Archived GAQC Conference Calls

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Archived Conference Calls




GAQC member only conference calls are held periodically, at no cost to members, and feature topics to assist you in ensuring governmental audit quality. Registration and dial-in information on upcoming conference calls are announced via GAQC Alerts. All calls are archived on this Web page for convenient member access. During the live conference calls, participants send questions via e-mail to the presenter, who then reads and answers questions within the allotted time. All questions received during the call are posted to the GAQC Member Discussion Forum. We encourage you to visit the forum to view questions and answers and post additional follow-up questions. We welcome your feedback and suggestions for future conference call topics, please send them via e-mail. State and Local Government Financial Statement Audits: An Audit Issues Rundown - Member Conference Call This archived GAQC member-only conference call titled, State and Local Government Financial Statement Audits: An Audit Issues Rundown, will provide information on how to address audit issues concerning the current economic situation, a proliferation of new and updated standards, as well as new legislative and regulatory developments that have increased audit risk. If you are you in the midst of performing or finalizing your June 30^th or September 30^th year-end state or local government (SLG) financial statement audits? Or, are you in process of planning your December 31^st year-end SLG audits? If you answered yes to one or both of these questions, then this GAQC member call is just what you need to be sure you are aware of the numerous audit issues that exist. Learn More>> The New GAQC Schedule of Expenditures of Federal Awards Practice Aids and Other Related Issues - Member Conference Call This archived GAQC conference call titled, The New GAQC Schedule of Expenditures of Federal Awards Practice Aids and Other Related Issues, will provide information on how to use recently issued GAQC Practice Aids designed help improve the procedures performed and related reporting on the Schedule of Expenditures of Federal Awards (SEFA). This call will also discuss additional new reporting responsibilities associated with the American Recovery and Reinvestment Act of 2009 for Recovery Act funds included in the SEFA. Learn More>> The Recovery Act: A Practitioner's Perspective - Member Conference Call This archived GAQC conference call titled, The Recovery Act: A Practitioner's Perspective, was presented by panel of CPA practitioners and moderated by Mary Foelster of the AICPA. The GAQC held this call to provide you with another resource to help your firm better understand the implications of Recovery Act funds to your clients and your single audits. With so much information on the Recovery Act and the rate at which guidance is being issued, we thought it important for members to have the opportunity to hear how other practitioners with clients affected by the Recovery Act have been addressing some of the related challenges. Learn More>> New GASB Fund Balance Standard: Now is the Time to Begin Talking to Your Clients This archived Governmental Audit Quality Center (GAQC) member-only conference call titled, New GASB Fund Balance Standard: Now is the Time to Begin Talking to Your Clients, is intended for our members firms that perform state and local government financial statement audits. In March 2009, the Governmental Accounting Standards Board (GASB) issued Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions. While this Statement is not effective until financial statement periods beginning after June 15, 2010, there are significant issues that auditors and their clients should begin thinking about now to prepare for the transition in reporting. The presenter, an auditor with a GAQC member firm, will give you his perspectives and provide pointers for you to consider with your clients. Learn More>> FSP 117-1 and UPMIFA: Separating Myth from Reality This archived Governmental Audit Quality Center (GAQC) member-only conference call is intended for our member firms that perform not-for-profit organization (NPO) financial statement audits. States are quickly adopting the Uniform Prudent Management of Institutional Funds Act (UPMIFA). In August 2008, the Financial Accounting Standards Board (FASB) issued FASB Staff Position (FSP) 117-1, Endowments of Not-For-Profit Organizations: Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures for All Endowment Funds. Some NPOs and their auditors continue to struggle in implementing FSP 117-1, particularly in the context of UPMIFA. Learn More>> The Recovery Act and Its Potential Impact on 2009 Single Audits - Member Conference Call This archived GAQC conference call was presented by U.S. Federal Representatives and moderated by Mary Foelster of the AICPA. The American Recovery and Reinvestment Act of 2009 (the Recovery Act) is a very important piece of legislation that will impose many new requirements on your clients that receive federal funds, as well as have a significant impact on single audits going forward. The purpose of this archived call is to provide you with a federal perspective on the Recovery Act and what it will mean to auditors and their clients. Learn More >> The New Standards on Quality Control and Practical Implementation Tips - Member Conference Call This archived Governmental Audit Quality Center (GAQC) member-only conference call titled, The New Standards on Quality Control and Practical Implementation Tips, was presented by the an AICPA staff member that was actively involved in the development of new standards on quality control and a partner from a GAQC member firm that provides practical implementation tips. The purpose of this GAQC call is to ensure that you fully understand the new quality control standards and how they relate to the additional membership requirements of the GAQC, as well as what is required by Government Auditing Standards. Learn More>> Internal Control Considerations in Single Audits - Member Conference Call This archived Governmental Audit Quality Center (GAQC) member-only conference call titled, Internal Control Considerations in Single Audits, was presented by the Chairman of the GAQC task force established to