Basis of Accounting
Pension and OPEB
Single Audit
Resources
100
Which financial statement component comes after the independent auditor's report but before the basic financial statements?
Hint: Prepared by client
Management's Discussion and Analysis (MD&A)
100
What are the two types of retirement plans?
Defined benefit and defined contribution
100
What is the threshold that requires a federal programs audit (often referred to as Single Audit)?
$750,000
100
Where can you find training videos?
Microsoft Stream within Kshare
200
True or False: Full accrual basis means revenue is recorded in the accounts at the time is is earned, measurable, and available.
False: Full accrual basis means revenue is recorded in the accounts at the time is is earned.
Modified accrual basis mean revenue is recorded when it is earned, measurable, and available. This generally means that revenue is recorded if received within 30 to 60 days from year-end.
200
How often must actuarial valuations be measured for GASB 68 and GASB 75?
GASB 68- measured annually
GASB 75- must be measured at least biannually
200
Which document tells you which compliance requirements are to be tested within single audit?
Compliance Supplement
200
Name 3 Yammer pages you should follow in public sector
Single audit, GASB 87/96 Implementation, Industries- Government, APN Methodology, K-12, Assurance
300
Name two full-accrual funds and two modified accrual funds.
Full- accrual: Enterprise funds, Internal Service funds, Fiduciary funds, Component Units
Modified Accrual: General Fund, Debt Service Funds, Capital Projects Funds, Permanent Funds, Component Units
300
What are three potential Pension and OPEB footnote disclosure items?
Significant assumptions/other inputs in total Pension/OPEB liability, Rate used in the measurement, Sensitivity analysis related to discount rate and healthcare cost trend rate, Measurement date, actuarial valuation date, Changes of assumptions, Pension/OPEB expense in current reporting period, Deferred outflows/deferred inflows of resources, number of employees covered, schedule of changes by source
300
True or False: Key controls identified in PACE forms must be tested on ALL single audit samples.
True
300
Where can you find industry pages and AAM?
Kshare
400
Name the four GASB 34 Primary Components
Capital/Fixed Assets; Long-Term Debt; Compensated Absences; Deferred Inflows
400
What is the purpose of a general ledger tie out for pension and opeb?
Purpose to reconcile audited GASB 68 workaids, the client's general ledger, and the numbers reported in the audited AU 805 reports.
400
Is the following documentation of a control test or compliance test?
P&M obtained a copy of the invoice; the grant administrator had signed it, indicating their review.
Control- This is a control test because it is a check and balance procedure that the client has implemented to help meet the grant requirements
400
True or False: You are responsible for signing up for industry trainings for engagements you are scheduled on.
True! Contact your manager to make sure you are signed up for the right trainings.
500
True or False: In the fund financial statements, depreciation is recorded
False: Depreciation is recorded in the government wide statements
500
What are two key pension assumptions and two key OPEB assumptions?
Pension- mortality, Retirement, Salary Scale
OPEB- mortality, retirement, base year claims cost, Health care cost trend rate, participation rate
500
What are the four steps in major program determination?
500
Where is the best place to find state chart of accounts, grant information, and filing deadlines?
State website