Government Auditing


The GAO issues a series of questions and answers ( www.gao.gov/govaud/d02870g.pdf ) to clarify the revised yellow-book auditor independence standard it released in January. Recognizing the amendment’s broad scope and the time necessary to implement it, the watchdog agency extends its effective date. The new standard applies to all audits of government financial statements, programs and operations for periods beginning on or after January 1, 2003.

GASB issues an exposure draft, Deposit and Investment Risk Disclosures, to give the public better information about risks that could affect a government’s ability to provide services and pay its debts ( www.gasb.org/news/nr070102.html ). The ED would amend GASB Statement no. 3, Deposits with Financial Institutions, Investments (including Repurchase Agreements), and Reverse Repurchase Agreements. The proposed standard is the first step in GASB’s effort to strengthen current disclosure requirements so interested parties have access to risk-related information on state and local governments’ investments, deposit accounts, credit sources and debt obligations. When final, the standard will apply to fiscal years beginning after June 15, 2004. The ED is available from GASB at 800-748-0659. Comments are due September 27.

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.