2017 State and Local Government Audit Planning Considerations

2017 State and Local Government Audit Planning Considerations

2017 State and Local Government Audit Planning Considerations A Governmental Audit Quality Center Web Event May 17, 2017 1:00PM 3:00PM ET Administrative Notes Please ensure your pop-up blocker is disabled. Note the interactive toolbar at the bottom of your screen. Download slides and materials by clicking this icon. Ask questions by entering your question in the Q&A box. Please click the Help your screen. and/or Contact Us at the bottom of

Call AICPA Member Service at 888.777.7077. Governmental Audit Quality Center 2 Trouble Shooting Troubleshooting Tips No Audio? Ensure that your computer speakers are turned on that the volume is appropriately set Check to ensure that audio streaming is enabled on your computer If the presentation slides stop advancing during the presentation

Close out of the presentation and re-launch the webcast If you are still having audio or other technical difficulty Check with your IT personnel at your firm or state audit organization (SAO) to ensure that this event is not being blocked by a firewall Call the AICPA Service Center at 888.777.7077 Governmental Audit Quality Center 3 Continuing Professional Education You must answer at least 75% of the random,

attendance checks to earn CPE credit. Please respond to the attendance checks during the live presentation. You are not eligible to earn CPE by watching the archive of this event. At the end of todays presentation we will provide steps for obtaining your CPE certificate Governmental Audit Quality Center 4 Presenters Heather Acker, CPA Baker Tilly Virchow Krause, LLP and Walker Wilkerson, CPA

CliftonLarsonAllen LLP Governmental Audit Quality Center 5 What We Will Cover Current auditing and accounting developments affecting state and local government financial statement audits Emerging practice issues and risky areas GAQC and AICPA resources Governmental Audit Quality Center 6

Developments Economic & Industry Legislative & Regulatory Governmental Audit Quality Center 7 Current Economic & Industry Developments Potential for changes to federal funding Continued budgetary pressures Governance and accountability (entity focus on risks) Cybersecurity and technology challenges AICPA Cybersecurity Resource Center - Cybersecurity and the External Audit

- Cybersecurity Webcast Series Continued expansion of public-private partnerships Governmental Audit Quality Center 8 Legislative & Regulatory Developments Securities and Exchange Commission (SEC) issued proposed revisions to Municipal Securities Disclosu re Rule 15c2-12 on Municipal Securities Continuing Disclosure Proposes changes to continuing disclosure requirements Comments were due 5/15/17 Rule 15c2-12 requires underwriters in primary

offerings of municipal securities to determine, among other things, that the issuer or obligated person has agreed to provide to the Municipal Securities Rulemaking Board a timely notice of certain material events. Governmental Audit Quality Center 9 Legislative & Regulatory Developments Rule 15c2.12 proposed changes would amend the list of events for which notice is to be provided to the Municipal Securities Rulemaking Board (MSRB) to include: incurrence of a financial obligation of the obligated person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a financial

obligation of the obligated person, any of which affect security holders, if material; default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a financial obligation of the obligated person, any of which reflect financial difficulties. Governmental Audit Quality Center 10 Legislative & Regulatory Developments Other municipal securities continuing disclosure activity Interest from SECs Office of Municipal Securities - Enforcement actions occurring that have included issuers - 2014 Municipalities Continuing Disclosures Cooperation

(MCDC) Initiative Securities Industry Financial Markets Association (SIFMA) - Established a group of municipal securities stakeholders that have been working to identify and promote voluntary improvements in the area of continuing disclosures Governmental Audit Quality Center 11 Governmental Audit Quality Center 12 Legislative & Regulatory Developments State or local law or regulation changes Increased interest and focus on pensions and other

postemployment benefits (OPEB) by governing bodies Pass-through entities are continuing to update policies and contracts for federal awards to become compliant with Uniform Guidance Regulatory agencies should be updating guidance for clarified attestation changes - See later discussion on audit developments Governmental Audit Quality Center 13 Audit Issues & Developments Governmental Audit Quality Center

