Employee benefit plan tax professionals need to dig deep in search of affiliates under common control and must carefully assess whether plans are skewed in favor of highly compensated employees.
Audit & assurance
The AICPA Auditing Standards Board has extended the comment period through Aug. 31 for an exposure draft of three interrelated proposed standards that would change the way firms manage quality in their accounting and auditing practices.
The effects of the coronavirus pandemic on companies’ financial reporting will be a focus of the PCAOB’s inspections in 2021. The board also will strive to become less predictable in the audits and subject areas reviewed by inspectors.
A US Government Accountability Office report has concluded that yearly federal guidance provided to single audit practitioners should be more timely and more responsive to auditors’ input and needs.
The Public Company Accounting Oversight Board has formed a new, 18-person advisory group that will provide insights for the board’s standard-setting activities.
It can be difficult for a CPA to decide how to proceed if they identify or suspect a client’s or employer’s noncompliance with laws or regulations. New proposals are designed to help CPAs fulfill their ethical responsibilities.
The Office of Management and Budget is permitting a six-month delay beyond the normal due date for recipients and subrecipients with fiscal year ends through June 30, 2021, that have not yet filed their single audits with the Federal Audit Clearinghouse.
Travel restrictions related to the coronavirus pandemic have caused many employees to defer their paid time off, resulting in a buildup of liabilities for compensated absences. As a result, CPAs need to take great care in calculating, reporting, and auditing these liabilities.
CPAs can be engaged as third-party assessors of US defense contractors’ compliance with new cybersecurity requirements.
The AICPA Professional Ethics Executive Committee issued an amendment that clarifies the responsibilities of AICPA members responding to client requests for client-provided records. PEEC also limited firms’ ability to loan staff to attest clients.
These tips can help practitioners as they audit financial statements of clients affected by the coronavirus pandemic.
Complementary proposals by the AICPA Professional Ethics Executive Committee and the AICPA Auditing Standards Board would provide guidance for CPAs on their responsibilities related to noncompliance with laws and regulations.
The federal funding surge that accompanied the coronavirus pandemic has made single audits more challenging than ever. But now that the rules have been released, practitioners need to focus on delivering high-quality single audits in this difficult time.
A link exists between communication about money and relationship stress. Learn more about that tie-in in this express version of the Journal of Accountancy podcast.
With new quality management standards, standard setters are providing opportunities for audit firms to drive continuous improvement in their engagements.
The AICPA Auditing Standards Board proposed a new approach to quality management that will include scalable, risk-based assessments that can be tailored to the circumstances of an individual firm.
Remote auditing, new risks, going concern issues and changes in internal controls give not-for-profit auditors a long list of challenges to meet as a result of the pandemic. Here’s what practitioners should keep in mind.
Technical Questions and Answers released by the AICPA describe the characteristics of a third-party assessment program and the standards a member is required to apply to a third-party engagement.
Learn what CPA firms can and cannot do to assist those who defend auditors against professional liability claims.
The Office of Management and Budget released its 2020 Compliance Supplement addendum, providing single audit practitioners with information they were eagerly awaiting on how to audit federal economic relief programs related to the coronavirus pandemic.