Loading…
GOVERNMENT'S NEW NORMAL: A Changing Role for Auditors
State and local governments face extreme fiscal challenges as revenue sources shrink and new, long-standing obligations expand. This combined with revised requirements for pension and benefit recognition and reporting creates unique pressures on governmental financial conditions. Given this environm...
Saved in:
Published in: | The journal of government financial management 2013-10, Vol.62 (3), p.12 |
---|---|
Main Authors: | , , |
Format: | Article |
Language: | English |
Subjects: | |
Online Access: | Get full text |
Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
cited_by | |
---|---|
cites | |
container_end_page | |
container_issue | 3 |
container_start_page | 12 |
container_title | The journal of government financial management |
container_volume | 62 |
creator | Marsh, Treba Fischer, Mary Montondon, Lucille |
description | State and local governments face extreme fiscal challenges as revenue sources shrink and new, long-standing obligations expand. This combined with revised requirements for pension and benefit recognition and reporting creates unique pressures on governmental financial conditions. Given this environment, auditor diligence must prevail to provide adequate assurance to stakeholders. The economic downturn that began in 2007 drastically decreased tax revenues for governmental entities. Planning and conducting an audit of governmental financial statements requires an understanding of the governmental entity and its economic environment plus -- increased professional skepticism. Governmental entities cannot continue to provide services costing more than the revenues received. Plus, if revenue expectations are unrealistic, the auditors must examine liquidity issues. Decision-makers must recognize risks faced by governmental entities are many and complex, and can come from both external and internal sources. The auditor must recognize many identified risks have financial statement implications, and controls must be in place to mitigate those risks. |
format | article |
fullrecord | <record><control><sourceid>proquest</sourceid><recordid>TN_cdi_proquest_journals_1434863543</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>3079033521</sourcerecordid><originalsourceid>FETCH-proquest_journals_14348635433</originalsourceid><addsrcrecordid>eNpjYeA0NDU21jU0tjDlYOAqLs4yMDA0MrY04GQwdfcPcw3y83X1C1EPVvBzDVfw8w_ydfSxUnBUcM5IzEvPzEtXCMrPSVVIyy9ScCxNySzJLyrmYWBNS8wpTuWF0twMym6uIc4eugVF-YWlqcUl8Vn5pUV5QKl4QxNjEwszY1MTY2PiVAEAlkoxQA</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>1434863543</pqid></control><display><type>article</type><title>GOVERNMENT'S NEW NORMAL: A Changing Role for Auditors</title><source>EBSCOhost Business Source Ultimate</source><source>ABI/INFORM global</source><creator>Marsh, Treba ; Fischer, Mary ; Montondon, Lucille</creator><creatorcontrib>Marsh, Treba ; Fischer, Mary ; Montondon, Lucille</creatorcontrib><description>State and local governments face extreme fiscal challenges as revenue sources shrink and new, long-standing obligations expand. This combined with revised requirements for pension and benefit recognition and reporting creates unique pressures on governmental financial conditions. Given this environment, auditor diligence must prevail to provide adequate assurance to stakeholders. The economic downturn that began in 2007 drastically decreased tax revenues for governmental entities. Planning and conducting an audit of governmental financial statements requires an understanding of the governmental entity and its economic environment plus -- increased professional skepticism. Governmental entities cannot continue to provide services costing more than the revenues received. Plus, if revenue expectations are unrealistic, the auditors must examine liquidity issues. Decision-makers must recognize risks faced by governmental entities are many and complex, and can come from both external and internal sources. The auditor must recognize many identified risks have financial statement implications, and controls must be in place to mitigate those risks.