Today's Date August 26, 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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Proposed SAS – Auditing Accounting Estimates & Related Disclosures

Proposed SAS – Auditing Accounting Estimates & Related Disclosures

The AICPA has issued another proposed SAS titled Auditing Accounting Estimates & Related Disclosures. The proposal was issued in August 2019. The project was driven by high rates of nonconformity found in auditing estimates as it is the most common audit issue detected by practice monitoring programs worldwide. The standard addresses risk assessment and response as well as audit procedure interweaving its requirements with other sections of the audit standards. Comments are due November 22, 2019.

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Proposed SAS – Conforming Edits to 800 Series

Proposed SAS – Conforming Edits to 800 Series

The AICPA has issued a proposal to align the 800 section of the auditing standards with SAS 134. The proposal addresses special purpose frameworks, single financial statements and elements as well as summary financial statements. The goal was to align the report with some modifications due to topics. Comments are due October 28, 2019.

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Information Systems Services

Information Systems Services

The AICPA’s Professional Ethics Executive Committee (PEEC) of the AICPA has published a revision to Independence Rule Interpretations related to Information System Services. The interpretation offers guidance to members that provide nonattest services related to an attest client’s information systems. It is much more detailed than previous guidance in order to help members understand under what circumstances independence would be impaired and when it would not be impaired. The newly released amendment is effective on January 1, 2021 and early implementation is allowed.

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Proposed SSARS: Materiality in a Review of Financial Statements, Adverse Conclusions, and Special Purpose Frameworks

Proposed SSARS: Materiality in a Review of Financial Statements, Adverse Conclusions, and Special Purpose Frameworks

The AICPA’s Accounting and Review Services Committee has issued a proposed SSARS, Materiality in a Review of Financial Statements, Adverse Conclusions, and Special Purpose Frameworks. The proposed amendments are intended to more closely align SSARS with International Standard on Review Engagements and as well as consider the relationship with the SASes. The proposal includes the requirement for the accountant to determine materiality in reviews of financial statements, permits the expression of an adverse conclusion, and also addresses terminology throughout the SSARS. The revisions would be effective for engagements performed in accordance with SSARSs on financial statements for periods ending on or after June 15, 2021. Comments are due by September 20, 2019.

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Proposed SAS: Audit Evidence

Proposed SAS: Audit Evidence

The AICPA Auditing Standards Board has issued a Proposed SAS on Audit Evidence. The SAS is intended to modernize auditing standards to recognize new sources of information and evolving business technologies. Emerging technologies such as audit data analytics and blockchain are now used by financial statement preparers and by auditors alike. This evolution drives new challenges related to audit evidence and professional skepticism. The standard includes attributes and factors to be used in evaluating audit evidence. Feedback is due by September 18, 2019.

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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.