2025 brings change and uncertainty for public education. The Federal Government has initiated several actions to change/modify/eliminate elements of its federal role in education. In addition, Uniform Guidance updates are beginning to take effect, impacting grants management. Further, pandemic era funding concluded in September 2024, returning schools to a “normal” structure in funding and operations for 2024/25. Finally, School Aid Funding’s slowing growth rate is requiring more “creativity” in the state’s approach to school funding. These changes create new challenges for schools and new issues for auditors.

In addition, the dust is beginning to settle on Risk Management Standards and the Quality Management Standards are becoming effective impacting all audit firms. Identifying audit risks, crafting audit tests, developing effective documentation, and accurate reporting under new guidance provide challenges for the 2025 audit season. In addition, adoption of several new GASB standards, preparation for standards in the que and continuing to manage significant newer standards (Lease Standard -GASB 87, Subscription Based IT Arrangements -GASB 96), are important for the school finance office and auditors.

Join expert Eric Formberg for updates 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 provides a solid foundation for auditing school districts and focuses on audit and accounting implications from changes in the school environment, changes to the 2025 Compliance Supplement, and updates to the School Audit Manual. The session will also focus on GASB 101 (Compensated Absence standard) as well as other recurring standards having a significant impact on school district auditing and reporting. The session will include updates impacting school audits 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 also focus on implications from school funding changes. Ultimately, the session will assist audit teams to effectively plan, execute, and conclude the audit in a cost-effective manner.

Prerequisites:
None

Advanced Preparation:
None

Looking for live instruction and networking opportunities? Join us for the in-person option instead.

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 12: $382 MICPA Members / $532 Non-Members
May 13 - May 26: $402 MICPA Members / $552 Non-Members
May 27 - June 9: $422 MICPA Members / $572 Non-Members