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Genuine Learning Blog

Welcome to the Genuine Learning Blog—a video series dedicated to keeping CPAs informed about the latest trends, standards, and insights in the accounting profession. Packed with essential updates and in-depth industry analyses, our videos are your go-to resource for navigating the ever-evolving world of accounting. Don’t miss a thing—subscribe to the Genuine Learning Newsletter for timely updates and exclusive content!

Brainstorming at the GLS Retreat in New Orleans 2024
AICPA Seeks Comment on Administrative Peer Review Proposal for Firms with PE Backing & Other APS

AICPA Seeks Comment on Administrative Peer Review Proposal for Firms with PE Backing & Other APS

The AICPA has proposed updates to its peer review program, focusing on firms with private equity backing and alternative practice structures. Key changes include centralizing peer review administration under the AICPA’s National Peer Review Committee and updating reviewer qualifications for engagements under PCAOB standards, aiming to improve consistency and quality in oversight. Public comments on the proposal are due by October 25, with potential changes taking effect for reviews ending on or after December 31, 2025.

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GLS Annual Retreat

GLS Annual Retreat

In this episode of the Genuine Learning Blog, Melisa Galasso shares highlights from GLS’s annual retreat in Myrtle Beach, where the team focused on strategic planning, exploring new tools, reviewing financials and content strategy, and preparing for upcoming changes like 2026 pricing and their 10th anniversary. The retreat balanced productive sessions with fun activities like bowling, beach walks, and dinners, helping the team set goals and recharge for the year ahead.

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Federal Audit Clearinghouse Update

Federal Audit Clearinghouse Update

On August 28th, GSA’s Technology Transformation Services issued a request for comment on revisions to the Federal Audit Clearinghouse (FAC) data collection form. The FAC, which serves as the central repository for Single Audit submissions, plays a critical role in ensuring transparency, accountability, and accessibility of audit data. The proposed revisions are designed to improve clarity in reporting, strengthen fraud and abuse disclosures, and enhance overall data usability for auditors, federal agencies, and the public. Stakeholders are encouraged to review and provide feedback by October 27, 2025.

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AICPA Releases 2025 MAP Survey

AICPA Releases 2025 MAP Survey

The AICPA’s newly released 2025 MAP Survey shows strong revenue growth and rising staff compensation across U.S. accounting firms, with median firm revenue up 6.7% and partner earnings up nearly 12% since the last survey. Salaries for new grads also jumped significantly—up 11% for bachelor’s and 17% for master’s degree holders—highlighting continued demand for talent.

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OMB Memo on Auditing

OMB Memo on Auditing

On June 23rd, OMB issued Memo M-25-30: Ensuring Accountability: How We Oversee, Audit, and Improve. It reinforces the importance of federal audits in providing transparency and accountability while preventing waste, fraud, and abuse. The memo also ties to the July 14th update of OMB Circular A-136, which revises federal financial reporting requirements, including moving to a single-year presentation.

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DRAFT 2025 Compliance Supplement

DRAFT 2025 Compliance Supplement

After much delay, the draft of the 2025 Compliance Supplement has been released. Key proposed changes include updates to program compliance requirements, the removal of COVID-19 funding programs from higher risk designations, and two Part 3 sections for compliance testing, one under the prior Uniform Guidance and one under the 2024 Uniform Guidance.

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Disclaimer: The information contained within this blog is provided for informational purposes only. Viewing this material does not qualify for CPE credit. Additionally, this general knowledge is not intended to substitute for obtaining accounting, legal, or financial advice from a professional accountant with specific knowledge of your organization. Finally, watching this blog and/or subscribing to the newsletter do not create an accountant-client relationship.

MONEY MATTERS

FOR NONPROFITS

Money Matters for Nonprofits demystifies financial statements and basic accounting, empowering nonprofit board members to better advise their organizations and make an even greater difference in the world.

Jaclyn Veno CPA | Auditing Level Training | CPE

Melisa Galasso, CPA, CSP, CPTD

Melisa F. Galasso is the founder and CEO of Galasso Learning Solutions LLC. A CPA with nearly 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting.

Her passion is providing high-quality CPE that is meaningful, creates efficiencies and improves quality, and positively impacts ROI. She also supports essential professional development, audit level training, and train the trainer efforts.

Melisa is a Certified Speaking Professional, a Certified Professional in Talent Development (CPTD), and has earned the Association for Talent Development Master Trainer™ designation. Her passion for instructional design and adult learning techniques is one of the differentiators that set her apart from other CPE providers.

She also serves on the FASB’s Not-for-Profit Advisory Committee (NAC), AICPA Council, and the AICPA’s Women’s Initiative Executive Committee (WIEC). She also serves as a Subject Matter Expert for the Center for Plain English Accounting. She previously served on the AICPA’s Technical Issues Committee (TIC), the VSCPA’s Board of Directors, and is a past Chair of the NCACPA’s A&A committee. In addition, Melisa is the author of Money Matters for Nonprofits: How Board Members Can Harness the Power of Financial Statements by Understanding Basic Accounting which is available on Amazon or anywhere you purchase books online.

Melisa received a Top 50 Women in Accounting Award in 2021 by Ignition, is a 2020 Enterprising Women of the Year Award recipient, and was honored as a “40 under 40” by CPA Practice Advisor in 2017, 2018, and 2019. She was also named the 2019 Rising Star by her regional NAWBO chapter, received the Don Farmer award for achievement in technical content instruction, and earned several other awards for public speaking and technical training.