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Live Webcast Replay

School District Update


Total Credits: 8 including 4 Accounting (Governmental) - Technical, 4 Auditing (Governmental) - Technical

Average Rating:
   39
Categories:
Accounting and Auditing |  Partner Produced
Speakers:
Holly Stefanski, CPA |  Chris Geck
Course Levels:
Update
Duration:
8 Hours
License:

Dates


Description

You’ll focus on the recent changes in school district accounting, auditing, reporting, the single audit and implications from the change in the Governor’s office for the first time in 8 years.  We will review the implications of the significant changes in the Compliance Supplement on school single audit testing and reporting requirements as well as school grants management. In addition, understanding implications from changes in school funding and operations will equip participants to better plan and perform audit tests. The session will also focus on GASB 84 and its implications for school accounting, reporting and related audit risks, GASB 75 (OPEB) and GASB 68 (Pension), including the accounting requirements, ORS tools, and related audit requirements for school districts. AICPA Governmental Accounting and Auditing Guide and Single Audit Guide will be applied to Michigan School audits. Further we will integrate significant school funding changes impacting school districts in 2019 and 2020. Schools in Michigan face continuing challenges from school funding changes, retirement costs, Early Warning requirements, compensation pressures, healthcare requirements, fund deficits, deficit elimination plans, school closures, and student performance requirements. All these issues impact audit risk, audit procedures, reporting requirements, and an increased risk of misstatement due to error or fraud. Auditors must understand how the Uniform Guidance applies to Michigan schools. Districts must consider MDE grants management guidance and requirements outlined in the Michigan School Audit Manual. Auditor tests must consider these requirements and framework changes. The 2019 Compliance Supplement, all new with significant changes in audit scope, along with the updated School Audit Manual must be incorporated into the audit effort. With increased client and auditor demands as well as state oversight, it is even more important to effectively plan, execute and conclude the audit in a cost-effective manner.

 

Basic Course Information

Learning Objectives
  • To equip you with up-to-date information and a working knowledge of current audit, reporting and operational issues

Major Subjects
  • GASB 84 and its implications for school administration, and reporting of student activity and private purpose funds
  • GASB 75 and GASB 68 application issues and lessons learned
  • Review of ORS information available for GASB 68/75
  • Review Governor initiatives and Legislative responses
  • Status of school funding
  • Impact of legislative changes to the pension system and in school funding
  • Continued early warning, and the MDE partnership model
  • Review of changes to State Aid Status Report
  • Review of the state aid act and "hot topics" in school finance
  • Using the State of Michigan Accounting Manual for Schools (Bulletin 1022)
  • Status of GASB and ASB agenda items and impact of new GASB pronouncements
  • The 2019 compliance supplement and implications on school audits
  • Uniform Guidance implications to schools and school federal program audits, including procurement testing
  • NEW Data Collection Form preparation and MDE report submission process
  • Changes to Michigan School Auditing Manual
  • Understanding new MDE operating structure
  • Audit strategies for testing school financial statements
  • Review of charter school audit, reporting and operational issues
  • Key resources

Course Materials

Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Course Developer MICPA
Designed For Auditors and school business officials who need to be equipped with up-to-date information and a practical knowledge of current audit, reporting and operations issues impacting audits
Original Recording Date 06/19/2019
Date Added to Catalog 05/07/2019
Yellow Book No

Additional Information

Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement

Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org


Instructional Delivery Method Group Internet Based
Course Registration Requirements Online Registration
Refund/Cancellation Policy Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.

Reviews

5
4
3
2
1

Overall:      4.3

Total Reviews: 39

Comments

Thomas T

"We miss Eric's cartoons! PLEASE DO THIS EARLIER IN JUNE! BEFORE WE START GOING TO SCHOOLS FOR PRELIM WORK"

Sue B

"Great Seminar"