The OMB issued a second addendum to its 2021 Compliance Supplement for single audits.
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Governmental auditing
Treasury rule provides flexibility for state and local government pandemic aid
State and local governments will have increased flexibility to pursue a wider range of uses under the State and Local Fiscal Recovery Funds program.
GASB to consider governmental going concern standards
GASB has decided to undertake a major project on accounting and financial reporting for going concern uncertainties and severe financial stress.
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.
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.
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.
FASAB amends lease accounting requirements
Lease accounting requirements for federal agencies were amended and clarified Thursday when FASAB issued new guidance.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
GASB publishes implementation guidance on various issues
Derivative instruments, fiduciary activities, leases and nonexchange transactions are among the accounting issues discussed in an implementation guide issued by GASB.
GASB addresses accounting changes and error corrections
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.
Pandemic government relief: Details, allocations provided
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.
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