respond to the PCIE report internal control deficiency areas. The PCIE report noted that audit documentation did not contain adequate evidence of the auditor's understanding of the five elements of internal control and testing of internal controls for many or all applicable compliance requirements. The presenter for this call will provide information to help auditors overcome or avoid internal control deficiencies. Learn More>> The New Data Collection Form & Electronic Submission Process - Member Conference Call This archived GAQC member-only conference call titled, The New Data Collection Form & Electronic Submission Process, was presented by representatives from the Federal Audit Clearinghouse (FAC) and a GAQC member firm practitioner. A new Data Collection Form (DCF or the Form) was issued for 2008 - 2010 and the submission process for submitting the Form is now required to be completely electronic. This archived GAQC conference call will provide you with an overview of both the changes made to the Form and the submission process. Learn More>> Preparing for Your Single Audit: An Auditee Perspective - Member Conference Call This archived GAQC conference call is primarily intended to help clients better understand the requirements of the Single Audit Act and Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Nonprofit Organizations (Circular A-133), the various responsibilities placed on auditees, and tips for preparing for a single audit. While educating auditees is the primary goal of this call, member firm designated audit quality partners (DAQPs) and member firm staff may also find it beneficial as a refresher. Learn More>> PCPS-Sponsored Online Practice Management Forum SAS 115 Amends and Replaces SAS 112 Governmental Audit Quality Center (GAQC) members have access to this archived PCPS Online Practice Management Forum (PCPS Forum) titled, SAS 115 Amends and Replaces SAS 112, Sponsored by the AICPA Private Companies Practice Section (PCPS). The PCPS Forum, which is similar to our GAQC member-only conference calls, is an audio cast that includes an interactive PowerPoint presentation. Learn More>> Live Forum on 403(b) Plan Audits Sponsored by the AICPA Employee Benefit Plan Audit Quality Center This archived presentation is available to Governmental Audit Quality Center (GAQC) members courtesy of the AICPA Employee Benefit Plan Audit Quality Center (EBPAQC). This presentation should be of primary interest to our GAQC member firms that audit charities and universities with ERISA-covered 403(b) plans. The call is intended to help you understand the new U.S. Department of Labor (DOL) regulations which, beginning with the 2009 plan year (2010 Form 5500 filings), subject ERISA-covered 403(b) retirement plans to the same reporting and audit requirements that exist for 401(k) plans. Please note that DOL reporting and auditing requirements do not apply to government and religious organization sponsored plans. Learn More>> GASB Projects That You Need to Know About Conference Call This archived Governmental Audit Quality Center (GAQC) member-only conference call titled, GASB Projects That You Need to Know About, is intended for our members firms that perform state and local government financial statement audits. Whether you are just wrapping up your June 30, 2008, audits, or catching your breath and starting to think about your December 31^st or next June 30^th year-ends, this call will give you the latest from David Bean and Ken Schermann of the GASB staff on several important GASB standards and other projects of significance to help you become familiar with their requirements. Learn More>> The New Multifamily Housing Chapter of the HUD Consolidated Audit Guide Conference Call This archived GAQC conference call is intended for our members who perform U.S. Department of Housing and Urban Development (HUD) multifamily housing audits, and is based on the long-awaited revisions to Chapter 3, HUD Multifamily Housing Programs (Chapter 3), of the HUD Consolidated Audit Guide (the HUD Guide). As we informed you in GAQC Alert #85, HUD issued the new Chapter 3 in July 2008. Chapter 3 is effective for audits of profit-motivated sponsors/entities with fiscal years ending on or after December 31, 2008. The presenter highlights the major changes in the chapter, as well as addresses member questions submitted in advance and during the live event. The presenter also explains at a very high-level the other new Chapter 4, HUD Multifamily Hospital Program. Learn More>> Sampling in a Single Audit Environment Conference Call One of the major single audit quality issues indentified in the federal study on the quality of audits performed under Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, related to sampling. Seven AICPA task forces have been established to address specific findings in the report and one of the task forces is addressing single audit sampling issues. The work of the AICPA sampling task force will not likely be complete until 2009. The ultimate result of their work is expected to be a new sampling chapter in the AICPA Audit Guide, Government Auditing Standards and Circular A-133 Audits. In the meantime, this member call is designed to focus on the unique aspects of audit sampling in a single audit environment for your 2008 single audits and to help you avoid the audit quality deficiencies noted in the federal study on single audit quality. Learn More>> OPEB Financial Reporting for Plans and Employers and Related Audit Issues The Governmental Accounting Standards Board (GASB) standards on Other Postemployment Benefits (OPEB) have certainly caught the attention of governmental entities and the public. The purpose of this archived GAQC call is to help ensure that member firms are up-to-speed on the GASB OPEB requirements and several related audit issues. Learn More>> Tax-Exempt Bonds - Accounting and Auditing Considerations in the Current Environment Conference Call If you have governmental or not-for-profit clients that issue tax-exempt debt, you should consider listening to this archived Governmental Audit Quality Center (GAQC) member-only conference call titled, Tax-Exempt Bonds – Accounting and Auditing Considerations in the Current Environment. This call is based on an article by the same title issued by a task force that was comprised of members having both