14 Audit Issues & Developments Auditing Standards Board (ASB): Standards Affecting 2017 Engagements Statement on Auditing Standards (SAS) No.132, The Auditors Consideration of an Entitys Ability to Continue as a Going Concern - Effective for audits of financial statements for periods ending on or after December 15, 2017 - Changes - Auditors objectives and related conclusions - Use of going concern basis of accounting - Substantial doubt about ability to continue as going concern - Required to ask about period beyond managements assessment - Financial statements prepared in accordance with a specialpurpose framework

Governmental Audit Quality Center 15 Audit Issues & Developments ASB: Standards Affecting 2017 Engagements (cont.) SAS No. 130, An Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements - Effective for integrated audits for periods ending on or after 12/15/16 SAS No. 131, Amendment to Statement on Auditing Standards No. 122 Section 700, Forming an Opinion and Reporting on Financial Statements - Effective for audits of financial statements for periods ending on or after 6/15/16

Governmental Audit Quality Center 16 Audit Issues & Developments ASB: Standards Affecting 2017 Engagements (cont.) Statement on Standards for Attestation Engagements (SSAE) No. 18, Attestation Standards: Clarification and Recodification - Issued April 2016 and effective for practitioners reports dated on or after May 1, 2017 - Clarified, converged and restructured in AT-C sections Specific Impact to Pension Accounting/Reporting - Single-Employer or Cost-Sharing Multiple Employer Plans Census Data Testing at Employers - SLG AAG Exhibit 13-3 - Agent Plans Reporting for Participating Employers - SLG AAG 13.181 (A-21 & A-22)

Be aware of federal, state, and local government agencies requiring attest engagements Governmental Audit Quality Center 17 Audit Issues & Developments ASB: Current/Future Projects of Interest: New Standard on Auditor Involvement with Exempt Securities Documents - Covers municipal and other exempt securities - Expected to be voted final in May 2017 - Proposed effective date: For exempt offering documents with which the auditor is involved that are initially distributed, circulated, or submitted on or after June 15, 2018. Governmental Audit Quality Center

18 Audit Issues & Developments Government Accountability Office (GAO) Government Auditing Standards No changes impacting this years audits - See On the Horizon section for information on a recent exposure draft proposing changes to these standards Independence evaluation and documentation continues to be an area of common deficiency - Identification and evaluation of nonaudit services - Evaluation of management skills, knowledge, or experience (SKE) - Documentation! Governmental Audit Quality Center

19 Audit Issues & Developments Emphasis on Quality AICPA Enhancing Audit Quality Project (EAQ) enhanced oversight of peer reviews Peer Review checklist updated for GASB Statement No. 72, Fair Value Measurement and Application You can access the AICPA Peer Review Checklists and use them to perform engagement preissuance reviews. Governmental Audit Quality Center 20

Audit Issues & Developments AICPA Audit and Accounting Guide, State and Local Governments (SLG Guide) - Available Summer 2017 Authoritative status Category B GAAP and AICPA Auditing Interpretive Publication (Level B GAAS) Key Changes - New Chapter addressing OPEB for Plans & Employers (ER) - Part 1: Plan Accounting, Financial Reporting, and Auditing Considerations for Defined Benefit OPEB Plans Administered Through a Qualifying Trust - Part 2: ER Accounting OPEB Administered Through a Qualifying Trust: Single and Agent ER - Part 3: ER Accounting OPEB Administered Through a Qualifying Trust: Cost-Sharing ER - Part 4: ER Accounting OPEB Not Administered through a Qualifying Trust

Governmental Audit Quality Center 21 Audit Issues & Developments SLG Guide (cont.) Key Changes (cont.) - Existing OPEB guidance for employers (GASB 45) is retained in the text of the rest of the Guide - GASB 73 Pensions Not Administered through a Qualifying Trust - Incorporated in the pension chapter through the use of boxes calling out differences when there is no qualifying trust - Other Updates - GASB 80 Blending Requirements - GASB 81 Irrevocable Split Interest Agreements

