Month: January 2024

How the Newly Clarified Peer Review Standards Impact Firms

You might recall that the AICPA issued clarified peer review standards in February 2022. These standards, Standards for Performing and Reporting on Peer Reviews, were effective for peer reviews commencing on or after May 1, 2022. This newly clarified guidance replaced and restructured all previously existing peer review guidance. The standards were developed to make peer …

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New Risk Assessment Standards in Governmental Audits—Part I

Auditors will begin applying the new risk assessment standards in audits of 2023 calendar year-end governmental clients, periods ending on or after December 15, 2023. SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, provides the new guidance. So, how does SAS No. 145 change your audit processes? We …

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Maryland Comptroller Provides Guidance on Private Letter Rulings Procedures and Administration

By Saleem A. Shareef, Esq. The Maryland Comptroller’s Office has adopted new regulations (Md. Regs. Code §§ 03.01.05.01 through -.07, effective 01/08/2024) and provided additional guidance on the procedures and administration of private letter rulings on state and local taxes and fees administered by the comptroller. Private letter rulings are administered by the Legal Division …

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