The Public Company Accounting Oversight Board proposed a framework that would guide its actions when its oversight activities are stymied by authorities in other jurisdictions.
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Audit & assurance
Single audit: Pandemic aid and major program determinations
As pandemic relief adds to funding that needs to be considered in a single audit, it’s important to remember that the rules in the Uniform Guidance still prevail.
What auditors and audit committees need to know about SPACs
Interest in special-purpose acquisition companies is growing among investors and regulators. The Center for Audit Quality has considerations for auditors and audit committees to keep in mind regarding SPACs.
Making audits more effective through data visualization
The right displays can make a big difference in spotting trends and communicating with clients.
Lorin Venable, CPA, CGMA
Lorin Venable, CPA, CGMA, of Arlington, Va., is assistant inspector general for Audit in the Financial Management and Reporting Directorate of the Department of Defense Office of Inspector General.
Burns hired as Association chief auditor
Jennifer Burns joined the Association of International Certified Professional Accountants as chief auditor.
EBP audits: Document so your steps can be retraced
Thorough documentation demonstrates the quality that a practitioner has delivered in any audit. Amid the coronavirus pandemic, documentation provides auditors an opportunity to show they are on top of the many changes that plans may have undergone.
EBP tax compliance testing tips
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.
ASB extends comment period for quality management ED
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.
PCAOB’s 2021 inspections target pandemic concerns, predictability
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.
GAO: Guidance for single audits should be more timely, responsive
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.
PCAOB establishes new advisory group for standard setting
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.
NOCLAR: Proposals aim to help CPAs find the right balance
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.
Deadline for certain single audits delayed because of pandemic
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.
Vacation and sick day accruals during the pandemic
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.
Cybersecurity requirements provide new opportunity for CPAs
CPAs can be engaged as third-party assessors of US defense contractors’ compliance with new cybersecurity requirements.
PEEC addresses ‘Records Requests,’ limits on loaning staff to attest clients
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.
Quality audits amid chaos
These tips can help practitioners as they audit financial statements of clients affected by the coronavirus pandemic.
New proposals would provide guidance on CPAs’ NOCLAR duties
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.
Single audits: Deliver high quality in a challenging time
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.
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