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.
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TOPICS
Audit & assurance
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.
Pursuing quality in relationships — and audits
A link exists between communication about money and relationship stress. Learn more about that tie-in in this express version of the Journal of Accountancy podcast.
New standards continue drive toward better audits
With new quality management standards, standard setters are providing opportunities for audit firms to drive continuous improvement in their engagements.
New approach to quality management proposed by ASB
The AICPA Auditing Standards Board proposed a new approach to quality management that will include scalable, risk-based assessments that can be tailored to the circumstances of an individual firm.
Not-for-profit auditors face new challenges amid pandemic
Remote auditing, new risks, going concern issues and changes in internal controls give not-for-profit auditors a long list of challenges to meet as a result of the pandemic. Here’s what practitioners should keep in mind.
New AICPA TQAs address third-party assessment engagements
Technical Questions and Answers released by the AICPA describe the characteristics of a third-party assessment program and the standards a member is required to apply to a third-party engagement.
Advice from the experts: Defending audit claims
Learn what CPA firms can and cannot do to assist those who defend auditors against professional liability claims.
Guidance for single audits provided in OMB compliance addendum
The Office of Management and Budget released its 2020 Compliance Supplement addendum, providing single audit practitioners with information they were eagerly awaiting on how to audit federal economic relief programs related to the coronavirus pandemic.
AICPA white paper tackles blockchain and SOC for Service Organization reports
The AICPA has published a white paper designed to help practitioners perform SOC for Service Organization reports on companies that use blockchain to deliver services to customers.
Quiz: Are you prepared to audit fraud risk during a pandemic?
With so many organizations financially affected by the COVID-19 pandemic and making an abrupt shift to remote working, there’s a perfect storm for increased fraud in financial statements. Take this quiz to see if you know your responsibilities for auditing fraud risks in your engagements.
FAQs on SOC 2 and SOC 3 engagements issued by AICPA staff
The AICPA staff has posted new FAQ guidance on issues related to System and Organization Controls 2 and 3 (SOC 2 and SOC 3) engagements.
Tips for auditing in a COVID-19 environment
The coronavirus pandemic has dramatically disrupted the focus and procedures involved in many audits. These tips provide best practices, fraud considerations and new procedures practitioners may wish to use.
Assessing audit risks during the pandemic
The coronavirus pandemic has caused the risks of material misstatement and fraud to change substantially for many audit clients. Here’s how practitioners can continue delivering high-quality audits in this environment.
New attestation standard clarifies work effort of review engagements
The limited assurance obtained by a practitioner in a review engagement is clarified in a standard issued by the AICPA Auditing Standards Board.
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