It seems every time you open an accounting journal, there’s another round of Mergers and Acquisitions (M&A) announcements being featured. While growth through M&A has always been part of the accounting landscape, the influx of private equity over the past five years has accelerated M&A activity into a frenzied state. Although this drives a more …
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 improve coordination, transparency, and accountability in the oversight and management of federal funding. Aligning with that purpose, the COFFA maintains …
GOVERNMENTAL UPDATE: Implementing Guidance on Uniform Guidance Revisions Read More »
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 Companies, we use the term significant audit area interchangeably with significant class of transactions, account balance, or disclosure. What Makes an Audit …
What Is a Significant Audit Area and Why Is It Important? Read More »
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 black women [American Alliance for Equal Rights v. Fearless Fund Management LLC, et al.; 103 F. 4th 765 (11th Cir. 2024)]. …
Appeals Court Rules Against Race-based Grant Program Read More »
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 public companies and SEC-registered brokers and dealers. The FRC regulates auditors, accountants, and actuaries and sets the UK’s Corporate Governance …
Regulators Indicate Areas of Inspection Focus to Ensure Quality in Audits Read More »
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