Some requirements for single audits were clarified with the issuance of the 2021 Compliance Supplement by the Office of Management and Budget. Some questions remain, though, and OMB is expected to issue two addenda with additional guidance.
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Audit & assurance
Single audits: Using Compliance Supplements for success
Single audits are especially challenging amid a pandemic-related surge in government aid. Understanding how to apply guidance in the Office of Management and Budget’s Compliance Supplements is critical for delivery of a high-quality engagement.
Audit evolution in action: Part 2
In part 2 of a series, hear or read more about the role of audit data analytics in the continuing transformation of auditing.
Single audit rules clarified for Provider Relief Fund recipients
Over the last several weeks, HHS has established in its PRF FAQs that the reporting in the PRF Reporting Portal will be based on when PRF payments were received.
Why single-audit demand is rising; an update on tax preparer legislation
A CPA shares advice for organizations and practitioners on single audits and why more expertise is needed, and an AICPA vice president explains the reasons behind the organization’s support of a bill recently introduced in the House of Representatives.
Quality management proposal provides opportunity to consider risks
Proposed quality management standards presented by the AICPA Auditing Standards Board would require audit firms to customize their processes in accordance with their individual risks.
Vacation and sick pay accruals resulting from the pandemic
Travel restrictions led to a buildup of compensated absences and a corresponding liability that has implications for financial reporting, auditing, and management.
Certified professional employer organizations: The first four years
Learn about the important role some CPAs play in the success of the IRS’s certified professional employer organizations program.
ASB addresses agreed-upon procedures for asset-backed securities
The AICPA Auditing Standards Board issued a statement of position Wednesday on performing agreed-upon procedures related to third-party due diligence services on rated Exchange Act asset-backed securities.
Audit evolution in action: Part 1
Hear or read the opening of a multipart series on audit transformation. This episode provides an overview of the auditing landscape and more.
ESG assurance: An emerging opportunity for CPAs
As momentum grows for environmental, social and governance disclosures, ESG assurance opportunities are expected to present themselves for CPAs, who currently are performing a small fraction of these engagements in the US.
AICPA, CAQ support SEC’s exploration of climate change disclosures
The AICPA and the Center for Audit Quality sent letters to the SEC supporting its exploration of disclosures related to climate change and environmental, social and governance issues.
Pandemic still complicates going concern disclosures
The businesses the COVID-19 pandemic has pushed to the brink of failure still face some unprecedented challenges regarding compliance with the going concern disclosure guidance.
FinREC addresses EBP revenue recognition implementation
Revenue recognition issues for employee benefit plans are addressed in proposed implementation guidance issued by the AICPA Financial Reporting Executive Committee.
New standard addresses investments, specialist matters
A new standard issued by the AICPA Auditing Standards Board provides guidance on auditing the fair value of financial instruments, with a focus on the use of pricing services. The ASB also modernized its standards related to the use of specialists by management and auditors.
Internal audit has pivotal role in ESG reporting
Reporting on environmental, social and governance information is becoming increasingly important. Internal audit’s independent advisory and assurance work can help organizations get it right.
Duhnke removed as PCAOB chair as transition to new board begins
PCAOB Chair William Duhnke III was removed from his position on the board as the SEC named Duane DesParte as acting chair. The SEC announced that it intends to seek candidates to fill all five positions on the PCAOB.
Auditors may see increased demand for ESG attestation
Regulators and standard setters are promulgating new requirements for environmental, social and governance information, and that may lead many companies to call upon external auditors to examine their ESG disclosures.
AICPA & CIMA issue new nonauthoritative guidance for auditing digital assets
AICPA & CIMA released additional nonauthoritative guidance addressing issues related to the auditing of digital assets such as bitcoin and ether. The material covers topics such as risk assessment; processes and controls; laws and regulations; and related parties.
A new road map for risk assessment, audit work
Careful analysis and thought-provoking discussion contribute to high-quality risk assessment in auditing. A proposed new standard is designed to lead to improvement in this area.
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