The checklists are designed to aid state societies and their CPA members in preparing for discussions with stakeholders regarding the various audit requirements and accounting and financial reporting frameworks that could be considered in their states.
Stakeholders may include financial professionals working in state and local governments, state legislators, and CPA practitioners who could be helpful in facilitating discussions in this area, given their audit and accounting expertise.
The checklists consist of questions to be answered in advance of stakeholder discussions to ensure that users are fully informed of the current environment and potential options for change prior to the stakeholder meetings. The checklists focus on audit requirements set by states and/or local governments and not those dictated by a third party (such as a bank) or federal regulation (such as the Single Audit Act).