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.

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.