Government Auditing


The General Accounting Office (GAO) in March issued a clarification ( www.gao.gov/govaud/cpeamend.htm ) of its earlier issued requirement that auditors working under Generally Accepted Government Auditing Standards (GAGAS) (collectively known as the Yellow Book) complete every two years at least 80 hours of continuing professional education (CPE) that directly enhances their professional proficiency in performing audits and/or attestation engagements. The guidance responds to practitioners’ questions as to whether—under the GAO’s June 2003 revision of GAGAS—auditors are permitted to satisfy any of the 80-hour CPE requirement by taking taxation courses. In return the GAO said that because such instruction would not—with certain exceptions—help improve auditors’ requisite skills, it generally would not satisfy GAGAS CPE requirements, which became effective for financial audits and attestation engagements of periods ending—and for performance audits beginning—on or after January 1, 2004.

SPONSORED REPORT

How to make the most of a negotiation

Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

COLUMN

Deflecting clients’ requests for defense and indemnity

Client requests for defense and indemnity by the CPA firm are on the rise. Requests for such clauses are unnecessary and unfair, and, in some cases, are unenforceable.