This session will provide an update related to the APA’s oversight for Virginia local governments, to include: reminders on important annual audit and reporting requirements, upcoming accounting standards, the APA’s Audit Specifications, and the APA comparative report transmittal process; changes from the 2022 and 2021 Virginia General Assembly legislative sessions that impact local governments; overview and recent results of the APA’s annual quality control reviews over CPA firms auditing Virginia’s local governments; update on the APA’s annual fiscal distress monitoring process over cities, counties, and towns.

Learning Objectives

• Obtain knowledge on annual audit and reporting requirements, upcoming accounting standards, the APA’s Audit Specifications, and the APA comparative report transmittal process; and APA's annual fiscal distress monitoring process
• Obtain knowledge on recent state legislative changes that impact local governments
• Obtain knowledge on APA’s annual quality control reviews over CPA firms auditing Virginia’s local governments

CPE Accreditation

Delivery Method | Group Internet Based
Recommended CPE Credit | Up to 1 CPE, pending approval
Recommended Field(s) of Study | Accounting (Governmental)
Recommended CPE Category | Engagement/Project Management
Prerequisites | None
Program Level | Basic
Advanced Preparation | None