In July 2024, the Employee Benefit Plan Audit Quality Center (EBPAQC) Executive Committee issued an important letter warning auditors conducting ERISA employee benefit plan audits about the [...]
This past July, the AICPA's National Pipeline Advisory Group (NPAG) related its Accounting Talent Strategy Report to address the accounting talent shortage. This report was based off of [...]
Author: Jaclyn Veno, CPA This article originally appeared in the Summer 2024 issue of the South Carolina CPA Report Occupational fraud poses a significant risk to organizations of all sizes [...]
GLS is celebrating their 300th blog! This one is a very exciting one! The FASB has issued a proposed ASU, DERIVATIVES SCOPE REFINEMENTS AND SCOPE CLARIFICATION FOR [...]
This past June, the AICPA has issued SSAE No. 23, Amendments to the Attestation Standards for Consistency With the Issuance of AICPA Standards on Quality Management. SSAE [...]
The AICPA's Financial Reporting Executive Committee has issued an early working draft of chapter 8, "Inferring Value From Transactions in a Private Company's Securities," and chapter 9, [...]
The AICPA has issued a TQA to assist auditors with addressing how to consider the new Department of Education's related party disclosure requirements. The TQA provides example [...]
The GAO has issued proposed changes to the Standards for Internal Control in the Federal Government (the Green Book) which were last updated in 2014. The proposal [...]
The Government Finance Officers Association (GFOA) has recently issued a report on Why GFOA is Rethinking Financial Reporting. Annual financial reports take a considerable amount of time and [...]
The AICPA's Digital Assets Working Group has updated the Digital Assets Practice Aid. The AICPA updated this practice aid by adding two new chapters on auditing the valuation [...]
By Melisa F. Galasso, CPA, Galasso Learning Solutions LLC This article originally appeared in the Spring 2024 issue of the South Carolina CPA Report On April 4, the Office [...]
Jaclyn Veno, CPA | Member since 2023 This article originally appeared in the Spring 2024 issue of the South Carolina CPA Report Over the past few years cryptocurrency has [...]
Both the AICPA and FASB are nonprofit organizations that make their financial statements available to the public. Both organizations also have a December fiscal year end which [...]
Through the Enhancing Audit Quality initiative, the AICPA promotes high quality auditing and assurance, with a focus on subject matter that has created challenges for practitioners. According [...]
The AICPA's Professional Ethics Executive Committee (PEEC) has issued another proposed interpretation, this one addressing recruiting as a nonattest service. The proposal provides updated guidance on the [...]
The AICPA's Professional Ethics Executive Committee (PEEC) is proposing changes to the tax services rules with respect to independence. As part of their IESBA convergence, the rules [...]
GASB 103, Financial Reporting Model Improvements, was issued by the GASB. This standard does not make the sweeping changes to governmental funds proposed in earlier versions of the [...]
The AICPA has released a proposal of Chapter 8 of the Not-for-Profit A&A Guide on Programmatic Investments. The chapter provides context as to the impact of CECL [...]
This week's blog provides an overview of a recently issued PCAOB Spotlight that can help firms with evaluating audit evidence. While the report is issued by the [...]
The PCAOB has issued a Spotlight - Root Cause Analysis – An Effective Practice To Drive Audit Quality which provides details on how root cause analysis has [...]
In April, IESBA issued new guidance to provide ethical considerations for tax planning performed by those in public practice as well as those in industry. The guidance [...]
The IAASB has issued their 2024-2027 Strategy & Work Plan titled Elevating Trust in Audit & Assurance. The document lays out the strategic priorities of the IAASB [...]
The International Ethics Standards Board for Accountants (IESBA) has issued their 2024-2027 Strategy and Work Plan titled TOWARDS A MORE SUSTAINABLE FUTURE: ADVANCING THE CENTRALITY OF ETHICS. [...]
GAO issued their Improper Payments: Information on Agencies' Fiscal Year 2023 Estimates report (GAO-24-106927) on March 26, 2024 which provides details on the $236 billion in improper [...]
The GASB is soliciting user feedback for their project on Going Concern Uncertainties and Severe Financial Stress—Potential Disclosures. The survey should take about 15 minutes to complete [...]
Submitted by Galasso Learning Solutions Further information will be made available as it happens. Upcoming GLS Governmental courses will feature deeper content on this topic, as will future SCACPA [...]
This week's blog will look at the hot topics discussed at the 2024 AICPA Regional Council Meetings held last week in NY, Dallas, LA & Chicago. While [...]
The ACFE has issued their 2024 Report to the Nation. It provides an overview of fraud schemes as well as an update on the avatar of a [...]
On March 6th, the SEC issued The Enhancement and Standardization of Climate-Related Disclosures for Investors after a 3 to 2 vote by the SEC Commissioners. [...]
The Financial Accounting Foundation has opened an opportunity for stakeholders to provide feedback on the effectiveness of the Private Company Council (PCC). The review request [...]