2003 ACCOUNTING AND AUDITING UPDATE

Continuing Professional Education
North Carolina Office of the State Controller

Date: March 12 and 13, 2003 (8:30 a.m. to 5:00 p.m.)
Location: McKimmon Center, Raleigh, North Carolina
Fee: $100.00
Objective: To provide a walk-through of the State’s first GASB 34 CAFR and discuss what is there, what it means, and what the GASB was trying to accomplish; review the AICPA’s 2002 audit guide, Audits of State and Local Governments – (GASB 34 Edition); and discuss recent activities of the GASB.
Content: Day 1 – Understanding/Explaining GASB 34 Financial Statements
  1. Why GASB 34
  2. Governmental/proprietary/fiduciary fund statements
  3. The budgetary statement
  4. Government-wide statements/infrastructure
  5. Statement of cash flows for colleges/universities
  6. Financial analysis
  7. Explaining information to elected officials

Day 2 – AICPA/GASB Update

  1. AICPA’s GASB 34 Audit Guide:
  2.  
    • Materiality, independence, auditor’s reports, audit risks
    • Assets/revenues, capital assets, liabilities and expenditures/expenses, interfunds, equity and financial statement reconciliations, budgetary issues
  3. GASB 39 (affiliated organizations)
  4. Other GASB activities - implementation guide updates, deposit and investment risk disclosures, impairment of capital assets, other postemployment benefits, and environmental liabilities
Instructor: Mr. Paul E. Glick, Glick Consulting Group
CPE Credit Offered: 16 hours
Materials: Will be provided at the seminar (including 2003 State CAFR)
Teaching Method: Lecture and interaction with attendees
Lunch: 12:00 p.m. - 1:00 p.m. (on site)
Prerequisites: OSC and State agency/institution fiscal staff
Advance Preparation: None
Experience Level: Introductory

 The Office of the State Controller is registered with the North Carolina State Board of CPA Examiners as a sponsor of continuing professional education. Complaints or comments regarding registered sponsors may be addressed to the NC State Board of CPA Examiners, PO Box 12827, Raleigh NC 27605-2827.