</description><identifier>ISSN: 1533-1385</identifier><language>eng</language><publisher>Alexandria: Association of Government Accountants</publisher><subject>Auditors ; Audits ; Bankruptcy ; Budget deficits ; Credit ratings ; Employees ; Enterprise resource planning ; Financial statements ; Fiscal years ; Foreclosure ; Furloughs ; Government ; Government agencies ; Information technology ; Layoffs ; Local elections ; Pensions ; Politics ; Property taxes ; Rating services ; Risk management ; State budgets ; Tax revenues</subject><ispartof>The journal of government financial management, 2013-10, Vol.62 (3), p.12</ispartof><rights>Copyright Association of Government Accountants Fall 2013</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://www.proquest.com/docview/1434863543?pq-origsite=primo$$EHTML$$P50$$Gproquest$$H</linktohtml><link.rule.ids>314,780,784,11688,36060,44363</link.rule.ids></links><search><creatorcontrib>Marsh, Treba</creatorcontrib><creatorcontrib>Fischer, Mary</creatorcontrib><creatorcontrib>Montondon, Lucille</creatorcontrib><title>GOVERNMENT'S NEW NORMAL: A Changing Role for Auditors</title><title>The journal of government financial management</title><description>State and local governments face extreme fiscal challenges as revenue sources shrink and new, long-standing obligations expand. This combined with revised requirements for pension and benefit recognition and reporting creates unique pressures on governmental financial conditions. Given this environment, auditor diligence must prevail to provide adequate assurance to stakeholders. The economic downturn that began in 2007 drastically decreased tax revenues for governmental entities. Planning and conducting an audit of governmental financial statements requires an understanding of the governmental entity and its economic environment plus -- increased professional skepticism. Governmental entities cannot continue to provide services costing more than the revenues received. Plus, if revenue expectations are unrealistic, the auditors must examine liquidity issues. Decision-makers must recognize risks faced by governmental entities are many and complex, and can come from both external and internal sources. The auditor must recognize many identified risks have financial statement implications, and controls must be in place to mitigate those risks.</description><subject>Auditors</subject><subject>Audits</subject><subject>Bankruptcy</subject><subject>Budget deficits</subject><subject>Credit ratings</subject><subject>Employees</subject><subject>Enterprise resource planning</subject><subject>Financial statements</subject><subject>Fiscal years</subject><subject>Foreclosure</subject><subject>Furloughs</subject><subject>Government</subject><subject>Government agencies</subject><subject>Information technology</subject><subject>Layoffs</subject><subject>Local elections</subject><subject>Pensions</subject><subject>Politics</subject><subject>Property taxes</subject><subject>Rating services</subject><subject>Risk management</subject><subject>State budgets</subject><subject>Tax revenues</subject><issn>1533-1385</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2013</creationdate><recordtype>article</recordtype><sourceid>M0C</sourceid><recordid>eNpjYeA0NDU21jU0tjDlYOAqLs4yMDA0MrY04GQwdfcPcw3y83X1C1EPVvBzDVfw8w_ydfSxUnBUcM5IzEvPzEtXCMrPSVVIyy9ScCxNySzJLyrmYWBNS8wpTuWF0twMym6uIc4eugVF-YWlqcUl8Vn5pUV5QKl4QxNjEwszY1MTY2PiVAEAlkoxQA</recordid><startdate>20131001</startdate><enddate>20131001</enddate><creator>Marsh, Treba</creator><creator>Fischer, Mary</creator><creator>Montondon, Lucille</creator><general>Association of Government Accountants</general><scope>0U~</scope><scope>1-H</scope><scope>3V.</scope><scope>4S-</scope><scope>4U-</scope><scope>7WY</scope><scope>7WZ</scope><scope>7X1</scope><scope>7XB</scope><scope>87Z</scope><scope>8A9</scope><scope>8AO</scope><scope>8FK</scope><scope>8FL</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>ANIOZ</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FRAZJ</scope><scope>FRNLG</scope><scope>F~G</scope><scope>K60</scope><scope>K6~</scope><scope>L.-</scope><scope>L.0</scope><scope>M0C</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>PRINS</scope><scope>PYYUZ</scope><scope>Q9U</scope><scope>S0X</scope></search><sort><creationdate>20131001</creationdate><title>GOVERNMENT'S NEW NORMAL: A Changing Role for Auditors</title><author>Marsh, Treba ; Fischer, Mary ; Montondon, Lucille</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-proquest_journals_14348635433</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2013</creationdate><topic>Auditors</topic><topic>Audits</topic><topic>Bankruptcy</topic><topic>Budget deficits</topic><topic>Credit ratings</topic><topic>Employees</topic><topic>Enterprise resource planning</topic><topic>Financial statements</topic><topic>Fiscal years</topic><topic>Foreclosure</topic><topic>Furloughs</topic><topic>Government</topic><topic>Government agencies</topic><topic>Information technology</topic><topic>Layoffs</topic><topic>Local elections</topic><topic>Pensions</topic><topic>Politics</topic><topic>Property taxes</topic><topic>Rating services</topic><topic>Risk management</topic><topic>State