News

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.

Taxpayers urgently need guidance on Paycheck Protection Program (PPP) loan forgiveness issues, the AICPA has told the IRS, and the AICPA has made recommendations proposing solutions to those issues.

Acting SEC Chair Allison Herren Lee is asking the public to comment on its disclosure rules and guidance related to climate change disclosures as the commission’s staff undergoes a review of those rules.

Proposed SAS, Inquiries of the Predecessor Auditor Regarding Fraud and NOCLAR was issued for public comment. (Amends Statement on Auditing Standards [SAS] No. 122, Statements on Auditing Standards: Clarification and Recodification, as amended, section 210, Terms of Engagement [AICPA, Professional Standards, AU-C sec. 210]).

As the demand for environmental, social, and governance (ESG) information increases, related opportunities for CPAs involved in financial reporting and auditing continue to grow. Investors are showing more interest in ESG information, and some are calling on public companies to incorporate into SEC submissions ESG disclosures on topics such as climate change and diversity and inclusion metrics.

The release of the Office of Management and Budget’s (OMB’s) Compliance Supplement addendum for single audits right before Christmas gave practitioners long-awaited guidance for these specialized audits that are especially complicated because of the surge in government funding related to the coronavirus pandemic.