Governmental Accounting and Auditing Update: SAS 134-145 Update

Author: Kurt Schlicker

Auditors of all organizations have seen major changes in audit requirements during 2022 and are faced with further changes coming in 2023. Hear an overview of Statements on Auditing Standards Nos. 134-145 with a focus on those provisions that impact State and Local Governments.

Publication Date: December 2022

Designed For
Auditors of state and local governments and interested preparers.

Topics Covered

• The new auditor's reports in SAS-134, as amended by SAS-141 and the optional presentation of key audit matters
• The changes in SAS-135 Omnibus Statement on Auditing Standards 2019
• The changes impacting governments in SAS-137 (Other Information) and SAS-138 (Materiality)
• The impact of changes in SAS-139 that conform SAS-134 to Special Purpose Frameworks and AU-C Section 805 reports
• An overview of the changes in SAS-140 that impacts governments including supplementary information and required supplementary information reporting and compliance audits such as the Single Audit
• Changes coming to Audit Evidence, Auditing Accounting Estimates and Related Disclosures, Use of Specialists and Pricing Information and Risk Assessment coming in SAS-142 through 145

Learning Objectives

• Identify how to gear up for SAS-134 through 141 for this year's audits as they pertain to states and local governments
• Recognize how to prepare for changes to many of the remaining core audit principles, including risk assessment, estimates and evidence
• Recognize how to have a plan for success in 2022 and 2023 audits

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (Governmental) (1 hour), Auditing (Governmental) (1 hour)

Program Prerequisites
Basic knowledge of auditing with a focus on states and local governments.

Advance Preparation
None