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!

AICPA ED on Stablecoin

AICPA ED on Stablecoin

The AICPA’s Assurance Services Executive Committee (ASEC) recently issued an exposure draft to provide a framework for stablecoin issuers to present information about stablecoins and the assets that back them. While the FASB recently issued ASU 2023-08 which included subsequent recognition, presentation and disclosure requirements of crypto assets, ASEC is focusing this ED on token issuers and the need for a set of guidelines to share information about tokens. Comments are due January 29, 2024.

GAO Report: COVID19 Fraud Schemes

GAO Report: COVID19 Fraud Schemes

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.