Our annual in-depth look at governmental accounting and auditing will provide you with the latest developments, including guidance and resources from the GASB, changes to the Yellow Book and single audits, and compliance with local government regulations.
DESIGNED FOR
CPAs, auditors, city officials and other financial professionals who are involved in local government audits
HIGHLIGHTS
8-8:50 a.m.
GASB 87 Update
Deborah Beams, CPA - Governmental Accounting Standards Board
This session will explore the requirements of GASB Statement No. 87, Leases and related implementation guidance. It will also discuss the amendments made to GASB 87 in GASB Statement No. 99, Omnibus 2022.
9-10:15 a.m.
Single Audit Update
John D’Amico, CPA and Philip Marciano, CPA, CGFM – CBIZ Marks Paneth
This session will provide an overview and update of the most recent single audit changes. Common single audit deficiencies will be reviewed, and suggestions will be provided to help auditors avoid these errors. This session will also focus on the 2022 Compliance Supplement and addendums to the 2021 Supplement.
10:25-11:15 a.m.
Department of Local Government Services Update
Jacquelyn Suarez, Director - Division of Local Government Services
Hear from the DLGS about current initiatives and what is planned for the future. The American Rescue Plan Act of 2021 (ARP Act) will be featured in this session as well.
11:25 a.m.-12:15 p.m.
Risk-Based Approach to Compliance
Chris Mangano and Jason Spezzano - WithumSmith+Brown PC
Mitigating the unintentional disclosure of private data is not just crucial, it's required. A risk-based strategy to maintain compliance obligations, is often easier to implement and track. Knowing what data exists and its location within the organizational data footprint, helps isolate risk areas and their corresponding penalties in the event of a breach or data leakage event. Having a practical cyber-risk-management protocol in-place allows you to keep pace with the necessary/recurring testing and related cyber-threat-management mandates. This session will focus on three key areas: protection, identification and response in building out a risk-based-approach to achieve compliance.
12:15-12:45 p.m.
Lunch Break
12:45-1:35 p.m.
Department of Education Update
Jacqueline Grama, CPA and Montu G. Patel, CPA – New Jersey Department of Education
This session will review changes to the audit program, updates on state aid, news on grants and findings as well as other Department of Education developments.
1:45-3 p.m.
GASB Update
Jialan Su, CPA - Governmental Accounting Standards Board
This GASB update will focus mainly on the pronouncements currently being implemented, including Statement No. 87, Leases through Statement No. 98, The Annual Comprehensive Financial Report. If time allows, the session will also briefly cover other standards-setting activities, including projects currently being deliberated by the Board, the guidance and resources related to coronavirus, pre-agenda research activities and post-implementation review activities.
3:10-4 p.m.
Do the SEC Antifraud Provisions Apply to Municipal Securities?
Shelia Weinberg - Truth in Accounting
A February 2020 SEC staff legal bulletin notes that “Market participants have raised questions about the application of the antifraud provisions to statements of municipal issuers....” This session will review the bulletin in conjunction with statements that have been made by government officials, including those elected, balanced budgets, surpluses and their governments’ finances.