In December, the International Auditing and Assurance Standards Board issued the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE). The ISA for LCE standards will allow auditors to provide reasonable assurance for audits of general purpose financial statements by following a scaled back audit approach appropriate for less complex entities. ISA for LCE is effective for audits beginning on or after December 15, 2025 with early adoption permitted.
In November 2023, the DOL issued their Audit Quality study that found that 30% of ERISA audits from 2020 (prior to the adoption of SAS 136) were materially nonconforming. We’ll review the scope of the DOL’s review, their findings and recommendations for the future.
2023 is in the record books. This blog will review the standards that were issued by the FASB, AICPA and GASB throughout the year. This high level review will help you identify which standards you should check out in more detail! Happy New Year!
Building on last week’s blog, this week’s looks at another COVID-19 report issued by GAO which looks at the common fraud schemes found. The report, published in November, provides an update on the types of frauds and the outcome of the work done to bring fraudsters to justice.
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.
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