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Financial literacy for elected officials

Katherine Patnaude CPA Audit Partner

Sep 17, 2024 · 202.7 KB Download

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As an elected official, enhancing your financial literacy by learning essential financial terminology and basic accounting principles is crucial. “Governmental financial literacy for elected officials,” an article sponsored by the AICPA Government Performanceand Accountability Committee (GPAC), sheds light on key differences between accounting standards and financial statements within the public and private sectors.

The Governmental Accounting Standards Board (GASB) establishes generally accepted accounting principles (GAAP) for state and local governments, whereas the Financial Accounting Standards Board (FASB) issues private-sector accounting standards. GASB’s conceptual framework prioritizes the informational needs of citizens and elected representatives, not just the needs of creditors or investors.

Katherine Patnaude, CPA, a partner of PKF O’Connor Davies with more than 13 years of experience in governmental auditing and accounting, wrote this article to serve as a helpful reference for anyone in the public sector hoping to improve their financial literacy.

Download the Governmental financial literacy for elected officials

File name: AICPA_GPAC_Governmental-Financial-Literacy-Elected-Officials.pdf

Katherine Patnaude, CPA

Katherine Patnaude is a partner of PKF O’Connor Davies with more than 13 years of experience in governmental auditing and accounting. She is responsible for providing audits, reviews, agreed-upon procedures, and consulting services for a wide variety of municipal entities. Katherine is skilled in helping governmental officials with compliance and managing changes resulting from pronouncements issued by GASB. She is a member of the Connecticut Society of Certified Public Accountants (CTCPA), where she serves as chair of the Governmental Accounting and Auditing Committee and serves on the advisory council. In addition, she has previously served on the board of directors and Accounting Scholarship Foundation. Katherine is a member of the AICPA governing Council and Government Performance and Accountability Committee. She is also a 2014 graduate of the AICPA’s Leadership Academy for Young Professionals. Katherine is a graduate of the University of Connecticut with a Master of Science degree in accounting and a graduate of Eastern Connecticut State University with a Bachelor of Science degree in accounting.

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