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The AICPA Governmental Audit Quality Center recently issued GAQC Alert No. 439, stating that relief from single audit requirements has been granted for some small governments that have not previously been required to undergo a single audit but would have needed one due to receiving U.S. Treasury Coronavirus State and Local Fiscal Recovery Funds program funding.
View MoreThe Financial Accounting Standards Board recently issued an Accounting Standards Update intended to improve the decision usefulness of information provided to investors about certain loan refinancings, restructurings and writeoffs.
View MoreThe Financial Accounting Standards Board recently issued an Accounting Standards Update intended to better align hedge accounting with an organization’s risk management strategies.
View MoreThe IRS recently released proposed regulations regarding multiple-employer plans.
View MoreThe AICPA Auditing Standards Board is proposing a new Statement on Auditing Standards intended to enhance the quality of group audits.
View MoreThe FASB recently announced that the SEC has accepted the 2022 GAAP Financial Reporting Taxonomy and the 2022 SEC Reporting Taxonomy. The FASB also finalized the 2022 DQC Rules Taxonomy.
View MoreFor peer reviews commencing on or after July 1, 2021, audits and the related compliance and exemption engagements for SEC-registered broker-dealers are no longer included in the scope of peer review; however, there is still an impact on peer reviews of firms that perform these types of engagements.
View MoreThe AICPA stated that the next update of its Peer Review Program Manual is expected by late April 2022.
View MoreThe AICPA Governmental Audit Quality Center recently released several Provider Relief Fund practice aids and single audit tools for auditors and auditees new to single audits.
View MoreThe Treasury Inspector General for Tax Administration recently released a report stating that the IRS unit that checks employee benefit plans for compliance with IRS qualification, reporting and disclosure requirements, and with excise and income tax matters, scored 23 percent lower overall on its quality reviews in fiscal years 2018 through 2020.
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