The CARES Act allocated significant amounts of money in new aid to non-federal entities requiring many of them to complete a single audit perhaps for the first time. A single audit also requires the financial statement audit to be performed under Government Auditing Standards (GAS). You may be asked to perform single audit engagements as your clients navigate the requirements of the CARES Act.
Clients anticipate that audit fees will increase nearly two-thirds in 2021 due to the impact of inflation, COVID-19, acquisitions and divestitures, according to a survey by Gartner.
The Governmental Accounting Standards Board (GASB) today issued implementation guidance in the form of questions and answers intended to clarify, explain, or elaborate on certain GASB pronouncements.
Responding to the COVID-19 pandemic was very much on the agenda at the Financial Accounting Foundation in 2020, but that didn’t keep it, and the two U.S. accounting standard-setting boards that it oversees, from a busy agenda that included major leadership changes, continued stakeholder outreach, and the release of a number of standards.
The Financial Accounting Foundation (FAF) today posted its 2020 Annual Report to the FAF website. The report is available as a printable PDF file and as an interactive digital version.
A sizable chunk of private companies still aren’t ready to implement the new lease accounting standard before the end of the year, despite postponements in the deadline due to the pandemic.
New Auditor Report Standards: SAS 134-140 (Morning Session)
Jun 11th 8:45am - 12:15pm
Modifications, replacements, and additions to guidance Format and content of auditor report with examples New requirements to disclosure Key Audit Matters New requirements for going concern Performance requirements for ERISA audits Reporting on ERISA required supplemental schedules Effect of new standards on procedures, communication of reportable conditions, and auditor responsibilities for other information included in annual reports Effect of new standards on related party transactions, fraud, and communication with those charged with governance
Yellow Book: Application of GAGAS Principles (Afternoon Session)
Jun 14th 12:45pm - 4:30pm
Foundation and principles for government auditing General requirements for complying with GAGAS Ethics, independence, and professional judgment Competence and CPE Quality control and peer review
Auditing Not-For-Profit Entities: Superior Skills for an Effective and Efficient Audit
Jun 15th 9:00am - 4:30pm
Refining key planning and general auditing considerations to the not-for-profit environment Characteristics of not-for-profit financial statements that require special attention The auditor's consideration of fraud in auditing a not-for-profit entity Audit procedures to become comfortable with management's recording and reporting of contributions and promises to give Auditing how a not-for-profit entity gets from natural expenses to functional expenses Auditing considerations and techniques related to net assets, compliance with tax laws and regulations, collections and split-interest agreements Considerations related to Yellow Book and single audits
Construction Contractors: Auditing (Afternoon Session)
Jun 15th 12:45pm - 4:30pm
Auditing contractor accounting and revenue from contracts with customers Planning, including risk assessment, for construction contractors Key internal controls Substantive procedures for long-term contractors
Annual Update for Accountants and Auditors
Jun 16th 8:45am - 4:30pm
Recently issued ASUs, including an update on revenue recognition, financial instruments, and leases Current FASB exposure draft and projects Audit and Attest engagements update Recent PCAOB guidance Latest activity from ARSC
Evaluating Fraud Risk in a Financial Statement Audit (Morning Session)
Jun 17th 8:45am - 12:15pm
Fraud landscape in the United States Fraud risk procedures as updated by recently issued standards Most likely fraud types found in small to mid-size entities Internal controls to prevent and detect fraud What to do when fraud or suspected fraud is identified Case studies based on recent frauds