The purpose of this archived Governmental Audit Quality Center (GAQC) Web event is to provide you with details about the new Statement on Auditing Standard (SAS) No. 117, Compliance Audits, as well as an overview of other auditing standards activities of interest to auditors that perform governmental or not-for-profit organization audits. This new SAS will apply to June 30th single audits and other similar compliance audits so it is important that you understand what it requires. The Web event titled, The New Compliance Auditing SAS and an Update on Other AICPA Auditing Standards, was held on Thursday, July 15, 2010.
One of the cornerstones of the AICPA’s single audit quality improvement efforts was the issuance of SAS No. 117. The results of the federal study on the quality of single audits showed that improvements were needed in many areas. In response, the AICPA’s Auditing Standards Board (ASB), working closely with the GAQC, has revised its previous compliance auditing standard. SAS No. 117, Compliance Audits, was issued in December 2009 and supersedes SAS No. 74, Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance. It is effective for fiscal periods ending on or after June 15, 2010. It clarifies the applicability of the SAS and what the auditor’s responsibilities are in a compliance audit. Additionally, since one of the presenters is a member of the ASB, we will took advantage of his knowledge and also provide you with an update on other recent ASB activities of interest. Participants in this archived web event will:
- Understand when the new standard applies and what it requires;
- Learn that many other AICPA auditing standards apply to a compliance audit and how to adapt and apply those standards;
- Gain perspective on how your compliance audits might change under the new SAS; and
- Hear about the latest ASB activities of interest to auditors of governments and not-for-profit organizations.
About the Presenters
Eric Formberg, CPA, is a partner with Plante & Moran, PLLC in the Auburn Hills, Michigan office. Eric is responsible for administration of standards and compliance in the firm’s school district practice. Eric also oversees the Compliance Audit Team which serves nine separate industries within the firm that are subject to compliance auditing. Eric is a member of the AICPA GAQC Executive Committee and was a member of the ASB task force that developed SAS No. 117.
Randy Roberts, CPA, is the Professional Practice Director for the Arizona Office of the Auditor General. He is responsible for the quality assurance activities in the Office. His responsibilities include providing technical research and assistance to Office staff, auditees, and peers; coordinating the Office’s implementation of new auditing standards; performing quality assurance reviews of Office audit reports and other publications; and giving technical training and presentations. Randy is a current member of the ASB and also served on the ASB task force that developed SAS No. 117.
Mary Foelster, CPA, is a Director at the AICPA where her primary responsibility is to address governmental auditing and accounting matters. She oversees the activities of the GAQC and staffs both the GAQC Executive Committee and the State and Local Government Expert Panel. In addition to managing the activities of the Center and various technical projects, Mary is also responsible for monitoring and analyzing federal regulatory and legislative developments affecting auditing or accounting in governmental environment. Mary is a graduate of the University of Maryland.
Archived Web Event Listening Instructions
You should print out and have available the The New Compliance Auditing SAS and an Update on Other AICPA Auditing Standards –Member Web Event Slides (PDF or PowerPoint)
The presenters addressed many of the questions within the time allotted for the event. We encourage you to visit the forum to post additional follow-up questions at GAQC Member Discussion Forum.
Thank you for your interest in this GAQC Event.
You can download the archived event for playing on your computer while offline or uploading to an MP3 player. To do so, right click on the following link and select "Save Target As" or "Save Link As." The download may take a while depending on your connection speed, so please be patient.
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