- GASB 82 Pension Issues Governmental Audit Quality Center 22 Audit Issues & Developments SLG Audit Guide (cont.) Key Changes (cont.) - Census Data Pension chapter expands discussion for audits of Cost-Sharing Employers - Importance of documentation of risk of material misstatement (RMM) to the employer financial statements based on specifics of the plan and allocation of pension amounts - Census data impacts collective pension liability - Understand how the collective pension liability is

allocated to employers (i.e., proportionate share) and design testing at employer level to address the elements of census data that may result in a RMM at the employer level. Governmental Audit Quality Center 23 Accounting Developments Governmental Audit Quality Center 24 GASB Statements

Effective for 6/30/17 Year Ends GASB 74: OPEB Plans GASB 80: Blending Requirements GASB 82: Pension Issues Implementation Guide 2016-1 Governmental Audit Quality Center 25 GASB Statements Effective for 12/31/17 Year Ends GASB 81: Irrevocable Split-Interest Agreements Governmental Audit Quality Center

26 GASB 74 & 75, OPEB GASB 74 (Plans) and GASB 75 (Employers) are almost identical to their pension siblings [i.e., GASB 67 (Plans) and 68 (Employers)] except for: Pension lessons learned have been built into the base standards Adjustments to better fit retiree healthcare have been made (e.g., recognizing implicit rate subsidies and requiring sensitivity analysis for healthcare trend rate) There is an alternative measurement method permitted for very small plans (100 or fewer total participants) Governmental Audit Quality Center

27 GASB 74 & 75, OPEB Major impacts of GASB 75 vs. its predecessor (GASB 45) Net or total OPEB liability is now recorded in Statement of Net Position Strictly prescribed actuarial methodology and discounting guidance will produce a different (often higher) OPEB liability than GASB 45 Annual measurement dates are now required using either annual or biennial valuations Triennial valuations no longer allowed Much more robust note and required supplementary information (RSI) is required Governmental Audit Quality Center

28 GASB 74, OPEB Plan Standard GASB 74 Effective for June 30, 2017, plan year-ends and later Implementation Guidance Update No. 2017-2Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans (recently issued) Plan accounting and reporting required when a trust or equivalent arrangement exists Plan financial statements may be either issued separately or as a fiduciary fund in the financial statements of the sponsoring government Trusted OPEB plans are most often administered by the sponsoring employer (unlike pension plans)

OPEB reimbursement trusts whose sole purpose is to accumulate and invest assets and make reimbursement payments to the employer is a common model. Governmental Audit Quality Center 29 GASB 75, OPEB Employer Standard GASB 75 Effective for June 30, 2018, employer year-ends and later Implementation guide scheduled for 2017 exposure and issuance Divided into two primary sections: OPEB provided through plans administered as trusts or equivalent arrangements (i.e., meets paragraph 4 of GASB 75 requirements)

OPEB provided through plans that are NOT administered as trusts or equivalent arrangements (i.e., does not meet paragraph 4 of GASB 75 requirements) Governmental Audit Quality Center 30 GASB 74 & 75, OPEB Considerations for OPEB (compared to pension) Single employer plans very common Plans NOT administered through a trust are more common than pensions Actuarial assumptions - Certain assumptions are the same or similar to pensions and would expect to correlate - However, significance of assumptions different for each

type of plan! - Other assumptions are unique to OPEB and can significantly impact the resulting liability - Health care trend rate - Participation rate Qualifications of the actuary are different Governmental Audit Quality Center 31 GASB 74 & 75, OPEB Considerations for OPEB (compared to pension) Lack of independently governed plans means employers will likely be more involved in: - Selecting the actuary - Approving assumptions - Providing census data

- Documenting the details of the plan - OPEB plans may not be as well documented and change more frequently - Additional effort often needed to understand the plan Governmental Audit Quality Center 32 GASB 74 & 75, OPEB Measurement date requirements similar to pension Single employer plans may want to give thought to ideal timing of plan year end, valuation date, and measurement date. A good measurement date should: Facilitate timely financial reporting Minimize the need for roll-forwards from the valuation date

