Auditing governmental financial statements: programs and practice aids.

In June the AICPA will issue GASB 34-compliant customizable programs and practice aids on CD-ROM (along with much more), developed by the CPA who helped develop the AICPA GASB 34 State and Local Government Guide.

Many auditors continue to refine both their understanding of GASB Statement No. 34, Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments and their audit approach and procedures under the provisions of the GASB 34 version of the AICPA Audit and Accounting Guide Audits of State and Local Governments. That Statement and Guide have introduced many new governmental reporting and auditing concepts, among them the MD&A, major funds, and opinion units.

To help auditors further their understanding, the AICPA has developed several tools, the newest one of which is a Practice Aid-Auditing Governmental Financial Statements: Programs and other practice aids. The Practice Aid contains audit programs that address the opinion unit concept and the latest AICPA Statements on Auditing Standards. Following the structure of the Audit Guide, the Practice Aid has account balance- and transaction class-based chapters that explain concepts, include internal control questionnaires, and suggest substantive audit procedures. It includes an engagement letter, a management representation letter, and various confirmation letters, as well...