ISAs for Less Complex Entities

ISAs for Less Complex Entities

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.

2024 NASBA CPE Standards Update

2024 NASBA CPE Standards Update

The AICPA & NASBA issued updated CPE Standards in January 2024. They made changes to definitions and clarified group internet based rules. They also addressed the often requested “hybrid” which is not an actual program type for NASBA sponsors. We’ll review the key changes and how they are impacting GLS’s operations.

Proposed Concept Statement: Chapter 6: Measurement

Proposed Concept Statement: Chapter 6: Measurement

In December, FASB issued a proposed chapter of the Conceptual Framework on measurement. The proposal identifies 2 systems of measurement: entry prices and exit prices. It provides the underlying theory that the board would use when determining which measurement system is appropriate when developing GAAP. Comments are due March 20, 2024.

DOL Audit Quality Study Report

DOL Audit Quality Study Report

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 Trends Report

2023 Trends Report

The AICPA issued their 2023 Trends report which provides data on trends related to supply and demand for accounting students as well as trends related to the CPA exam. The report continues to show a drop in bachelor and masters degrees with an increase in demand from firms. The report is really helpful as the visuals show the trends across decades to provide perspective!