GAO has issued two COVID fraud related reports. This week’s blog looks at the first one which focuses on some of the insights and lessons learned from the fraud in the COVID-19 response. GAO has made both Congressional as well as agency recommendations to help prevent similar fraud in the future.
The AICPA is proposing changes to the peer review standards. This update includes proposed changes for quality management with effective dates that would tie to the QM implementation. But there are other changes that are also included referred to as Omnibus changes that will be implemented earlier. Due to the release in November, the AICPA has provided a longer comment period with comments due May 2024.
The AICPA has released their 2023 National Management of an Accounting Practice (MAP) Survey Executive Summary. This summary can help firms benchmark themselves against the industry and see trends. Over 1100 firms participated in helping to understand trends in compensation and fees. The AICPA releases median information so firms can see where they fit in the big picture.
The AICPA’s Auditing Standards Board has issued a proposed SSAE to conform the attestation standards with the new quality management suite. Comments are due December 1, 2023.
On October 5, the Office of Management and Budget proposed changes to the Uniform Guidance. One of the most noteworthy changes is a proposal to increase the Single Audit threshold to $1m. There are also changes proposed to the title of 2 CFR 200 as well as changes to various sections. Comments are due December 4, 2023.
This blog will review the accounting, auditing and ethics standards issued or proposed during the 3rd quarter of 2023. We’ll also review some resources that were issued by various standard setters that can be useful.