This session provides 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
