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How the New Risk Assessment Standards Affect Information Technology
In the last two editions of this newsletter, we published a two-part article on how SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, will affect governmental audits. This
US House Panel Approves Repeal of Biden Independent Contractor Rule
By Daniel Wiessner, Reuters Summary: A Republican-led U.S. House of Representatives committee on Thursday advanced a proposal to repeal a Biden administration rule heavily criticized by trade groups that makes it more difficult for companies
Crypto Asset Accounting Guidance Issued
In December 2023, the FASB issued ASU 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which is effective for all entities for fiscal years beginning after December 15, 2024, including
Kansas Adopts Workforce Retention Incentive Credit Regulations
By Ashleigh M. Paige, Esq. The Kansas Department of Revenue has adopted new regulations, Kan. Admin. Regs. §§ 92-12-150 and 92-12-151, related to the workforce retention incentive income tax credit, effective March 22, 2024. Workforce
How the Newly Clarified Peer Review Standards Impact Firms
You might recall that the AICPA issued clarified peer review standards in February 2022. These standards, Standards for Performing and Reporting on Peer Reviews, were effective for peer reviews commencing on or after May 1, 2022.
New Risk Assessment Standards in Governmental Audits—Part I
Auditors will begin applying the new risk assessment standards in audits of 2023 calendar year-end governmental clients, periods ending on or after December 15, 2023. SAS No. 145, Understanding the Entity and Its Environment and Assessing
