CPA Government & Nonprofit Report articles

Recent articles from CPA Government & Nonprofit Report

AICPA issues SAS 109 in the Audit Risk Assessment Series.(American Institute of Certified Public Accountants)
June 1, 2007... The sixth SAS in the Audit Risk Assessment Series is SAS 109, "Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement," which supersedes SAS 55 on internal control. This SAS establishes and provides guidance on implementing the second standard of...

Editor's note.(analysis of Risk Based Assessment Series )(Editorial)(Brief article)
June 1, 2007... In this month's issue, I finish my analysis of the AICPA Risk Based Assessment Series with SAS 109 and 110. In a future issue, I will highlight the key changes in all the risk assessment series in a summary that may be a lot easier to remember than going back to the individual SAS. ...

AICPA Issues SAS 110 in the Audit Risk Assessment Series.(Statement on Auditing Standards)(American Institute of Certified Public Accountants)
June 1, 2007... The seventh SAS in the Audit Risk Assessment Series is SAS 110, "Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained." This SAS supersedes SAS 45 and 55. SAS 110 provides guidance about implementing the third standard of field work: ...

OMB issues 2007 Compliance Supplement.(Office of Management and Budget)
May 1, 2007... OMB issued its annual OMB Compliance Supplement in May, effective for fiscal years ending June 30, 2007. The 2007 Compliance Supplement can be downloaded at www.whitehouse.gov/omb/grants/grants_circulars.html in either PDF or Word format. I personally prefer the PDF format as it prints...

Editor's note.
May 1, 2007... OMB finally issued its 2007 Compliance Supplement. Initially due in March of 2007, the supplement was issued in early May. Why the delay? Well, as I understand it, the amount of personnel assigned to single audit in OMB has been diminishing over the last couple of years, and the actual...