you're preparing financial statements or preparing for an auditing engagement of a state or local government, this Audit and Accounting Guide provides you with the latest information on accounting and auditing issues affecting state and local governments and related financial statement considerations.
Updated with conforming changes as of March 1, 2009, the guide includes relevant guidance contained in official pronouncements issued through that date, supplemented with specific "how-to" recommendations. The following new pronouncements are particularly significant to this guide and have been reflected in this edition:
With all these must-have features, this guide is an essential reference for firms, small practitioners, and professionals in business and industry.
For a topical listing of subject matter by chapter, click on the Table of Contents tab.
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Purpose and Applicability of This Guide
The AICPA developed this guide to help auditors understand the generally accepted accounting principles (GAAP) applicable to the financial statements of state and local governments and audit and report on those financial statements in accordance with generally accepted auditing standards (GAAS). This guide is designed as a tool for auditors of governments of all sizes. The nature, timing, and extent of auditing procedures in a particular engagement are matters of professional judgment and will vary depending upon numerous factors, including the size of the entity and its organizational structure and internal control, materiality considerations, the auditor's assessment of risk, and applicable laws, regulations, and provisions of grants and contracts.
This guide applies to all state and local governments as defined in chapter 1, "Overview and Introduction." Certain other AICPA Audit and Accounting Guides also apply to audits of certain state and local governments, as discussed in chapter 1. In particular, auditors who perform audits under Government Auditing Standards, the Single Audit Act Amendments of 1996, and Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, should refer to the AICPA Audit Guide Government Auditing Standards and Circular A-133 Audits.
Limitations and Coverage
This guide is designed to provide guidance to auditors who are new to state and local governmental accounting and auditing as well as to auditors experienced in state and local governmental accounting and auditing. This guide assumes that the auditor has expertise in accounting and auditing, in general, but not necessarily in the specialized accounting and auditing practices applicable to state and local governments. Therefore, the guide concentrates on the accounting standards and auditing procedures that are unique to or significant for those governments. This guide also is intended to be useful in providing accounting and financial reporting guidance to preparers of governmental financial statements. The guidance presented here is not all-inclusive; it is limited to certain matters that warrant special emphasis or that experience has indicated may be useful. Although this guide does not incorporate, repeat, or summarize all authoritative pronouncements that apply to state and local governments, it does consider relevant guidance contained in authoritative pronouncements through those indicated in the notice to readers.
Authoritative pronouncements should be applied based on the effective dates in the pronouncements. The AICPA staff will make conforming changes to this guide annually to incorporate relevant guidance in new accounting and auditing pronouncements. Users of this guide should consider pronouncements issued after those listed in the notice to readers to consider their effect on state and local governments.
Effective Date
This guide is effective for audits of a state or local government's financial statements for the first fiscal period ending after June 15, 2003, in which the government does apply, or is required to apply, the provisions of GASB Statements No. 34, Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments, or No. 35, Basic Financial Statements—and Management's Discussion and Analysis—for Public Colleges and Universities. This guide supersedes the 1994 AICPA Audit and Accounting Guide Audits of State and Local Governmental Units, and subsequent editions of that guide with conforming changes made by the AICPA staff.
The auditing conforming changes made in this edition of this guide are effective for audits of financial statements subject to the effective dates of the underlying authoritative pronouncements.
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