GASB ED: Certain Risk Disclosures
The GASB has issued a proposal around disclosures related to certain risks. The proposal provides disclosure requirements for certain concentrations and constraints. Comments are due September 30, 2022.
Today's Date April 20, 2025
Government
Do you work for or with governmental entities? This channel will keep you up to date with all things governmental accounting and auditing. We’ll focus on the projects of the GASB, GAO and OMB so you know what is changing for governmental entities.
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Q2 2022 In Review
The second quarter of 2022 is behind us and it was a very busy one for standard setters. The AICPA issued its suite of standards related to quality control. They also issued a SAS related to NOCLAR, which corresponds to changes recently made to the ethics requirements. GASB issued 3 final standards in Q3 and FASB issued 1 final standard.
Ethics Interpretation Proposal: Compliance Audits
The AICPA’s Professional Ethics Executive Committee (PEEC) has proposed some new independence rules related to compliance audits. The AICPA is aware that much of the new COVID-19 related funding is causing many entities who have no been subject to audit requirements or single audit requirements historically to now be subject to them. They add 2 definitions and revise the definition of financial statement attest client to help identify which independence rules apply to these engagements. Comments are due September 1, 2022.
GAO 2022-2027 Strategic Plan
GAO has issued its 2022-2027 Strategic Plan. It includes the identification of 12 trends impacting the United States as well as 4 key efforts which are near-term priorities to provide the Congress with timely and fact-based analysis of the most important issues facing the nation.
OMB Issues 2022 Compliance Supplement
OMB has issued its 2022 Compliance Supplement. While originally promised in April of 2022, OMB issued it on May 12 which is much better than the previous years that were issued in August. The Compliance Supplement includes new ARPA programs that were not addressed in the 2021 Supplement so this can be very helpful to auditors wrapping up some outstanding 2021 audits. The Supplement should be used for 6/30/22 year ends and beyond.
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