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State and Local Governmental Developments - Audit Risk Alert

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This guide is designed to help you identify significant risks that may affect an audit, understand new and pending accounting guidance impacting GAAP financial statements, and assist in planning and performing upcoming audits of state and local governments in accordance with GAAS.

It is a vital resource for state and local governments, and their auditors, who prepare financial statements in accordance with a special purpose framework. It provides up-to-date information on emerging practice issues, such as recent changes in the municipal securities market; as well as current economic, accounting and auditing developments that affect state and local governments.

This Spring 2013 edition contains essential updates on relevant topics such as current GASB statements No. 70, Accounting and Financial Reporting for Nonexchange Financial Guarantee; No. 69, Government Combinations and Disposals of Government Operation; No. 68, Accounting and Financial Reporting for Pensions; and No. 67, Financial Reporting for Pension Plans

This alert also highlights emerging issues such as:

  • Update on Municipal Advisor Definition
  • Defining a Component in a Group Audit of a Governmental Entity
  • Auditor Involvement in Municipal Securities Filings
  • Clarity’s Changes to the Independent Auditor’s Report in an Audit of a Governmental Entity
  • Going Concern Considerations in Audits of Governmental Entities
  • Practice Tips for State and Local Government Audit Engagement Letters
  • Practice Tips in Applying OCBOA in State and Local Government Financial Statements
  • GASB’s New Pension Standards
  • Accounting Guidance in the Application of GASB Statement No. 65

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eBook 2013
Product# ARASLG13E
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