K12 education has faced unprecedented challenges over the last two and a half years.  The pandemic has forced school districts to redefine how education is delivered and how operations are managed.  Districts have received one time revenues from a myriad of sources to help cope with the challenges, creating a challenge in itself.  Revenue sources such as ESSER I, ESSER 2, ESSER 3, GEER, CRF, FEMA, Unanticipated School Closure funding, and state budget supplemental funding are just some of the programs and funding schools manage.  Further, the School Aid Fund has rebounded substantially allowing significant increases district funding from state.  All of this means reporting on and auditing of school districts continue to be very challenging.  In addition, the new Lease Standard (GASB 87) will be implemented in 2022 along with the new reporting suite of standards (SAS 134 to 140).  Join expert Eric Formberg to get updated on the implications from these and other changes in school district accounting, auditing, reporting, the single audit and implications from changes in State and Federal funding and oversight. The session will provide a solid foundation for auditing school districts and a focus on the audit and accounting implications from changes during this unusual time. Training will focus on Implications of the significant changes in the Compliance Supplement, including the two 2021 addendums and likely changes for 2022, on school single audit testing and reporting requirements as well as school grants management. In addition, understanding of changes in school funding and operations will equip participants to better plan and perform audit tests.  The session will also focus on GASB 87 implications for leases and the new audit standards impacting reporting (SAS 134 to 140). We will continue our focus on GASB 75 (OPEB) and GASB 68 (Pension), including the accounting requirements, ORS tools, and related audit requirements for school districts.  We will also discuss updates to AICPA Governmental Accounting and Auditing Guide, AICPA Single Audit Guide, Michigan School Audit Manual, and Michigan School Accounting Manual (1022 Manual). The session will focus on implications from funding changes, funding usage requirements, timing of use, and planning considerations. All these issues impact audit risk, control assessments, audit procedures, reporting requirements, and an increased risk of misstatement due to error or fraud. This time of change requires teams to effectively plan, execute, and conclude the audit in a cost effective manner.

Prerequisites:
None

Advanced Preparation:
None

PRICING DETAILS
Register early to take advantage of the best price! Please note, discounted pricing is already reflected in the online price. No promo code is needed.
Through May 20: $380 MICPA Members/ $530 Non-Members
May 21 - June 3: $400 MICPA Members/ $550 Non-Members
June 4 - June 17: $420 MICPA Members/ $570 Non-Members