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.
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.
Q3 2025 in Review
The third quarter of 2025 was packed with action from the standard setters. This blog will review the major proposals and final standards issued by the FASB, AICPA and GASB. Be in the know on what’s changing!
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.
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.
Presidential EO on Grants
On August 7th, the President issued an EO creating a review process for discretionary grants. It also calls for updates to the Uniform Guidance and a review of the terms and conditions of federal awards.
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.
AICPA Updates Quality Management Resources
To help firms prepare for the December 15 deadline, the AICPA has updated its quality management resources. The revised Quality Management Practice Aid expands on SQMS No. 1 objectives, clarifies ultimate responsibility for the QM system, and addresses sole practitioner considerations. It provides deeper coverage of the eight QM components, highlighting new requirements, small-firm implementation differences, and practical tools like risk libraries and documentation templates. The aid also clarifies evaluation requirements and expands guidance on documentation. In addition, the AICPA released The Monitoring and Remediation Process for a Firm’s System of Quality Management, which offers requirements, application guidance, and tips for continuous improvement.
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.