budgets</topic><topic>Tax revenues</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Marsh, Treba</creatorcontrib><creatorcontrib>Fischer, Mary</creatorcontrib><creatorcontrib>Montondon, Lucille</creatorcontrib><collection>Global News & ABI/Inform Professional</collection><collection>Trade PRO</collection><collection>ProQuest Central (Corporate)</collection><collection>BPIR.com Limited</collection><collection>University Readers</collection><collection>ABI/INFORM Collection</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>Accounting & Tax Database</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Global (Alumni Edition)</collection><collection>Accounting & Tax Database (Alumni Edition)</collection><collection>ProQuest Pharma Collection</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>ProQuest Central (Alumni)</collection><collection>ProQuest Central</collection><collection>Accounting, Tax & Banking Collection (ProQuest)</collection><collection>AUTh Library subscriptions: ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central</collection><collection>Accounting, Tax & Banking Collection (Alumni)</collection><collection>Business Premium Collection (Alumni)</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Professional Standard</collection><collection>ABI/INFORM global</collection><collection>One Business (ProQuest)</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central China</collection><collection>ABI/INFORM Collection China</collection><collection>ProQuest Central Basic</collection><collection>SIRS Editorial</collection><jtitle>The journal of government financial management</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Marsh, Treba</au><au>Fischer, Mary</au><au>Montondon, Lucille</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>GOVERNMENT'S NEW NORMAL: A Changing Role for Auditors</atitle><jtitle>The journal of government financial management</jtitle><date>2013-10-01</date><risdate>2013</risdate><volume>62</volume><issue>3</issue><spage>12</spage><pages>12-</pages><issn>1533-1385</issn><abstract>State and local governments face extreme fiscal challenges as revenue sources shrink and new, long-standing obligations expand. This combined with revised requirements for pension and benefit recognition and reporting creates unique pressures on governmental financial conditions. Given this environment, auditor diligence must prevail to provide adequate assurance to stakeholders. The economic downturn that began in 2007 drastically decreased tax revenues for governmental entities. Planning and conducting an audit of governmental financial statements requires an understanding of the governmental entity and its economic environment plus -- increased professional skepticism. Governmental entities cannot continue to provide services costing more than the revenues received. Plus, if revenue expectations are unrealistic, the auditors must examine liquidity issues. Decision-makers must recognize risks faced by governmental entities are many and complex, and can come from both external and internal sources. The auditor must recognize many identified risks have financial statement implications, and controls must be in place to mitigate those risks.</abstract><cop>Alexandria</cop><pub>Association of Government Accountants</pub></addata></record> |
fulltext | fulltext |
identifier | ISSN: 1533-1385 |
ispartof | The journal of government financial management, 2013-10, Vol.62 (3), p.12 |
issn | 1533-1385 |
language | eng |
recordid | cdi_proquest_journals_1434863543 |
source | EBSCOhost Business Source Ultimate; ABI/INFORM global |
subjects | Auditors Audits Bankruptcy Budget deficits Credit ratings Employees Enterprise resource planning Financial statements Fiscal years Foreclosure Furloughs Government Government agencies Information technology Layoffs Local elections Pensions Politics Property taxes Rating services Risk management State budgets Tax revenues |
title | GOVERNMENT'S NEW NORMAL: A Changing Role for Auditors |
url | http://sfxeu10.hosted.exlibrisgroup.com/loughborough?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-01T11%3A12%3A03IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=GOVERNMENT'S%20NEW%20NORMAL:%20A%20Changing%20Role%20for%20Auditors&rft.jtitle=The%20journal%20of%20government%20financial%20management&rft.au=Marsh,%20Treba&rft.date=2013-10-01&rft.volume=62&rft.issue=3&rft.spage=12&rft.pages=12-&rft.issn=1533-1385&rft_id=info:doi/&rft_dat=%3Cproquest%3E3079033521%3C/proquest%3E%3Cgrp_id%3Ecdi_FETCH-proquest_journals_14348635433%3C/grp_id%3E%3Coa%3E%3C/oa%3E%3Curl%3E%3C/url%3E&rft_id=info:oai/&rft_pqid=1434863543&rft_id=info:pmid/&rfr_iscdi=true |