Proposed Changes to the Green Book
The GAO has issued proposed changes to the Standards for Internal Control in the Federal Government (the Green Book) which were last updated in 2014. The proposal is a response to the issues identified by the pandemic as well as the rise in cyber-attacks. Comments are...
Updates to Digital Assets Practice Aid
The AICPA's Digital Assets Working Group has updated the Digital Assets Practice Aid. The AICPA updated this practice aid by adding two new chapters on auditing the valuation of digital assets, and auditing procedures regarding a digital asset's existence, rights,...
Why GFOA is Rethinking Financial Reporting
The Government Finance Officers Association (GFOA) has recently issued a report on Why GFOA is Rethinking Financial Reporting. Annual financial reports take a considerable amount of time and resources to complete. With only limited use by their intended audience, the...
FASB & AICPA Issue Annual Reports
Both the FASB & AICPA are nonprofit organizations that make their financial statements available to the public. Both organizations also have a December fiscal year end which means they both recently issued their annual reports. This blog will introduce you to the...
IFR4NPO ED3
The International Financial Reporting for Nonprofit Organizations (IFR4NPO) has issued the last of its 3 exposure drafts intended to create the world’s first internationally applicable financial reporting guidance for nonprofits. ED1 was issued in 2022 and ED2 was...
2023 Enhancing Audit Quality Report
Through the Enhancing Audit Quality initiative, the AICPA promotes high quality auditing and assurance, with a focus on subject matter that has created challenges for practitioners. According to the 2023 Enhancing Audit Quality (EAQ) Report, the AICPA's areas of focus...
Proposed Ethics Interpretation on Recruiting
The AICPA’s Professional Ethics Executive Committee (PEEC) has issued another proposed interpretation, this one addressing recruiting as a nonattest service. The proposal provides updated guidance on the threats to independence as part of the AICPA’s IESBA convergence project. Comments are due September 10th.
Ethics Proposal: Tax Services
The AICPA’s Professional Ethics Executive Committee (PEEC) is proposing changes to the tax services rules with respect to independence. As part of their IESBA convergence, the rules address the potential advocacy threats created by providing tax advisory services to attest clients. Comments are due by September 10, 2024.
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