Facilitate a quality actuarial valuation by: - Allowing ample time for gathering related census and claims data - Coinciding adequately with the plan year to be able to incorporate the most recent changes in plan provisions. Avoid different measurement dates for plan and employer when plan financial statements included in employers financial statements. Governmental Audit Quality Center 33 GASB 80, Blending Requirements for Certain Component Units Establishes an additional blending requirement for the financial presentation of component units (Amends GASB 14, The Financial Reporting Entity)

Applicable to component units that are organized as not-for-profit corporations in which the government is the sole corporate member Does not apply to component units included in the reporting entity pursuant to the provisions of GASB 39, Determining Whether Certain Organizations Are Component Units Amends GASB 14, para. 53 and Implementation Guide No. 2015-1, Question 4.30.1 Governmental Audit Quality Center 34 GASB 80, Blending 4.30.1. QWhat are the criteria for a component unit to be blended with the primary government? AParagraph 53 of Statement 14, as amended, states, in part:

A component unit should be included in the reporting entity financial statements using the blending method in any of these circumstances: a. The component unit's governing body is substantively the same as the governing body of the primary government and (1) there is a financial benefit or burden relationship between the primary government and the component unit, or (2) management of the primary government has operational responsibility for the component unit (footnote omitted). b. The component unit provides services entirely, or almost entirely, to the primary government or otherwise exclusively, or almost exclusively, benefits the primary government even though it does not provide services directly to it. c. The component unit's total debt outstanding, including leases, is expected to be repaid entirely or almost entirely with resources of the primary government. However, organizations that meet the criteria in paragraph 5 of Statement 39 should be discretely presented, even if they also meet the criterion in paragraph 53b or paragraph 53c of Statement 14, as amended Governmental Audit Quality Center

35 GASB 81, Irrevocable Split-Interest Agreements Governments that receive resources pursuant to an irrevocable split-interest agreement Provides guidance for recording irrevocable splitinterest agreements Donor transfers resources to an intermediary to hold and administer for the unconditional benefit of a government and at least one other beneficiary Usually in the form of a trust or other legally enforceable agreement Types include charitable lead trusts, charitable remainder trusts and real estate life interests Governmental Audit Quality Center 36

GASB 82, Pension Issues Covered Payroll reported as RSI Original Guidance Clarifying Amendment Covered-employee payroll the payroll of employees that are provided with pensions through the pension plan Covered payroll the payroll on which contributions to the pension plan are based Selection of Assumptions A deviation from the guidance in an Actuarial Standards of Practice

issued by the Actuarial Standards Board should NOT be considered to be in conformity with GASB 67, GASB 68, or GASB 73. Governmental Audit Quality Center 37 GASB 82, Pension Issues (cont.) Classification of Employer-Paid Member Contributions Payments made by the employer to satisfy contribution requirements that are plan member contribution requirements. Plan Reporting: Classify as plan member contributions Employer Reporting:

Classify as employee contributions Governmental Audit Quality Center 38 Implementation Guides REMINDER: The old Comprehensive Implementation Guide (CIG) has been superseded New library of Implementation Guides (IGs) 2015-1 issued and effective 6/30/16 2016-1 issued and effective 6/30/17 2017-1 issued and effective 6/30/18 Questions are codified Guidance in IGs is considered Category B GAAP

Pay attention when issued Governmental Audit Quality Center 39 Other Areas to Emphasize Fair Value (GASB 72) in effect IG 2017-1, Question 4.36 clarifies that investments in external investment pools should not be classified within the fair value hierarchy of GASB 72 Testing fair value through 3rd party service providers - Remember using same pricing source as management does not provide independent fair value estimate. For fair value quotes obtained from brokers or statements, contact them to clarify how they determined the price quote Actual quoted market prices (Level 1)

Pricing models or matrices (generally Level 2) U.S. Treasury and agency securities and corporate bonds are often priced using models or matrices and would therefore be considered Level 2 Governmental Audit Quality Center 40 Other Areas to Emphasize (cont.) Pensions Not Administered through a Qualifying Trust (GASB 73) Any assets accumulated for pension purposes should continue to be reported as assets of the employer or nonemployer contributing entity. Terminology Differences: - No assets in a qualifying trust, therefore no fiduciary net position to consider. (Fiduciary Net Position is not relevant)

