Audits of Federal Funds (Single Audits)
Entities that receive federal funds including states, local governments, and not-for-profit organizations (NPOs), are subject to audit requirements commonly referred to as “single audits” under the Single Audit Act of 1984, as amended in 1996. The Single Audit Act was enacted to standardize the requirements for...
Published on March 28, 2013
Potts v. SEC
...for the AICPA in support of the petition of Robert D. Potts. The SEC sanctioned Potts for ""improper professional conduct"" in performing duties as a concurring reviewer during an audit of certain financial statements in 1988 and 1989
Published on April 02, 2013
AICPA Comments on IRS Exempt Organization Enforcement Efforts
This April 12, 2004 letter from the AICPA Exempt Organization Taxation Technical Resource Panel to the Advisory Committee on Tax Exempt and Government Entities discusses enforcement and compliance processes and proposes a Form 990 redesign, a redesign of the exemption application process for section 501(c)(3) organizations, and new applications for
Published on July 01, 2013
AICPA Comments on Proposed Single Audit Revisions
The CPA Advocate: July, 2013. The letter to OMB supports the overall direction of the proposed rule changes, points out significant concerns and expresses appreciation for OMB’s responsiveness to earlier AICPA comments.
Published on July 18, 2013
Arizona Society of CPAs and CPA Lawmaker Secure Auditor Rotation Victory
The CPA Advocate: June, 2012. The AICPA congratulated the Arizona Society of CPAs and Arizona CPA lawmaker Senator Richard Crandall on their successful repeal of a provision passed in 2011 that would have required charter schools to change auditors every six years.
Published on June 14, 2012
Federal Legislative and Regulatory Issues
This page highlights the advocacy issues in which the Congressional & Political Affairs Team is advocating on behalf of the profession, and also those issues that the team has recently followed.
Published on October 28, 2014
AICPA Comments on Proposed Revisions to Single Audit Data Collection Form
The CPA Advocate: July, 2013. The AICPA supports OMB updating both the Data Collection Form and its instructions; however, the AICPA’s letter also provides a number of overarching and specific comments.
Published on July 18, 2013
AICPA Meets with FASB about Uniqueness of Employee Benefit Plan Financial Statements
...CPA Advocate: January, 2014. AICPA employee benefit plan panels are discussing with FASB how the Board can best incorporate the consideration of employee benefit plans into its standard-setting process
Published on January 30, 2014
The Congressional and Political Affairs team has provided useful links to congressional government agencies and AICPA centers.
Published on September 26, 2012
States Updating Attest Language to Protect the Public Interest
The CPA Advocate: March, 2014. An attest bill supported by the Alabama Society of CPAs was signed into law March 18 in Alabama, and bills in Indiana and Georgia are awaiting gubernatorial approval.
Published on March 27, 2014