Audit

  • Audit Finds Military Contractor Made 9,400 Percent Profit on Single Metal Pin

    By:
    Chris Gaetano
    |
    May 15, 2019
    A Pentagon inspector general audit has expressed concern that a military contractor has been grossly overcharging the U.S. military, noting that, in one instance, the Defense Logistics Agency paid $4,361 for a drive pin that should have just cost $46. 
  • U.K. to Replace Old Accounting Regulator with New One Meant to Be More Effective

    By:
    Chris Gaetano
    |
    Mar 12, 2019
    The United Kingdom will replace its accounting regulator, the Financial Reporting Council, with the Audit, Reporting and Governance Authority, a more powerful regulator created in response to a series of major accounting scandals over the past few years. 
  • GAO Gives Facelift to Government Audit Standards, Clarifies Key Points

    By:
    Chris Gaetano
    |
    Dec 14, 2018

    In July, the U.S. Government Accountability Office (GAO) released its latest revision of Generally Accepted Government Auditing Standards (GAGAS)—also called the Yellow Book—which supersedes the 2011 version. Yellow Book standards are used for audits of governmental agencies, usually on the federal level, as well as for audits of the private entities that contract with them. Susan M. Barossi, chair of the NYSSCPA’s Government Accounting and Auditing Committee, said that the major difference between the 2011 and 2018 versions involves presentation.

  • PCAOB Now Pilot Testing Its Impending Requirements for Disclosure of Critical Audit Matters

    By:
    Ruth Singleton
    |
    Dec 5, 2018

    Last year, the Public Company Accounting Oversight Board (PCAOB) adopted a new standard that will significantly expand the auditor’s report, requiring auditors to disclose any “critical audit matters” (CAMs) that they encounter during their audits. With the implementation dates of this new standard fast approaching, the PCAOB has been working with companies conducting “dry runs” of the standard.

  • Society to Transfer Peer Review Administration to Pennsylvania Institute in March

    By:
    Ruth Singleton
    |
    Dec 12, 2017

    On March 15, 2018, the NYSSCPA will hand off its peer review administration responsibilities to the Pennsylvania Institute of CPAs (PICPA). As of that date, the PICPA will become the administering entity (AE) for New York state CPA firms that are required to undergo peer review, meaning all firms that perform attest services, as well as firms that include members of the American Institute of CPAs (AICPA) and perform work for which that organization requires peer review.

  • What Sole Proprietors and Small Firms Need to Know About the New Peer Review Law

    By:
    Colleen Lutolf
    |
    Nov 16, 2017
    Now that Gov. Cuomo signed the peer review bill into law on Oct. 23, firms with two or fewer CPAs that provide attest services to clients and want to continue to provide them will need to undergo a peer review every three years.
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  • CPAs Expect Audits to Come with Bigger Price Tags under New PCAOB Rule

    By:
    Chris Gaetano
    |
    Oct 3, 2017

    More time, more risk and more expense—this is what auditors expect will be the effect of a recent Public Company Accounting Oversight Board (PCAOB) measure expanding the standard auditor’s report. Under the rule, formally approved by the board on June 1, the standard auditor’s report will include, among other things, the communication of “critical audit matters (CAM),” or information that the PCAOB believes investors and other users would find relevant.

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