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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2018 in Review

2018 in Review

This blog provides a high-level of overview of the final standards issued in 2018 by the FASB, GASB and AICPA. The FASB was quite busy issuing 20 Accounting Standard Updates (ASUs) while not a record definitely kept us busy this year. GASB issued 3 Statements as well as their annual Implementation Guide. The AICPA’s only issued one standard but we expect a flurry of standards in 2019! We will have a webinar on January XX, to cover the 20 ASUs issued by the FASB. Spots are still available.

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GASB Proposed Implementation Guidance Update – 2019

GASB Proposed Implementation Guidance Update – 2019

GASB has issued an exposure draft for the 2019 Implementation Guide. The IG includes Q&A related to a variety of topics from Pensions and OPEB to tax abatements and cash flow statements. The IG does not include questions related to fiduciary activities or leases as those are being released as separate IGs. Comments are due to GASB by January 31, 2019.

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Proposed Changes to DCF

Proposed Changes to DCF

The Federal Audit Clearinghouse (FAC) has issued round 2 of proposed changes to the Data Collection Form (DCF). The DCF is what is used to provide public information regarding Single Audits of state and local governments, Indian tribes, institutions of higher education and nonprofit entities. The GAQC has posted a version of the proposed form on their website. Comments are due December 6, 2018.

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Future of the Profession

Future of the Profession

The AICPA has been actively working behind the scenes to roll out new technology options to assist firms of all sizes be proactive about changes to the profession. This blog takes a look at the new technology recently released by the AICPA for comps, reviews and prep engagements called Onpoint PCR. It also looks at the press release issued by the AICPA regarding the Dynamic Audit Solution and the technology the AICPA hopes to build to reflect the audit of the future.

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Peer Review & Risk Assessment

Peer Review & Risk Assessment

The AICPA has updated the Peer Review Manual to address identified issues in Risk Assessment. According to the Journal of Accountancy, one in ten firms fail to comply with the risk assessment suite. As a result, the Peer Review Program Manual was updated to include specific guidance regarding evaluation of noncompliance with the risk assessment standards. The changes were effective October 1, 2018. Risk assessment, internal controls and documentation will continue to be targets of the AICPA based on the results of the Enhancing Audit Quality (EAQ) Initiative.

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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.