Accountants and auditors new to the public sector.
Accountants and auditors new to the public secor must immediately face the daunting challenge of familiarizing themselves with the highly specialized rules, guidelines, and practices applicable to state and local governments. This intensive five-day workshop, intended for those who already possess at least a basic knowledge of private-sector accounting, combines lecture, discussion, and exercises to help newcomers make this difficult, but essential transition.
Those who successfully complete this seminar should be able to:
- Explain why and how governmental accounting differs from business accounting;
- Select the appropriate fund to use to account classifications and financial reporting terminology;
- Distinguish the accrual treatment of transaction and events from the modified accrual treatment of those items;
- Determine which legally separate units should be included within the financial reporting entity and how they should be presented there;
- Perform basic journal entries at the fund level;
- Identify the components of each of the three basic sections of a comprehensive annual financial report;
- Interpret the basic financial statements;
- Explain certain unique public-sector accounting treatments;
- Identify the essential elements of a comprehensive framework of internal control; and
- Identify key differences between auditing in the public and private sectors (e.g., Single Audit and "Yellow Book" audits).