ACC 603 2-25-10

ACC 603 2-25-10 - Audits of Governmental Audits Entities...

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1 Audits of Governmental Audits of Governmental Entities Entities ACC 603 ACC 603 Kinney Poynter, NASACT Kinney Poynter, NASACT Kpoynter@nasact.org Kpoynter@nasact.org February 25, 2010 February 25, 2010
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2 Session Overview Government Auditing Standards a.k.a., Generally Accepted Government Auditing Standards (GAGAS) or “Yellow Book” GAAS vs. GAGAS Single Audits
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3 Financial Statement Audits of State and Local Governments Conducted by independent CPAs and by federal, state or local audit agencies Auditors must follow AICPA’s: GAAS and Code of Professional Conduct Auditors may also have to follow: GAGAS - U.S. General Accounting Office OMB guidance (e.g., Circular A-133) AICPA Audit and Accounting Guides State and Local Governments Government Auditing Standards and Circular A-133 Audits
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4 Distribution of Federal Grants Distribution of Federal Grants 4% 1% 80% 8% 7% States Locals Universities Non-Profits Tribes, For- Profit, Others 2010 US BUDGET - $3.7 TRILLION GRANTS- $653 BILLION
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5 Steep Rise in Federal Grants Steep Rise in Federal Grants $7B $24B $91B $200B $653B CFDA lists more than 1000 Federal grant programs In Billion of $
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6   Total National  Defense…………………………………………………………………………. .. $  . 01 Energy ……………………. .....................................................................      5.9 National Resources and Environment  ………………………………………………     8.8 Agriculture ……………………. .…………………………………………. …………………    1.2 Commerce ……………………. ................................................................     2.1 Transportation………………………………………………………………………… …….   72.2 Community and Regional Development ……………………………………………    21.2 Education …………………. ....................................................................  111.7                Health  ………………………………………………………………………………. . ….....  294.1 Income Security  …………………………………………………………………………… 121.8 Social  Security………………………………………………………………………. ........      . 26  Veterans Benefits and Services ………………. ........................................        Governments by Function (in billions) Governments by Function (in billions) Source: U.S. Office of Management and Budget
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Top 10 Federal Programs – FY 2009 (billions) 1. Medicaid $ 267 2. Highway Planning and Construction 54 3. State Fiscal Stabilization Fund 40 4. Title I Grants to Local Education
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ACC 603 2-25-10 - Audits of Governmental Audits Entities...

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