Government Auditing


The GAO issues a series of questions and answers ( www.gao.gov/govaud/d02870g.pdf ) to clarify the revised yellow-book auditor independence standard it released in January. Recognizing the amendment’s broad scope and the time necessary to implement it, the watchdog agency extends its effective date. The new standard applies to all audits of government financial statements, programs and operations for periods beginning on or after January 1, 2003.

GASB issues an exposure draft, Deposit and Investment Risk Disclosures, to give the public better information about risks that could affect a government’s ability to provide services and pay its debts ( www.gasb.org/news/nr070102.html ). The ED would amend GASB Statement no. 3, Deposits with Financial Institutions, Investments (including Repurchase Agreements), and Reverse Repurchase Agreements. The proposed standard is the first step in GASB’s effort to strengthen current disclosure requirements so interested parties have access to risk-related information on state and local governments’ investments, deposit accounts, credit sources and debt obligations. When final, the standard will apply to fiscal years beginning after June 15, 2004. The ED is available from GASB at 800-748-0659. Comments are due September 27.

SPONSORED REPORT

Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.