Sep 3, 2020 | Auditing, Genuine Learning
The AICPA has issued a proposed SAS to clarify and improve the risk assessment standards. For the past few years, the AICPA has focused its audit quality initiatives on risk assessment. Now that the IAASB has issued a final standard, the AICPA is proposing changes to align with the ISAs but also help firms better understand how to use risk assessment to plan and perform effective and efficient audits. This video blog covers the major changes in the standards. Comments are due November 25th.
May 7, 2020 | Genuine Learning
This week the Peer Review Board of the AICPA voted to grant a six-month extensions for peer reviews, corrective actions, and implementation plans that had original due dates between January 1 and September 30, 2020. The delays, consistent with other standard setters, are trying to assist firms who are struggling with COVID19. As firms assist clients with obtaining assistance and work to audit in a remote environment, the delay is to provide relief. The additional six months is optional and if a firm and the reviewer are ready and able, they can continue as scheduled. The extension is automatic and does not have to be requested.
Jan 31, 2020 | Auditing, Government
The Office of Management and Budget (OMB) has proposed changes to the Uniform Guidance (2 CFR, Part 200). The proposal takes into consideration the President’s Management Agenda, alignment with statutory requirements and clarifications. OMB is required to update the Uniform Guidance every five years. Comments are due by March 23, 2020 and must be submitted electronically to www.regulations.gov.