- The plan is typically administered under the governance of the employer. As a result, there may not be a substantive distinction between the entity that administers the plan and the employer. - No contributions in such plans, rather amounts paid by the employer for pensions as the benefits come due. Governmental Audit Quality Center 41 Other Areas to Emphasize (cont.) Tax Abatement Disclosures (GASB 77) Considerations - Auditees need to determine whether they have abatements to disclose - Completeness assertion is most problematic - IG 2017-1 has a number of Q&As

- Developer incentive payments Q 4.40 - Very common in tax increment financing (TIF) districts - Payment by government to a developer based on tax increment above a baseline, specific to developers property, is considered a tax abatement. Governmental Audit Quality Center 42 Key Planning Considerations Governmental Audit Quality Center 43

Key Planning Considerations Contracting for Audit Services Carefully review standard government contracts for services Problematic areas for auditors often include: - Ownership of audit documentation - Indemnification of the client - Warranties/standards to be applied - Update contracts and engagement letters for clarified attestation standards Agreeing to some terms may violate independence or jeopardize insurance coverage Governmental Audit Quality Center 44

Key Planning Considerations Planning Meeting Preparation Take another look at independence and nonaudit services - Assess your clients SKE to take responsibility for the financial statements - Accounting/reporting requirements have become very complicated - Small governments generally do not prepare their own financial statements - Nonaudit services consider the cumulative effect - Be aware of all nonaudit services and document - Consider need to apply additional safeguards as a result of the cumulative effect Governmental Audit Quality Center 45

Key Planning Considerations Planning Meeting Preparation (cont.) Changes in internal control structure/control environment - Outsourcing of accounting functions - Use of third-party servicers - Changes in information technology (IT) systems Any changes in circumstances that may give rise to new accounting estimates or the need to revise existing estimates New / significant / complex transactions New component units Governmental Audit Quality Center 46 Key Planning Considerations

Planning Meeting Preparation (cont.) Consideration of fraud risk - What are the risk factors to consider at the client? - Incentives/Pressures - Opportunities - Attitudes/Rationalization - Fraud interviews - Discussions with the board / council / commission - Consider frauds that have occurred at other governments Governmental Audit Quality Center 47 Key Planning Considerations Pensions Accounting actuarial valuation

- Review the measurement of the net pension liability against information at the time the plan financial statements are issued. - Evaluate the assumptions used in the last valuation and whether they have changed for other valuations (e.g., funding). Questions to consider related to assumptions - Have any assumptions produced large actuarial gains/losses? - Are there any particularly complex plan provisions? - Is there consistency in the approach used to develop assumptions? - How do assumptions compare to similar plans (benchmark)? - How do future cash flows compare to actual experience? Governmental Audit Quality Center 48

Key Planning Considerations Pensions (cont.) What is a roll forward - Restate asset values to measurement date - Record investment return for the year - Roll forward the liability for current year service cost - Roll forward the liability for current year interest - Roll forward the liability for payments and refunds - Does not: - Update census data - Record actuarial gains/losses - Perform new cash flow projections for single blended rate Governmental Audit Quality Center 49

Key Planning Considerations Pensions (cont.) What is a roll forward (cont.) - Factors that may influence need for a new valuation: - Impact of plan changes - Large investment losses (cross-over point) - Significant assumption changes Questions to consider related to updating - If assumption changes occurred, what was the rationale for not conducting a new valuation? - If significant investment losses or a contribution holiday occurred, has the actuary considered a new valuation or at least performed a new cash flow projection to update the single blended rate? - Is the actuary aware of any significant actuarial losses or gains on the liability side that could warrant a new valuation?

Governmental Audit Quality Center 50 Key Planning Considerations Pensions (cont.) Work of the actuary (assuming management specialist) - AU-C section 500, Audit Evidence - Evaluate the competence, capabilities, and objectivities of the specialist - Obtain an understanding of the work of that specialist - Evaluate the appropriateness of the work of that specialist for audit evidence for the related assertions - Additional considerations related to the actuarial communications - Is your client an intended user? - Do they contain the right assurances?

