Governmental auditing news and resources

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January 4, 2022

Single audit clarity provided related to pandemic relief programs

An addendum to the Office of Management and Budget Compliance Supplement that was issued in December provides clarity on single audit requirements related to two key federal pandemic relief programs.

December 20, 2021

5 key steps for digital transformation during a crisis

Major changes can be difficult to implement at any time but especially during a pandemic. Here are some lessons learned from a successful system implementation.

November 30, 2021

FASAB clarifies federal accounting rules for debt cancellation

Debt cancellation is a nonexchange activity that should be reported by federal entities on the statement of changes in net position, according to an interpretation issued by FASAB.

November 4, 2021

FASAB amends lease accounting requirements

Lease accounting requirements for federal agencies were amended and clarified Thursday when FASAB issued new guidance.

November 4, 2021

House approves resolution to boost financial transparency

A concurrent resolution with an objective of providing more transparency to Congress about the fiscal state of the US government passed the House by a voice vote. The Senate has yet to vote on the resolution, which has the AICPA’s backing.

November 1, 2021

Maxene Bardwell, CPA/CITP

Good leaders are open to ideas and understand that they don’t always have all the answers, according to Maxene Bardwell, CPA/CITP.

October 20, 2021

Government fiscal path, cybersecurity among US comptroller’s concerns

An unsustainable long-term fiscal path and cybersecurity concerns heightened by aging systems are among the biggest challenges the federal government faces, US Comptroller General Gene Dodaro said Tuesday at the fall AICPA governing Council meeting.

October 1, 2021

Stephanie C. Palmertree, CPA, CGMA

Stephanie C. Palmertree, CPA, CGMA, explains how the Mississippi Office of the State Auditor overhauled its CPE system by training its own staff to teach.

August 17, 2021

Updated single audit guidance provided by OMB in 2021 Compliance Supplement

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.

August 12, 2021

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.

July 23, 2021

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.

July 20, 2021

GASB revises proposed approach to financial statement notes

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.

July 19, 2021

GASB proposal addresses a variety of governmental accounting issues

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.

July 8, 2021

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.

June 2, 2021