Archive: audit

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Audit Preparedness and You

Audit season is starting up for organizations with December 31st year ends. Nothing really rings in the New Year like rolling forward those net asset schedules. It is never easy for each side of an audit to understand what it is like from the other perspective unless you’ve been on both sides of the table. […]

2017 Yellow Book Overhaul Ahead

On April 5, 2017, the U.S. Government Accountability Office (GAO) released an exposure draft of the Yellow Book with proposed updates to Generally Accepted Government Auditing Standards (GAGAS). The Yellow Book contains guidance for auditors who perform Single Audits for organizations that have federal grants. It includes professional qualifications, audit firm quality control standards, ethics, […]
April 28, 2017

GSA IG Recommends Pricing Review of over 300 Migrated Professional Services Schedule Contracts

The General Services Administration (GSA)’s Office of Inspector General (OIG) published a report on March 21, 2017, titled “Audit of Price Evaluations and Negotiations for the Professional Services Schedule Contracts.” According to the IG audit, GSA’s process to consolidate eight pre-existing schedules into the Professional Services Schedule (PSS) resulted in the award of new contracts without […]

Great Relationships Start with Communication

Most nonprofits and associations of a certain size undergo an annual audit of their financial statements. While not necessarily a pleasant experience, it is an important discipline to maintain fiscal health and accountability. Having performed audits for 34 years here are some thoughts on what makes for a mutually beneficial relationship between auditors and clients. What […]

IRS Crack Down on High-Income Taxpayers

Taxpayers should be aware of increased audits — Bloomberg News recently reported about the increasing number of audits conducted on high-net worth individuals. While overall audits have decreased, the IRS is focusing their time where they feel they can get the most bang for their buck. Historically known for utilizing more complex tax strategies, it’s […]
March 6, 2017
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DCAA Skeletons Come Out to Play!

The ban on using DCAA staff for non-DoD agencies has been lifted.  DCAA may once again provide full audit support to other agencies effective October 1, 2016, as posted on September 30th as a Memorandum for Regional Directors (MRD). DCAA lifted the ban because they reached their 18 month goal to reduce the Incurred Cost […]

Partnership Audit Rules Overhauled – Bipartisan Budget Agreement of 2015

What you need to know about Bipartisan Budget Agreement of 2015 … In December, President Obama signed the Bipartisan Budget Agreement of 2015 into law. Contained therein is a significant revision of the outcome of partnership audits. “Partnership” refers to any entity taxed as a partnership even if it is classified as something else for legal […]

The DOL Says Your Benefit Plan Audit Might Not Be as Good as You Think!

The Department of Labor (DOL) recently formally released the results of their “audit the employee benefit plan auditor” campaign and the results were underwhelming, to say the least. Their report indicates that audit quality is actually getting worse, not better. While this is not shocking to the DOL, AICPA or many practitioners, including accounting firms, […]

Is Your Retirement Plan Audit Getting a Passing Grade?

The Department of Labor (DOL) is preparing to release the results of another audit quality study performed on audits of employee benefit plans.*  Based on comments made publicly, the report will show that audit quality continues to decline and is particularly poor when the auditor does not have retirement plan audit experience.  Hiring the plan […]

#AskAronson: “How Long Will My Audit Take, and What Factors Into the Cost?”

A number of factors affect the duration and cost of an audit, such as the size of the company, the number of transactions, and the complexity of accounting concepts.  For instance, a car wash business typically has straight forward accounting concepts, but have a high volume of transactions.  On the other hand, an investment company […]