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.
The AICPA’s Healthcare Expert Panel has issued a Technical Q&A regarding the accounting for vaccines that were provided during the pandemic. The guidance applies to nonprofits and for profit entities. The TQA requires entities to evaluate whether the transaction is exchange or nonexchange and if nonexchange whether the entity is acting as a principal or an agent.
The AICPA has issued a TQA addressing questions about how for-profit and nonprofit entities account for the new restaurant revitalization and shuttered venue grants that have been received by many organizations. As there is no on point GAAP for for-profit entities, the TQA provides examples of guidance that can be applied by analogy.
We all know that COVID is impacting businesses in more ways than one. Unsurprisingly, we’ve seen an uptick in fraud during the COVID era. The ACFE has issued its September 2020 report providing interesting insights into fraud during COVID and expectations for...
GAO has issued an audit alert to provide some considerations for auditors as to how COVID19 will impact Yellow Book audits. The alert addresses risk assessment, audit evidence, quality control. While nonauthoritative, the alert can help auditors think about the impact...
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