News

This alert contains information on the DOL conducting an audit quality assessment of 2020 plan year filings.

The AICPA Auditing Standards Board’s (ASB’s) plans to finalize a new risk assessment standard at its August meeting should be welcome news for many practitioners.

As auditors scrutinize the pandemic-related aid that organizations have received, it might seem that all this new funding, regardless of amounts expended, should be audited as major programs.

A huge surge this year in the number of special-purpose acquisition companies (SPACs) has led to interest from investors and scrutiny on the part of the SEC.

The hurried changes made to employee benefit plans as a result of the coronavirus pandemic make thorough documentation an important tool for EBP auditors in the current environment.

PCAOB inspections in 2021 will focus on the effects of the coronavirus pandemic on companies’ financial reporting while also becoming less predictable, according to resources the board published Tuesday.

In a Report to Congressional Committees, the GAO called on the Office of Management and Budget (OMB) to implement appropriate measures to better ensure that the yearly Compliance Supplement used by single audit practitioners is responsive to users’ input and needs.

The timing and content of key yearly federal guidance provided to single audit practitioners needs to be more responsive to auditors’ input and needs, according to a U.S. Government Accountability Office (GAO) report to Congress.

Working and living under COVID-19 restrictions, many employees have deferred vacation and sick days until restrictions are likely to be lifted, resulting in perhaps the greatest buildup of liabilities for compensated absences that we have ever seen.

The due date for certain single audits to be submitted to the Federal Audit Clearinghouse has been delayed six months as a result of challenges related to the coronavirus pandemic.