Gov-NFP Audit

Americas Governmental/Not-for-Profit Accounting and Auditing Practice Group Meeting

8:00 am, May 18th, 2024 Atlanta, Georgia, USA

InterContinental Buckhead Hotel
Atlanta, Georgia, USA

Presenter: Melisa Galasso, Galasso Learning Solutions

Course Description: The session will start out with a four-hour update on what’s going on in the Nonprofit and Governmental world of A&A. We’ll start with a look at Nonprofit Accounting with a focus on CECL. We’ll also discuss the outcome of the most recent Not-for-Profit Advisory Committee Meeting of the FASB. Then we’ll switch to the government side of the house with a look at compensated absences and risk and uncertainty disclosures, which will impact governmental financial reporting. For the audit side, we’ll look at the changes in the 2024 Yellow Book as well as the differences between AICPA and GAGAS independence rules. We’ll then review the key elements of quality management from the AICPA. We’ll close with a review of the proposed changes to the Uniform Guidance.

After lunch, we’ll transition to roundtables. We’ll focus on discussing how member firms are addressing various implementations, including the impending quality management standards and post implementation review of recent standards. We’ll also discuss key issues impacting firms based on the PCPS firm survey, including recruitment and retention, tech stacks, outsourcing, CAS, and other topics submitted by member firms.

Learning Objectives:

  • Recall accounting standards impacting nonprofit organizations;
  • Describe the impact of recent GASB statements on governmental financial reporting;
  • Recognize proposed changes to the Uniform Guidance;
  • Describe the impact of QM on firms; and
  • Identify differences between GAGAS and AICPA independence standards.

Registration information will be available at a later date.