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Need to know the important issues affecting state and local governments and how the current economic crisis affects this industry? This Audit Risk Alert provides auditors of financial statements of state and local governments with an overview of recent economic, industry, technical, regulatory, and professional developments that may affect performance of audits and other engagements. This alert can also be used by a government's internal management to address areas of audit concern.
Auditing in the current economic environment requires continually evaluating the importance of long-standing auditing standards directed at areas such as auditing fair value measurements, auditing accounting estimates, going concern, and the use of service organizations, all of which get a fresh look in this alert. The current economic woes are stress testing the standards applicable to those areas and the critical thinking required to successfully apply them during the engagement.
This alert is an important tool in helping you identify the significant risks that may result in the material misstatement of financial statements. Additionally, you will find information on recently issued accounting and auditing standards including:
You will also find information on emerging issues such as:
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How This Alert Helps You
.01 This Audit Risk Alert (alert) helps you plan and perform your state and local governmental audits and also can be used by an entity's internal management to address areas of audit concern. This alert provides information to assist you in achieving a more robust understanding of the business, economic, and regulatory environments in which your clients operate. This alert is an important tool to help you identify the significant risks that may result in the material misstatement of financial statements and delivers information about emerging practice issues and current accounting, auditing, and regulatory developments. You should refer to the full text of accounting and auditing pronouncements as well as the full text of any rules or publications that are discussed in this alert.
.02 Further, if your state or local government audit is performed under Government Auditing Standards issued by the Comptroller General of the United States of America (also referred to as the Yellow Book or generally accepted government auditing standards [GAGAS]) or Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, (referred to as a single audit) you should refer to AICPA Audit Risk Alert Government Auditing Standards and Circular A-133 Audits—2008 (product no. 022458kk). This alert can be obtained by calling the AICPA at (888) 777-7077 or visiting www.cpa2biz.com.
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