Government entities present significant auditing challenges, since they may operate a multitude of funds, deal with grant funding, and account for significant infrastructure assets. In this audit CPE course, we examine how the auditor can navigate these challenges by delving into government controls and using targeted audit procedures. This auditing CPE give special attention to component units, fund classifications, interfund activity, and the government budget.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Recognize why an audit strategy is needed, and what it controls.
Identify the issues associated with the environment in which a government operates.
Specify the risk assessment steps associated with the audit of a government entity.
Recognize when a government's internal audit function can be used by the auditor.
Identify the budget controls that a government entity might use.
Specify the controls that a government entity might use over financial reporting.
Recognize when a misstatement is considered to be material.
Identify the actions that can be taken to reduce detection risk.
Specify the events or conditions that indicate the presence of a risk of material misstatement.
Identify the areas in which an auditor may choose to hire a specialist when auditing a government entity.
Specify who is responsible for fraud prevention and detection.
Major Topics
Areas of Audit Interest
Audit Planning
Understanding Audit Risk
Understanding Government Entity Controls
Materiality
Audit Procedures Specific to State and Local Governments
Writing Representations