- Any negatives? Governmental Audit Quality Center 51 Key Planning Considerations Pensions (cont.) Allocation considerations - Ability to allocate the GASB 68 amounts to internal service funds. - Are there net deficits building? - Did the employer appropriately allocate pension amounts to funds or departments, or both? - Pension amounts should be allocated to proprietary and fiduciary funds based on the amounts that the funds are expected to pay, either directly or indirectly, in future periods in accordance with paragraph 42 of NCGA 1.

- If intra-entity allocations were made, is there sufficient appropriate evidence to support the amounts reported? Governmental Audit Quality Center 52 Key Planning Considerations Pensions (cont.) Cost-sharing considerations - Employer responsibility for census data - Auditor responsibility for review, understanding, testing of plan audit and actuarial information - Auditor responsibility for assessing RMM relevant to proportionate share of employer and designing appropriate audit procedures

Governmental Audit Quality Center 53 Key Planning Considerations Online Banking Check processing is often controlled but the electronic transfers may not have same level of internal controls. Clients should asses access and authority. For more sophisticated clients, this may include comprehensive policies and procedures protecting administrator accounts. For less sophisticated entities, the auditor may need to help their clients understand the impact on segregation of duties, the risk of cybercrime, and controls needed to protect their assets. Three steps for your consideration: - Document uses of electronic banking - Evaluate segregation of duties

- Document and test IT general controls to a degree that corresponds with the risk associated with the entity. Governmental Audit Quality Center 54 Key Planning Considerations Common Deficiencies Fair value errors in the disclosure, such as the level of investment. The statement of cash flows contains misclassifications among the sources of cash (operating, investing, financing). Interfund and intrafund balances and transactions were not eliminated in governmental entities and, as such, the statements of financial position and activities did not focus on the government as a whole. Also their purpose wasnt disclosed in the notes.

Governmental Audit Quality Center 55 Key Planning Considerations Common Deficiencies The Management Discussion and Analysis (MD&A) was missing required elements or was not presented as required and the auditors opinion was not modified. The Statement of Revenues, Expenditures, and Changes in Fund Balances did not properly classify revenues by fund and source or expenditures by function or character. Disclosures did not include nature, reason, or amount of prior period adjustments and/or the adjustments were not properly presented within the current and prior year comparative, if applicable, basic financial statements.

The financial statements did not disclose terms and rates of long-term liabilities and debt service requirements for future years. Governmental Audit Quality Center 56 On the Horizon Governmental Audit Quality Center 57 On the Horizon - ASB ASB: Current/Future Projects of Interest: Other Information - Reviewing International Standards on Auditing (ISA) 720 and

comparing to AU-C 720, Other Information in Documents Containing Audited Financial Statements Auditor Reporting - GOAL: Enhancing the communicative value and relevance of the auditors report (through convergence with International Auditing and Assurance Standards Board project) Governmental Audit Quality Center 58 On the Horizon AICPA Ethics AICPA Ethics Developments ET 1.224.020 Entities included in State and Local Government Financial Statements Exposure Draft coming soon - A committee was formed by AICPA Professional Ethics

Executive Committee (PEEC) to determine if a conceptual framework assessment could be utilized to determine when a member needs to be independent of state and local governmental (SLG) entities for which he or she is not providing financial statement attest services - They also sought to clarify who at a firm and which immediate family members the interpretation should extend to - SLG considerations were previously excluded from the Client Affiliates interpretation [1.224.010] (i.e., currently generally require independence only from the entity you are auditing) Governmental Audit Quality Center 59 On the Horizon AICPA Ethics (cont.) AICPA Ethics Developments (cont.)

