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
Audits of FHA-Approved Participants and Related HUD Requirements
...may no longer require FHA to approve loan correspondents (mortgage brokers) participating in the FHA program and HUD would no longer require FHA to submit audited financial statements or audits
Published on May 14, 2013
Audit, Attest, and Quality Control ASB Comment Letters
ASB comment letter to other organizations.
Published on September 15, 2014
IRS Audit Checklist for Cost Sharing Arrangements
This audit checklist was created by the IRS Large and Midsize Business Division to help international examiners and field specialists review and evaluate cost-sharing arrangements under Internal Revenue Code reg...
Published on August 16, 2005
AICPA Opposes PCAOBs Mandatory Audit Firm Rotation Proposal
The AICPA recently told the Public Company Accounting Oversight Board its Concept Release on Auditor Independence and Audit Firm Rotation, which would require mandatory audit firm rotation, is not likely to achieve the goals the PCAOB intends
Published on January 09, 2012
Comments on Audit Firm Rotation for Exempt Organizations June 1, 2007
June 1, 2007 comment letter regarding AICPA reservations over the suggestion that audit firm rotation constitutes a good practice for exempt organizations, since it has consistently failed to gain support from the SEC, GAO, private organizations, academics, & others constituting sound public policy...
Published on November 06, 2012
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
Legislation Prohibiting Mandatory Audit Firm Rotation Introduced in U.S. House of Representatives
The CPA Advocate: April, 2013. H.R. 1564, introduced by Representative Robert Hurt, a Republican from Virginia, would block the PCAOB from requiring public companies to use specific auditors or require the use of different auditors on a rotating basis.
Published on April 30, 2013
April 22, 2010 Letter from the Center for Audit Quality to the Senate regarding potential SOX 404(b) amendment
April 22, 2010 Letter from the Center for Audit Quality to the Senate regarding potential SOX 404(b) amendment to the financial regulatory reform legislation
Published on May 05, 2010
ASB Comment Letter on Consultation Paper A Framework for Audit Quality
This comment letter from the Auditing Standards Board to the IAASB discusses the consultation paper "A Framework for Audit Quality
Published on May 21, 2013