Assessing Risk Considering GASB Statement No. 102 and Related Audit Risk Assessments
Author: Eric S. Berman, Kurt Schlicker
| CPE Credit: |
2 hours for CPAs |
Many types of risk pervade states and local governments. Often, governments focus too much on financial risks, yet other types of risk are common ranging from cybersecurity risk to reputational risk. Find out what is in the newest standards for risk disclosures from the Governmental Accounting Standards Board and how independent auditors need to assess risk as part of gaining an understanding of governments in accordance with SAS-145.
Publication Date: September 2023
Topics Covered
- What Is Risk? What Are the Risks That Are Seen (Or Unseen)?
- Control Elements That Should be Present as Applicable
- Thinking further about Risk and GAAP
- Threat Report
- HR Risk Trends
- Breaking News - The Almost Final GASB Statement No. 102
- What May Be Required to Be Disclosed
- Remaining Timeline for What May Be GASB-102
- SAS-145 — How Auditors Should Consider Risk
- SAS-145 — Why is This Needed?
- SAS-145 — What is Changing?
Learning Objectives
- Recognize why risk assessment is so important for states and local governments as well as for independent auditors
- Identify the elements of GASB Statement No. 102, Certain Risk Disclosures
- Identify the requirements of SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
- Identify a control objective in a reconciliation that addresses the assertion of existence or occurrence
- Identify an example of a risk related to operations
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Accounting (Governmental) (1 hour), Auditing (Governmental) (1 hour)
Program Prerequisites
Basic knowledge of governmental accounting and auditing.
Advance Preparation
None
