Today's Date December 6, 2025
Auditing

Are you an auditor trying to stay up to date on what’s going on at the AICPA, GAO and OMB? Follow the GLS blog for auditing to learn more about the changes happening at the auditing standards board as well as governmental auditing.

If you are looking for more great content, consider our Webcast offerings for CPE credit.

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Updates to Virtual Currency Guidance

Updates to Virtual Currency Guidance

The AICPA has updated their Practice Aid on Accounting for and auditing of digital assets to address more niche Codification topics. The update includes discussion of accounting for broker dealers as well as investment companies. It also provides guidance on determining principal markets for fair value. The Digital Assets Working Group has been great in providing accounting and auditing guidance for entities as this topic is not well addressed in authoritative literature.

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Proposed SAS – Use of Specialists and External Pricing Sources

Proposed SAS – Use of Specialists and External Pricing Sources

The AICPA’s Auditing Standards Board has issued some proposed targeted improvements to guidance on the use of specialists and external pricing sources. The proposal incorporates some PCAOB guidance and provides additional application guidance for AU-C 501, 540 and 620. Comments are due February 4, 2021.

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Fraud & COVID – A 2020 ACFE Report

Fraud & COVID – A 2020 ACFE Report

https://youtu.be/LOyi7k9xqZ8 We all know that COVID is impacting businesses in more ways than one. Unsurprisingly, we've seen an uptick in fraud during the COVID era. The ACFE has issued its September 2020 report providing interesting insights into fraud during COVID...

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Q3 2020 in Review

Q3 2020 in Review

Each quarter we review what issued as final standards during the quarter. While the Genuine Learning Blog focuses on what’s coming down the pike and tries to encourage participation in due process, we also know its important to be aware of what get’s finalized. The blog looks at the items issued by the AICPA, FASB and GASB that will be effective in the near future.

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Virtual Currency – New Practice Aid

Virtual Currency – New Practice Aid

Cryptocurrency is becoming a more recognized transaction with more entities participating in this ecosystem. The AICPA has issued non-authoritative guidance on accounting and auditing digital assets. Current FASB does not have authoritative guidance in this area, so the practice aid addresses some common considerations. In addition, it addresses the questions firms need to address before accepting a client and provides procedures to ensure that digital asset risks are properly identified and an appropriate audit response is performed. We’ll take a high-level look at some of the considerations for those contemplating moving into this area.

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MONEY MATTERS

FOR NONPROFITS

Money Matters for Nonprofits demystifies financial statements and basic accounting, empowering nonprofit board members to better advise their organizations and make an even greater difference in the world.

Jaclyn Veno CPA | Auditing Level Training | CPE

Melisa Galasso, CPA, CSP, CPTD

Melisa F. Galasso is the founder and CEO of Galasso Learning Solutions LLC. A CPA with nearly 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting.

Her passion is providing high-quality CPE that is meaningful, creates efficiencies and improves quality, and positively impacts ROI. She also supports essential professional development, audit level training, and train the trainer efforts.

Melisa is a Certified Speaking Professional, a Certified Professional in Talent Development (CPTD), and has earned the Association for Talent Development Master Trainer™ designation. Her passion for instructional design and adult learning techniques is one of the differentiators that set her apart from other CPE providers.

She also serves on the FASB’s Not-for-Profit Advisory Committee (NAC), AICPA Council, and the AICPA’s Women’s Initiative Executive Committee (WIEC). She also serves as a Subject Matter Expert for the Center for Plain English Accounting. She previously served on the AICPA’s Technical Issues Committee (TIC), the VSCPA’s Board of Directors, and is a past Chair of the NCACPA’s A&A committee. In addition, Melisa is the author of Money Matters for Nonprofits: How Board Members Can Harness the Power of Financial Statements by Understanding Basic Accounting which is available on Amazon or anywhere you purchase books online.

Melisa received a Top 50 Women in Accounting Award in 2021 by Ignition, is a 2020 Enterprising Women of the Year Award recipient, and was honored as a “40 under 40” by CPA Practice Advisor in 2017, 2018, and 2019. She was also named the 2019 Rising Star by her regional NAWBO chapter, received the Don Farmer award for achievement in technical content instruction, and earned several other awards for public speaking and technical training.