Keeping informed and up-to-date in the highly specialized field of governmental accounting and auditing is no easy task. The New Mexico CPA Foundation has teamed up with the Office of the State Auditor to bring you this special three-day conference, which will provide you with updates and guidance on the developments you need to know to be a government finance expert.
DAY 1: New Mexico Updates, Cybersecurity, & More!
Day one highlights New Mexico specific hot topics. Presentations include updates from the New Mexico Office of the State Auditor and the New Mexico Public Accountancy Board as well as topics such as Cybersecurity, Recruitment and Retention Strategies, and a panel on planning process perspectives.
DAY 2: Governmental Accounting Update
Day 2 of the conference will address accounting and internal control related matters. We’ll kick off the conference with a 4 hour deep dive into what is going on at the GASB. We’ll look at the plethora of standards that were issued by GASB and how they will impact financial reporting. After lunch, we’ll focus on some major proposals issued by GASB that will materially impact financial reporting including the revenue and expense proposal as well as the new financial reporting model. Then we’ll switch gears to talk about COVID19 and its impact on financial reporting for governmental entities with a focus on the AICPA’s FAQ and GASB’s Technical Bulletin. We’ll close Day 2 with a look at common deficiencies including a focus on independence and SKE under Yellow Book 2019, roles and responsibilities in an audit and a preview of the new auditor’s report.
DAY 3: Audit & Ethics Update
Day 3 of the conference will focus on auditing and ethics. We’ll start the day with a deep dive into the audit standards that will be effective for December ’21 and June ’22 year ends. The reporting suite (SAS 134-141) make material changes to the auditor’s report as well as the Uniform Guidance Compliance report. Attendees will focus on implementation and impact on process and budget. The course will then address SAS 142 and 143 which are coming down the pike and how firms can prepare. In addition to the audit standards the course will address changes to the attestation standards for AUPs, examinations and reviews. We’ll close with a review of the risk assessment proposal as well as quality management proposal. In the afternoon, the course will switch from AICPA topics to Yellow Book and Uniform Guidance with a focus on the impact of COVID19 on these types of engagements. We’ll close Day 3 with a 2-hour interactive ethics update.