not-for-profit and governmental auditing and accounting experience. This call will have a particular focus on debt that is referred to as (1) auction rate securities (ARSs) and (2) variable rate demand obligations (VRDOs). While the current environment presents accounting and auditing issues for investors in such tax-exempt debt, this call will focus on issues facing the issuers of the debt and their auditors. Learn More>> Implementing the Risk Assessment Standards in a State or Local Government Financial Statement Audit Conference Call The purpose of this archived call is to provide you with more industry-specific guidance on implementing the risk assessment standards. The call includes a review of the overall objectives of the new standards, focusing on what is actually changing as opposed to what is simply being “re-explained.” Additionally, the call addresses practical implementation guidance, focusing on providing practice aids and tools to assist in the understanding of the requirements and the proposed “flow” of an audit performed in accordance with these standards. After completing this archived call, participants should be able to gauge how much of an impact these standards will have on them from an audit perspective. Learn More>> Schedule of Expenditures of Federal Awards – Reporting Improvements & Suggested Procedures In GAQC Alert #52 we informed you about the results of a federal study on the quality of audits performed under OMB Circular A-133 issued in June 2007. The report titled, Report on National Single Audit Sampling Project (the PCIE report), was issued by the President’s Council on Integrity and Efficiency (PCIE). The PCIE report noted deficiencies in presentation and auditing of the SEFA. This Center call has been designed to point out the unique aspects of auditing and reporting on the SEFA, with special attention provided on the aspects of the PCIE report that related to the SEFA. This call will also provide you with suggestions on ways to improve audit work and documentation surrounding the SEFA. Learn More>> Application of SAS 112 in a Single audit There has been much focus on the application of Statement on Auditing Standards (SAS) No. 112, Communication of Internal Control Related Matters Identified in an Audit (AICPA, Professional Standards, AU sec. 325), in financial statement audits. However, we have heard much less "buzz" from auditors on the implications and application of SAS No. 112 in a single audit. This call will help ensure that GAQC members are aware of all recently issued guidance and have an opportunity to hear first-hand the latest information on SAS No. 112 in a single audit. Learn More>> An Overview of the New AICPA Risk Assessment Standards This archived forum, sponsored by the PCPS, will provide a general overview on understanding and implementing the Risk Assessment Standards, and will provide an excellent opportunity to educate yourself and your staff about this important new guidance. Learn More>> An Overview of the Results of the National Single Audit Sampling Project The federal study on the quality of audits performed under Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, was released on June 22, 2007. This archived call will help you in understanding the results of the study and determining whether any of the deficiencies cited in the report may impact the planning of your future engagements or your current audit methodologies and documentation practices. Learn More>> Developing a Successful Audit Niche Practice Listen to this archived conference call to learn how to apply strategic insight and strong marketing execution to ensure the success of your niche governmental or employee benefit plan audit practice. This free member-only conference call will discuss the keys to developing and growing your specialty audit practice. Learn More>> What You Should Know About the 2007 Revision of Government Auditing Standards To help GAQC members understand 2007 revision of Government Auditing Standards (also known as the Yellow Book), the GAQC hosted a member-only conference call titled, What You Should Know About the 2007 Revision of Government Auditing Standards. During the call, GAO staff discussed the new Yellow Book and related quality control/peer review ED, highlighted the significant provisions of each, and provided answers to participant questions. Learn More>> Impact of SAS 112 on Governmental Financial Audits If you are concerned about how the requirements of the Statement on Auditing Standards (SAS) No. 112, Communicating Internal Control Related Matters Identified in an Audit will affect your governmental financial audits, then you should listen to this GAQC sponsored conference call. We selected this topic, because SAS No. 112 seems to be generating many questions. The speaker presented key information on understanding the provisions of this new standard and answered many questions from members. Further, the call covered the status of the upcoming expected revisions to Government Auditing Standards to adopt the provisions of SAS No. 112 and an update on an ongoing project between the AICPA and the U.S. Office of Management and Budget (OMB) to determine how SAS No. 112 will affect audits performed under OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Learn More>> Avoiding the Most Common Single Audit Deficiencies Single audit quality is regularly being scrutinized by federal agencies and the National Single Audit Sampling Project. Feedback about common deficiencies from federal agencies and the AICPA peer review program is available. From that feedback, we have identified some of the most common OMB Circular A-133 audit deficiencies. This call will focus on the most common single audit deficiencies and provide training suggestions, guidance, and resources available to prevent the deficiencies. Learn More>> Evaluating and Reporting Audit Findings This conference call was held on January 11, 2006, and will help you determine what findings need to be reported, where they need to be reported, and the appropriate format of the finding write-ups under Government Auditing Standards and Office of Management and Budget (OMB) Circular A-133. These areas are often cited by federal audit quality control reviews as needing improvement. Learn More>>




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