Pandemic issues for government financial statement preparers and auditors

by | Aug 1, 2020 | Uncategorized | 0 comments

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Pandemic issues for government financial statement preparers and auditors

The coronavirus pandemic has presented state and local governments and their auditors with many significant changes and challenges that may need to be addressed in governments’ financial statements.

Work-from-home adjustments have led to changes in operations and internal controls. Tax payment deadline delays may have been provided, changing the timing of governments’ revenue receipts, and the general economic downturn has led to revenue shortfalls, valuation challenges, and numerous compliance concerns.

To assist preparers and auditors with these issues, the AICPA has published nonauthoritative guidance with answers to frequently asked questions (FAQs) for state and local government financial statement accounting and auditing matters related to the pandemic.

Some of the topics covered include:

The AICPA’s Governmental Audit Quality Center (GAQC) has been producing guidance and information on the impact of the pandemic on single audits and has been working to get answers to the many questions that auditors and recipients are raising. The GAQC communicates the latest information through alerts, web events, tools, and the GAQC’s COVID-19 section of its Uniform Guidance Resources webpage.

In addition to the FAQs, the following GAQC pandemic resources have been left open to the public:

Governmental auditors and financial statement preparers are encouraged to monitor the website for updates.

For more news and reporting on the coronavirus and how CPAs can handle challenges related to the pandemic, visit the JofA’s coronavirus resources page.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.

Research & References of Pandemic issues for government financial statement preparers and auditors|A&C Accounting And Tax Services
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Pandemic issues for government financial statement preparers and auditors

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