On Friday May 19, the Office of Management & Budget issued the 2023 Compliance Supplement. This blog will review the largest changes of the various parts of the Supplement. The new Supplement is effective starting with our June 30, 2023 year ends.
COSO has issued a nonauthoritative report on how organizations can leverage the 17 principles and 81 points of focus in COSO 2013 to sustainability reporting. The report provides examples and illustrative case studies to demonstrate how to leverage the internal control framework for a sustainability focus.
Q1 2023 started off slow but ended with a burst of activity. We’ll review the standards issued by the AICPA and FASB in the first quarter of 2023 including the new leases under common control standard as well as SAS 149 for group audits.
GAO has issued a proposed update to GAGAS. The main changes include, similar to the AICPA, a movement to quality management and a more risk based approach to quality and quality reviews. They also provide application guidance around key audit matters. Comments are due by April 28, 2023.
We kick off 2023 with a look at the final standards that were issued by the FASB, GASB and AICPA throughout 2022. We’ll give an executive overview of what was issued and how it may impact financial reporting, auditing and ethics.
The AICPA has issued proposed changes to the peer review standards. The proposal is filled with several technical corrections and wording changes with the intent to improve clarity of existing standards. Comments are due January 31, 2023.