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Regulatory Roundup - June 1-6

By:
Ruth Singleton
Published Date:
Jun 6, 2022

AICPA 

NASBA, AICPA, Prometric Expand International CPA Examination Testing Locations, Effective June 2, 2022Qualified Uniform CPA Examination candidates will have the option of testing at any international location where the CPA Exam is currently offered 
June 1, 2022

CBO 

Cost Estimate 
Estimated Budgetary Effects of H.R. 3967, Honoring our PACT Act of 2021 
June 6, 2022
As amended by the Senate Committee on Veterans’ Affairs

Cost Estimate 
H.R. 7606, Meat and Poultry Special Investigator Act of 2022 
June 2, 2022
As ordered reported by the House Committee on Agriculture on May 18, 2022

Blog Post 
Presentation on CBO’s Work and Processes 
June 2, 2022
CBO Director Phillip Swagel spoke about CBO’s work and processes to a group of Congressional staff at a conference organized by the Congressional Institute.

Cost Estimate 
S. 3595, One Stop Shop for Small Business Compliance Act of 2022 
June 2, 2022
As reported by the Senate Committee on Small Business and Entrepreneurship on May 25, 2022

Cost Estimate 
H.R. 2626, Pullman National Historical Park Act 
May 31, 2022
As ordered reported by the House Committee on Natural Resources on April 6, 2022

FAF 

FAF Issues 2021 Annual Report
June 1, 2022

FASB 

Investor Advisory Committee Meeting Recap—May 24, 2022
June 2, 2022

FAF Issues 2021 Annual Report
June 1, 2022

GAO 

International Family Planning Assistance 
USAID Has Faced Implementation Challenges Related to U.S. Policy and COVID-19 
GAO-22-104228 
Published: May 31, 2022. 
Publicly Released: Jun 06, 2022. 
What GAO Found In fiscal years 2018 through 2020, the U.S. Agency for International Development (USAID) obligated nearly $1.7 billion for family planning and reproductive health (FP/RH) assistance. Obligations in Africa made up approximately half of this funding. 

International Trade 
Trade Agreements Increasingly Promote Women's Rights and Economic Interests, but Barriers Remain 
GAO-22-104711 
Published: May 04, 2022. 
Publicly Released: Jun 03, 2022. 
What GAO Found International trade is recognized as an important tool for global growth and reductions in poverty. However, women may disproportionately face barriers to trade's benefits. Less than half (6 of 14) of U.S. 

Priority Open Recommendations 
Department of Health and Human Services 
GAO-22-105646 
Published: May 26, 2022. 
Publicly Released: Jun 02, 2022. 
What GAO Found In May 2021, GAO identified 61 priority recommendations for the Department of Health and Human Services (HHS). 

International Development Association 
Additional Information Sharing Could Enhance U.S. Treasury Oversight of Key Risks 
GAO-22-104657 
Published: Jun 02, 2022. 
Publicly Released: Jun 02, 2022. 
What GAO Found Since 2018, the World Bank Group's International Development Association (IDA), which provides financial assistance to low-income countries, has diversified its funding sources by leveraging its equity to borrow from capital markets. 

U.S. Space Command 
Air Force Should Develop Guidance for Strengthening Future Basing Decisions 
GAO-22-106055 
Published: Jun 02, 2022. 
Publicly Released: Jun 02, 2022
What GAO Found From December 2018 through early March 2020, the Air Force largely followed its established strategic basing process to determine the preferred location for U.S. Space Command headquarters. 

Global Food Security 
Coordination of U.S. Assistance Can Be Improved 
GAO-22-104612 
Published: Jun 01, 2022. 
Publicly Released: Jun 01, 2022. 
What GAO Found The agencies responsible for implementing the U.S. Government Global Food Security Strategy (GFSS)—collectively known as the GFSS Interagency—have established mechanisms for coordinating assistance at the global and country levels. The U.S. 

Pandemic Learning 
Teachers Reported Many Obstacles for High-Poverty Students and English Learners As Well As Some Mitigating Strategies 
GAO-22-105815 
Published: May 31, 2022. 
Publicly Released: May 31, 2022
What GAO Found While the pandemic presented obstacles for many students during the 2020-21 school year, GAO's nationwide survey of public K-12 teachers showed that teachers with certain vulnerable student populations were more likely to have students who faced significant obstacles to learning and an... 

Private Health Insurance 
Limited Data Hinders Understanding of Short-Term Plans' Role and Value During the COVID-19 Pandemic 
GAO-22-104683 
Published: May 31, 2022. 
Publicly Released: May 31, 2022. 
What GAO Found One option that may be available to those who lose jobs with employer-sponsored insurance (ESI) during the COVID-19 pandemic is short-term plans, which can cover certain health expenses. 

