Compliance


The Office of Management and Budget (OMB) issued the Circular A-133 2005 Compliance Supplement ( www.whitehouse.gov/omb/financial/2005_compliance_supp.html ), which is not a complete reissuance of the 2004 edition. The circular governs audits of entities that receive federal funds. The 2005 supplement addresses only new or significantly changed information on agency program requirements and clusters of programs. For 2005 planning and review purposes, therefore, auditors should use both the 2004 and 2005 supplements. The AICPA audit and accounting guide, Government Auditing Standards and Circular A-133 Audits (# 012745JA), is available at www.cpa2biz.com .

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.