Get the answers to all your finance questions.
GOVERNMENTAL UPDATE: Implementing Guidance on Uniform Guidance Revisions
Background The Council on Federal Financial Assistance (COFFA) was established in August 2023 by the U.S. Office of Management and Budget (OMB) under Memorandum M-23-19. The OMB’s intent was to create an interagency forum to
What Is a Significant Audit Area and Why Is It Important?
When performing an audit, auditors are required to determine the client’s significant classes of transactions, account balances, and disclosures. Using the PPC approach, as outlined in our various audit guides, such as PPC’s Guide to Nonpublic
Appeals Court Rules Against Race-based Grant Program
On June 3rd, 2024, the U.S. Court of Appeals for the 11th Circuit temporarily suspended an Atlanta-based venture capital firm‘s grant program that was restricted to businesses that are at least 51 percent owned by
Regulators Indicate Areas of Inspection Focus to Ensure Quality in Audits
The Public Company Accounting Oversight Board (PCAOB) and the UK’s Financial Reporting Council (FRC) have recently announced their areas of focus for upcoming inspections and supervisory reviews of audit engagements. The PCAOB regulates audits of
How the New Risk Assessment Standards Affect Information Technology
In the last two editions of this newsletter, we published a two-part article on how SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, will affect governmental audits. This
US House Panel Approves Repeal of Biden Independent Contractor Rule
By Daniel Wiessner, Reuters Summary: A Republican-led U.S. House of Representatives committee on Thursday advanced a proposal to repeal a Biden administration rule heavily criticized by trade groups that makes it more difficult for companies
