News

Audit quality stable amid pandemic, audit committee members say

January 25, 2022

Despite pandemic-related concerns about the ability of auditors to work effectively, 98% of audit committee members said in a new survey that audit quality either increased (32%) or stayed the same (66%) over the past year.

  • accounting and auditing
  • coronavirus

Connecticut CPA Magazine Excerpt - The FASB and the GASB: Meet the New Chairs

January 06, 2022

Meet Joel Black, Chair of the Governmental Accounting Standards Board and Richard Jones, Chair of the Financial Accounting Standards Board.

  • accounting and auditing
  • business and industry
  • advocacy - federal
  • not-for-profit
  • practice management

GASB Adds Major Project, Pre-Agenda Research Area to Technical Plan

January 06, 2022

During its December 2021 meeting, the Governmental Accounting Standards Board (GASB) approved the addition of a major project on going concern uncertainties and severe financial stress and pre-agenda research activity on subsequent events as part of its technical plan for the first third of 2022.

  • accounting and auditing

Single audit clarity provided related to pandemic relief programs

January 04, 2022

Practitioners who perform single audits have more clarity about requirements and procedures related to two key federal government COVID-19 relief programs, and more information from the Office of Management and Budget (OMB) is expected this month.

  • accounting and auditing
  • coronavirus

FASB Issues Two New Chapters of Its Conceptual Framework

December 22, 2021

The Financial Accounting Standards Board (FASB) today issued two new chapters of its Conceptual Framework. The Conceptual Framework is a body of interrelated objectives and fundamentals that provides the FASB with a foundation for setting standards and concepts for it to use as tools for resolving accounting and reporting questions.

  • accounting and auditing

PCAOB updates guidance on Form AP

December 21, 2021

The Public Company Accounting Oversight Board released updates to its staff guidance on Form AP, which auditors use to disclose the engagement partners and auditing firms involved in an audit.

  • accounting and auditing

Audit tips for a pandemic-changed environment

December 08, 2021

The business environment amid the COVID-19 pandemic has meant significant changes in the risks and results auditors consider and test during their engagements.

  • accounting and auditing
  • coronavirus

State Offers Glimpse Into Local COVID Relief Spending

December 06, 2021

Connecticut municipalities spent more than $41.6 million in federal COVID relief funds since last July with much of the money going to personnel and overtime costs, according to the first figures released by the state’s budgeting office.

  • accounting and auditing
  • coronavirus
  • advocacy - state

Accounting Practitioner Trends Picture is Bleak

November 23, 2021

Several surveys and data-backed reports have demonstrated that many accounting practitioners have left the profession over the past few years, this is especially true in public accounting. In addition, fewer people are enrolling in college-level accounting programs in the first place. A smaller number of those who graduate with an accounting degree have pursued credentials like the CPA or CGMA than in previous years.

  • accounting and auditing
  • business and industry
  • career resources
  • practice management

CT to audit every town’s use of federal CARES Act funding

November 23, 2021

State officials are set to launch an expansive audit into how Connecticut’s 169 towns and cities spent roughly $60 million in federal relief funding — money that was meant to help local governments cover emergency costs during the pandemic.

  • accounting and auditing
  • coronavirus
  • advocacy - state

Employee retention credit: Opportunities remain

November 12, 2021

The employee retention tax credit (ERC) has been valuable for some, but seemingly out of reach for others. "It is a really powerful credit that at a high level seems pretty easy, but there are a lot of twists and turns to the implementation," said Courtney Vitale, CPA, tax director at CBIZ MHM LLC.

  • accounting and auditing
  • federal tax

FASB considering delay in leases standard for private companies

November 09, 2021

With the lease accounting standard set to take effect for private companies in mid-December, the Financial Accounting Standards Board will be considering a proposal at a meeting Wednesday to postpone the lease standard for another two years for private companies and nonprofit organizations.

  • accounting and auditing

3 Attributes for Higher Quality Audits and Reviews

November 05, 2021

Some firms pursuing increased quality and efficiency on audits and reviews are facing difficulty in achieving positive results. Many CPA firms, on the other hand, have practiced free of negative peer review findings and lawsuits for decades.

  • accounting and auditing

Change in Connecticut's OPM filing requirements effective with audits of June 30, 2021 or later

October 25, 2021

There's a change you should be aware of on the Connecticut OPM filing requirements effective with the audits of June 30, 2021 or later.

  • accounting and auditing
  • advocacy - state

FASB Provides Practical Expedient to Private Companies that Issue Equity-Classified Share-Based Awards

October 25, 2021

The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) to improve an area of financial reporting for nonpublic business entities (private companies) that issue equity-classified share-based awards.

  • accounting and auditing

Best Practices for Setting Up Accounting & Finance Departments at Start-ups & Privately Held Companies

October 22, 2021

Over the last several years a troubling trend has been noticed in the way start-ups and privately held firms are setting up their accounting and finance departments. At some firms it is being done in a poor manner which hinders corporate growth, wastes company resources and can even causes catastrophic issues that forces companies out of business.

  • accounting and auditing
  • practice management

How AI Reduces Fraud in Corporate Accounting

October 22, 2021

As globalization and corporate capitalism continue to boom, major economic trends are increasingly dictated by multinational corporations. To check the widespread negative influence of corporate events like accounting scandals, the use of tools like AI for fraud detection and prevention can be a good first step.

  • accounting and auditing
  • technology and cybersecurity

GASB Changes Name of Report to 'Annual Comprehensive Financial Report'

October 19, 2021

The Governmental Accounting Standards Board (GASB) today issued a pronouncement that changes the name of the most extensive report prepared following its standards to the annual comprehensive financial report or ACFR. Until now, the name applied to those reports was the comprehensive annual financial report.

  • accounting and auditing

Advocate for diversity in accounting: 'It's really a relationship business’

October 15, 2021

“I'm interested in helping people that actually want to learn about diverse cultures. I want to help racially diverse people get themselves into interviews for these jobs and getting exposed to these jobs," said the partner at Schofer Dillberg and Co.

  • accounting and auditing
  • diversity

Employers added 194K jobs in September, including 300 in accounting

October 15, 2021

Employment increased by 194,000 jobs in September, the U.S. Bureau of Labor Statistics reported Friday, including 300 in accounting and bookkeeping services, while the unemployment rate fell by 0.4 percentage point to 4.8%, as the economy continues its slow recovery from the COVID-19 pandemic.

  • accounting and auditing
  • career resources
  • coronavirus