May 2017 PEEC to consider voting out the ED Comment deadline anticipated to be through approx. August 2017 ED to contain separate considerations for: - Upstream Entities - Downstream Entities - Investments Members are encouraged to comment Governmental Audit Quality Center 60 On the Horizon GAO Government Auditing Standards (Yellow Book or YB)

Exposure Draft Issued April 5, 2017 Comments due July 6, 2017 See GAQC Alert #331 Areas of Key Proposed Changes - Formatting differentiates requirements from application guidance - Independence requirement clarifications - 4 hours CPE requirement specific to Yellow Book - Peer Review - Addresses financial audit requirements for waste - Aligns YB with recent auditing and professional developments Governmental Audit Quality Center

61 On the Horizon GASB 6/30/2018 GASB 75: OPEB Employer GASB 85: Omnibus 6/30/2019 GASB 83: Certain Asset Retirement Obligations (AROs) 12/31/2019 GASB 84: Fiduciary Activities

Watch for Implementation Guide Updates Governmental Audit Quality Center 62 On the Horizon GASB (cont.) Active Agenda

Leases Capitalization of Interest Cost Certain Debt Extinguishments Financial Reporting Model OPEB Q&As Implementation Guide Updates Equity Interest Ownership Issues Revenue & Expense Recognition Governmental Audit Quality Center 63 Resource Central Governmental Audit Quality Center

64 GAQC Resources GAQC Web site: www.aicpa.org/GAQC Additional GAQC Resources for Auditors of SLGs: GASB Matters GASB Pensions: Issues & Resources Archived GAQC Web Events: GASB 75 OPEB Implementation: Accounting and Auditing Consi derations GASB's Fair Value Standard: Accounting and Auditing Consider ations Governmental Audit Quality Center

65 Upcoming Summer Fun Rebroadcast Week (all times Eastern/Watch for GAQC Alert) Tuesday, June 27th 11am to 1pm Crucial First Steps: The Schedule of Expenditures of Federal Awards and Major Program Determination 1pm to 3pm Uniform Guidance: Challenging Compliance Areas Wednesday, June 28th open 11am to 1pm GASB's Fair Value Standard: Accounting and Auditing Considerations 1pm to 3pm GASB 75 OPEB Implementation: Accounting and Auditing Considerations open

Thursday, June 29th 11am to 1pm Commonly Asked Uniform Guidance and Yellow Book Questions 1pm to 3pm Developing and Reporting Audit Findings Friday, June 30th open 11am to 1pm 2017 State and Local Government Audit Planning Considerations 1pm to 3pm 2017 GAQC Annual Update Webcast Governmental Audit Quality Center 66 AICPA Governmental Resources 2017 AICPA Audit & Accounting Guide, State and

Local Governments Available Summer 2017 www.cpa2biz.com Peer Review Checklists Governmental Audit Quality Center 67 AICPA Resources Audit and Attest Section of AICPA Web Site Attest Clarity - AICPA.org: Financial Reporting Center Attest Clarity. Includes a brief video providing an overview of SSAE No. 18; Journal of Accountancy Article; - Article: Summary of the Attest Clarity Project

AICPA Accounting and Auditing Technical Hotline (877) 242-7212 - [email protected] AICPA Enhancing Audit Quality Web site Peer Review Section of AICPA Web Site Governmental Audit Quality Center 68 AICPA Resources (cont.) Ethics Section of AICPA Web Site AICPA - Yellow Book (GAGAS) Independence Rules Comparison (updated June 2015) AICPA Professional Ethics, Most Frequent Violations of Professi onal Standards: Government and Not-for-Profit Investigations (Issued April 2015)

Ethics Hotline - [email protected] or 888.777.7077 Governmental Audit Quality Center 69 GASB Resources GASBs Web site: www.gasb.org GASB pronouncements available to download Educational Resources Webinars Podcasts Plain Language Articles Technical Inquiries Governmental Audit Quality Center

70 How do I get my CPE certificate? Access your CPE certificate by clicking this orange icon. If at the end of this presentation you are eligible for but unable to print your CPE certificate, please log back in to this webcast in 24 hours and click the orange Get CPE button. Your certificate will still be available. If you need assistance with locating your certificate, please contact the AICPA Service Center at 888.777.7077 or [email protected] Governmental Audit Quality Center

71 Thank You for Attending! Governmental Audit Quality Center 72

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