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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.
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.
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.
GASB issued a revised proposal that describes concepts that would guide the board when it establishes requirements for notes to financial statements for state and local governments.
Various issues that have been identified as worthy of attention by the Governmental Accounting Standards Board are addressed in an omnibus proposed standard issued Monday.
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.
Derivative instruments, fiduciary activities, leases and nonexchange transactions are among the accounting issues discussed in an implementation guide issued by GASB.
Accounting and financial reporting requirements that have been followed since the 1970s would change under guidance for accounting changes and error corrections proposed by the Governmental Accounting Standards Board.
Treasury on Monday provided details and allocations for state, local, territorial and tribal government pandemic relief totaling $350 billion that was established under the American Rescue Plan Act.
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.
This article discusses how those in public-sector finance can address the challenges of transition, continue to make valuable workplace contributions, and come out shining on the other side.
Flexibility and the right KPIs can help organizations navigate challenging times.
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.
The acronym for the Governmental Accounting Standards Board’s “comprehensive annual financial report” sounds like a South African ethnic slur. So, the board is proposing a name change to “annual comprehensive financial report.”
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 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.
The Federal Accounting Standards Advisory Board’s sponsors reappointed George Scott, CPA, CGMA, for a second term as the board’s chair.
Employees’ vacation time and other forms of paid leave would be accounted for differently by state and local governments under a proposal issued by the Governmental Accounting Standards Board.
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.
Project management is most successful when a solid plan is accompanied with the flexibility to change when needed, according to Kristen Kociolek, CPA, CGMA.
SPONSORED REPORT
Get your clients ready for tax seasonUpon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.
100th ANNIVERSARY
Black CPA Centennial, 1921–2021With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.