Empowering Government Accountability: Key Insights from the 2024 Governmental Accounting and Auditing Virtual Conference
![Ken Pun](https://pungroup.cpa/wp-content/uploads/2024/02/Ken-Proposal-Headshot-150x150.jpg)
The 2024 Governmental Accounting and Auditing Virtual Conference, held on April 24-25, provided an extensive exploration of critical issues facing today’s government accounting and auditing professionals. Delivering 11 hours of Continuing Professional Education (CPE), the conference was a comprehensive platform where experts shared updates, insights, and practical guidance across a spectrum of relevant topics.
The “Single Audit Update – Understanding Changes Impacting 2024” session offered a brief overview of review of single audit fundamentals and the latest developments, including the impact of the Bipartisan Infrastructure Law on governmental accounting. It also covered crucial updates to the 2024 Uniform Guidance and Compliance Supplement, and the Government Auditing Standards (Yellow Book). Practical strategies for addressing common audit findings and enhancing auditing processes were also discussed.
The “Deep-Dive on SAS 145 (Risk Assessment)” session detailed the requirements for auditor’s risk assessment procedures and the impacts of the standard on auditors. It focused on understanding the entity and its environment, the internal control system, and identifying and assessing risks of material misstatement. Additionally, the session explored the importance of scalability and professional skepticism in applying the standard effectively.
The “Cybersecurity – Protecting Organizations from Cybercrime” session provided insights into the latest cyber threats targeting CPAs and government agencies, showcasing specific examples of recent breaches. Participants learned about various offensive and defensive strategies that organizations can implement to enhance their cybersecurity posture.
The “Lessons Learned on Leases and SBITA” session examined the implementation of GASB 87 for lease accounting as of fiscal year-end 6-30-2022, offering practical compliance strategies. It also explored the implications of GASB 96 for the fiscal year-end 6-30-2023, emphasizing its impact on accounting practices. Additionally, the session provided guidance on utilizing Omnibus Implementation Guides to ensure
streamlined adherence to evolving governmental accounting standards.
The “GASB Update” session provided an overview of key GASB pronouncements such as Statement 100 on Accounting Changes and Error Corrections, Statement 101 on Compensated Absences, and Statement 102 on Certain Risk Disclosures. Participants explored the specifics of these statements to comprehend their implications on governmental accounting practices. Additionally, the session shed light on ongoing
projects on GASB’s technical agenda, offering a glimpse into the future developments in accounting standards.
The “Bamboozled: Frauds & Schemes Against California Local Governments” session addressed the prevalent issue of government fraud through the lens of specific cases in California. Kevin Harper, CPA, discussed nine individual frauds he investigated, explaining their execution, discovery, and the subsequent improvements in internal controls to prevent future occurrences. This session provided valuable insights into the mechanisms of fraud and effective strategies for governmental entities to enhance their protective measures.
The “Single Audit Introduction/Refresher” session offered a brief understanding of the Single Audit process, emphasizing the standards and requirements. Attendees will gain insights into the critical aspects of auditing federal awards, including the identification of federal programs, understanding compliance requirements, and the development of effective internal control systems.
“An Exploration of New Frontiers in Intelligent Technologies” delved into the advanced realms of technologies such as RPA, AI, Machine Learning, and Chat GPT. The session highlighted the transformative potential of these technologies in modernizing processes and significantly enhancing operational efficiency. Attendees were guided through real-world applications, benefits, ethical issues, key features, integration techniques, and emerging trends, inspiring them to innovate within their organizations.
The “State Auditor’s Update” session offered an overview of the State Auditor’s Office, outlining its critical role in performing the Annual Statewide Financial Audit and conducting performance audits aimed at enhancing government efficiency and effectiveness. Attendees were informed about the office’s responsibilities in ensuring government programs operate optimally. The session also provided insights into how to improve accountability and the use of public resources in government operations.
The “Hot Topics Roundtable” session tackled burning questions, including Section 115 Trusts as an alternative funding source for pensions, Opioid Settlement Accounting, ARPA Revenue Loss Calculation, Common Single Audit Findings, GASB Statement No. 102, Certain Risk Disclosures, and the most recent revision of the Government Auditing Standards, and the Uniform Guidance.
Overall, the 2024 virtual conference not only highlighted the dynamic and evolving nature of governmental accounting and auditing but also reinforced the critical role of continuous education in adapting to thesechanges. Participants left better equipped with the knowledge and skills to navigate the complexities of tthe government environment, ensuring integrity and efficiency in their professional roles. This gathering
was a clear testament to the resilience and adaptability of those at the forefront of public sector accountability.
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