Course Information
Introduction to Government Auditing-Accounting and Financial Reporting Accounting
Parking for SAO, Professional Development courses is in Garage B (1511 San Jacinto Blvd.). The Garage signage may read 1511 San Jacinto or Garage B. The elevator in Garage B is not reliable. If you are unable to walk the stairs, please contact the professionaldevelopment@sao.texas.gov for alternate parking arrangements. Handicapped parking is free at the meters around the downtown area.
A course coordinator will email you a parking permit prior to the course start date. A permit must be displayed or you will be ticketed.
Course Description
With corporate scandals ushering in the 21st century and the recent economic downturn, the role of the auditor has taken on heightened significance in today's corporate world. In this two-part course, participants will obtain the necessary background and skills to conduct audits in accordance with Generally Accepted Auditing Standards (GAAS) and fairly present statements in accordance with Generally Accepted Accounting Principles (GAAP). Participants will also gain a practical and relevant understanding of the many issues involved with government financial statements. See how GAAP relates to government accounting and financial reports, explore government fund accounting and state and local government consolidated financial statements and learn how to analyze government financial statements.
Course Objectives
In the session you will review the role of the auditor and the importance of the audit function. At the conclusion of this session you will be able to:
• Identify the guidelines that define an auditor's professional standards – e.g., Generally Accepted Auditing Standards, Generally Accepted Government Auditing Standards
• Recognize the overall objectives of the auditor and the general guidelines for the conduct of the audit
• Identify the components of the auditor's standard report (Unmodified Audit Opinion)
• Recognize the various types of audit opinions, the conditions and events that support the various types of audit opinions, and the auditor's responsibility, and documentation requirements
• Define the auditor's responsibility when issuing an opinion on comparative financial statements
• Define Type I and II events and the associated impact on financial reporting and identify the auditor’s responsibility for subsequent events
• Recognize the various types of client prepared information that may accompany the basic financial statement and identify the auditor's responsibility for reporting on other information
• Recognize objectives of state and local government accounting standards and the role of the Governmental Accounting Standards Board (GASB)
• Identify key elements of Governments' financial reporting model and Comprehensive Annual Financial Report (CAFR)
• Define deferred inflow and outflow of resources and their reporting by state and local governments
• Recognize requirements for reporting constraints on government fund resources
• Identify unique aspects of modified accrual accounting used by governmental funds
• Apply key accounting procedures used in the preparation of both fund and government-wide financial statements
• Identify key aspects of governmental financial statement analysis
Course Outline
• Audited Financial Statements – The Basics
• Professional Standards
• Reports on Audited Financial Statements
• Reports on Comparative Financial Statements
• Events Occurring After Year-End
• Reporting on Other Information
• Introduction to Government
• Accounting and Financial Reports
• Government Fund Accounting
• State and Local Government
• Consolidated Financial Statements
• Resources
Instructors
CPE Instructor Biography of
Jennifer McAllister, CPA, MACC Jennifer McAllister is a registered CPA in the state of Georgia and owner of JB McAllister, LLC, a full service accounting firm in the Cumming/Suwanee area. Jennifer primarily services small businesses and recently was appointed Business Developer of Fideles Christian School where she will expand into the marketing and human resources for the school. Jennifer has also been an instructor for Becker, CPA Professional review for nineteen years and presently is the lead instructor for the Atlanta area. This position requires the hiring and managing of all the teachers and the scheduling of the classes. She also travels to guest lecture at various universities in the United States during the summer months. Jennifer just recently graduated with a Master of Accountancy from Auburn University. She is seeking out the opportunity to teach at the collegiate level.
Additional Information
TAC Rule 523.142(g) requires the CPE Sponsor to monitor individual attendance and assign the correct number of CPE credits. Participants will be asked to document their time of arrival and departure in compliance with this Rule. Additionally, attendance will be monitored throughout the day and CPE certificates will reflect actual attendance of each participant.
If you are making travel plans to come to Austin, we recommend making "refundable" air and hotel reservations or waiting until 14 days before the class to actually book your reservations. Courses are occasionally canceled or rescheduled due to low enrollment. We determine whether a course has enough participants 16 days prior to the course date. If we cancel or reschedule, we will email the participant and his or her billing contact no later than 14 days before the original class date.
The course coordinator will contact you with parking information. Handicapped parking is free at the meters around the downtown area.
Vending machines with Coca-Cola products and various snack items are available. There is also a refrigerator and microwave in our coffee bar area. Feel free to bring in your own drinks and food if you prefer.
You might want to bring a light sweater or jacket, as room temperatures vary.
To see answers to our Frequently Asked Questions, visit http://www.sao.texas.gov/training/faq.html.