Broadband 
National Strategy Needed to Guide Federal Efforts to Reduce Digital Divide 
GAO-22-104611 
Published: May 31, 2022. 
Publicly Released: May 31, 2022. 
What GAO Found Federal broadband efforts are fragmented and overlapping, with more than 100 programs administered by 15 agencies. Many programs have broadband as their main purpose, and several overlap because they can be used for the purpose of broadband deployment, as shown in the figure.

GASB 

FAF Issues 2021 Annual Report
June 1, 2022

IASB  

June 2022 IFRS Interpretations Committee agenda and meeting papers available 
Meeting
6 Jun 2022

May 2022 monthly news summary now available 
News summary
1 Jun 2022

IRS 

Don’t wait to file: IRS encourages taxpayers with October filing extensions and others who still need to file 
IR-2022-116, June 2, 2022 — The Internal Revenue Service is encouraging taxpayers who have yet to file their 2021 tax return – including those who requested an extension of time – to file a complete and accurate return electronically as early as possible once they have all their information together. There’s no need to wait until the October deadline. 

IRS extends VITA and TCE grants application deadline 
IR-2022-115, June 1, 2022 — The Internal Revenue Service has extended the deadline to June 17 for accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs, which will allow some organizations to apply for annual funding for up to three years. 

IRS seeks to offer jobs to thousands of workers this summer 
IR-2022-114, June 1, 2022 — To boost its workforce and better help taxpayers and businesses, the Internal Revenue Service announced today that it’s looking to hire over 4,000 contact representative positions at several IRS offices nationwide this summer. 

IRS warns taxpayers of "Dirty Dozen" tax scams for 2022 
IR-2022-113, June 1, 2022 — The Internal Revenue Service today began its "Dirty Dozen" list for 2022, which includes potentially abusive arrangements that taxpayers should avoid. 

IRS reminder to Americans abroad: File 2021 return by June 15; eligible families can claim expanded tax benefits 
IR-2022-112, May 31, 2022 — The Internal Revenue Service today reminded taxpayers living and working outside the United States that they must file their 2021 federal income tax return by Wednesday, June 15.

NYS 

Governor Hochul Announces Start of Statewide Gas and Diesel Tax Holiday 
June 1, 2022

PCAOB

PCAOB Announces Agenda for June 8 Meeting of Its Investor Advisory Group 
Jun. 3, 2022

SEC 

SEC Updates Electronic Filing Requirements 
2022-99, June 3, 2022 — The Securities and Exchange Commission today announced that it adopted amendments to require certain forms that currently are permitted to be filed or submitted in paper format to be filed or submitted electronically. The amendments also amend certain forms to require structured data reporting and remove outdated references. The amendments are intended to promote efficiency, transparency, and operational resiliency by modernizing how information is filed or submitted to the Commission and disclosed to the public. Furthermore, to benefit investors and the public, electronic filings will be more readily accessible to the public and available on the SEC website in easily searchable formats.

SEC Charges Global Steel Pipe Manufacturer with Violating Foreign Corrupt Practices Act
2022-98., June 2, 2022 — The Securities and Exchange Commission today announced that Tenaris, a Luxembourg-based global manufacturer and supplier of steel pipe products, will pay more than $78 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) in connection with a bribery scheme involving its Brazilian subsidiary.

SEC Charges Louisiana Town and Former Mayor with Fraud in Two Municipal Bond Deals 
 2022-97, June 2, 2022 — The Securities and Exchange Commission today charged the town of Sterlington, Louisiana and its former mayor, Vern A. Breland, as well as the town’s unregistered municipal advisor, Twin Spires Financial LLC, and its owner, Aaron B. Fletcher, with misleading investors in the sale of $5.8 million in municipal bonds across two offerings in 2017 and 2018.

SEC Announces Eight New Investor Advisory Committee Members     
2022-96
Washington D.C., June 1, 2022 — The Securities and Exchange Commission today announced eight new members to fill all vacancies on its Investor Advisory Committee. The new members join 15 current committee members. The committee, established under the Dodd-Frank Wall Street Reform and Consumer Protection Act, advises the Commission on regulatory priorities and various initiatives to help protect investors and promote the integrity of the U.S. securities markets.

SEC Launches Game Show-Themed Public Service Campaign       
 2022-95., June 1, 2022 — The Securities and Exchange Commission’s Office of Investor Education and Advocacy today unveiled a game show-themed public service campaign to help investors make informed investment decisions and avoid fraud. Recognizing that sometimes investing may look and feel like a game, the campaign titled “Investomania” reminds investors to do their due diligence when making investment decisions.

SEC Charges Company and Former CEO with Misleading Investors about Sale of Covid-19 Test Kits   
2022-94., May 31, 2022 — The Securities and Exchange Commission today charged New York-based SCWorx Corp. and its former Chief Executive Officer and Chairman of the Board, Marc S. Schessel, with making false and misleading statements about SCWorx’s plans to distribute COVID-19 rapid test kits in April 2020. SCWorx has agreed to settle the SEC’s charges and will pay a $125,000 civil penalty.

 

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