This conference has been developed by the Governmental Accounting and Auditing Interest Group of the NJSCPA.
Hear an update on major legislative, regulatory and compliance changes.
Learn about important accounting and auditing developments that will affect your work.
Receive timely updates, and take a practical look at the issues every auditor should consider.
DESIGNED FOR
This conference is for CPAs, auditors, city officials and other financial professionals who perform or are involved in local government audits.
HIGHLIGHTS
Agenda
7:45-8:15am
Registration and Breakfast
8:15-8:30am
Welcome and Opening Remarks
Robert W. Swisher, CPA – Suplee, Clooney & Company
8:30-10:10am
Averting a Second Disaster: Leading Financial Oversight Practices Following Disasters
Matthew Jadacki - Ernst & Young LLP
With pressure being put on federal and state budgets, more recently, the disaster response, recovery, and mitigation reimbursement process has come under much greater scrutiny. This has resulted in more stringent federal oversight of grant and contract reimbursement programs. Accordingly, it is critical that recipients of public assistance and hazard mitigation funds meet the demands of increased oversight. The DHS OIG will continue to scrutinize projects. Many local governments (subgrantees) have been the target of recent DHS OIG audits. The DHS OIG in 2011 alone identified over $300 million in questioned costs due to compliance and eligibility issues which may result in a return of funds to the federal government.
This presentation will provide background and “war stories” based on decades of experience regarding technical and regulatory compliance issues for all forms of disaster relief assistance, including public assistance, and hazard mitigation assistance. The goals are to educate the audience on how to minimize risk throughout the process and to be prepared when audits occur so that funds are retained.
Attendees will receive an overview of the current state of financial oversight on disaster management and why it should be top of mind to recipients of FEMA grants.
Attendees will get a better understanding of the financial oversight requirements applicable to disaster and mitigation programs, including those requirements in the Stafford Act, FEMA regulations (44 CFR), the Federal Acquisition Regulations (FAR), OMB Cost Principles and regulatory policies and procedures.
10:10-10:25am
Morning Break
10:25-11:15am
Avoiding Common Single Audit Quality Issues
Kimberly Hancy, CPA – Ernst & Young LLP
Single audits are an important accountability mechanism for the expenditure of federal funds. However, they can also be complex engagements and have been prone to audit quality issues. This session will focus on common single audit deficiencies and provide auditors with guidance on performing high-quality single audits.
11:15am-12:05pm
GASB Update
Dean Michael Mead – Governmental Accounting Standards Board
This session provides an overview of the latest developments at the Governmental Accounting Standards Board. Topics will include implementation issues related to the new pension standards, proposals related to other postemployment benefits, fair value measurement, application, and disclosure, and the hierarchy of generally accepted accounting principles, and ongoing work on leases and fiduciary responsibilities.
12:05-1:05pm
Lunch
1:05-1:55pm
OMB Super Circular Update: Impact of A 133 and Other Circular Revisions
Daniel J. Murrin, Partner – Ernst & Young LLP
The December 2013 Super Circular combines the myriad current Circulars and Bulletins and makes important changes to federal guidance applicable to the federal Grant making entities, Grantees, Subrecipients and Auditors. When fully adopted and effective, the changes will impact the complete life cycle of grants. This session will provide an overview of the changes, with a particular focus on the impact on audit processes.
1:55-2:45pm
School District Financial Reporting – What are the Requirements & Expectations of the New Jersey Department of Education, Office of School Finance
Michael Mindlin, CPA, MS – NJ Department of Education
The session will review the interim and year-end financial reporting requirements of New Jersey’s school districts. The session will review what steps the independent auditor must document when asked by the school district to prepare the financial statements the firm is also engaged to audit; what modifications to the auditor’s reports may be required under GAGAS and Single Audit; the proper placement of audit findings in the CAFR and AMR; the proper format for suggestions to management; common school district CAFR/AMR reporting errors encountered by NJ DOE Finance; and adding value to your firm’s school district audit services.
2:45-3:00pm
Afternoon Break
3:00-3:50pm
2011 Yellow Book Implementation Issues
John F. Dailey, Jr., CPA, Partner – Bowman & Company LLP
The 2011 version of the GAO’s Yellow Book has been in effect since January 1, 1012. This session takes a look back at some problem areas and other implementation issues related to its implementation.
3:50-4:40
Regulatory Update – New Rules by the Securities and Exchange Commission and Their Impact on State and Local Government Issuers of Debt
Matthew D. Jessup, Esq. - McManimon, Scotland & Baumann, LLC
After decades of being largely overlooked, the municipal bond market has found itself under a regulatory microscope. The Securities and Exchange Commission is increasing its involvement in this market, primarily through the passage of the “municipal advisor” rule and the implementation of the Municipalities Continuing Disclosure Cooperative Initiative. This session with explore each of these new developments, how they impact State and local government issuers of municipal bonds and notes, and how the role of the registered municipal accountant is changing.
COURSE LEVEL
Intermediate
ADDITIONAL NOTES
This conference qualifies for Yellow Book credits.
Reminder: The end of the current New Jersey triennial reporting period is December 31, 2014. Click here for answers to some frequently asked questions on license renewal.