Auditing PPP loans
Resources
AICPA logo
Cart
searchSearch
search
burger
AICPA logo
  • Home
Auditing fraud risk during a pandemic
Resources

Auditing PPP loans

2 years ago · 251.5 KB Download

Resource

available

Audits conducted in accordance with generally accepted auditing standards (GAAS) are performed under the concept of a risk-based approach. In an effective audit, firms perform a risk assessment for both inherent risk and control risk and then design audit procedures responsive to those risks. Auditing Paycheck Protection Program (PPP) funds are no different. However, there are some unique factors that should be considered including:

  • Firm-wide quality control considerations

  • Understanding the risk profiles of the PPP loan accounting models

  • PPP loan eligibility testing concerns

  • Materiality

  • Disclosures

  • Management Representations

In response to multiple requests from CPEA members on the final point, we have also issued a full report covering illustrative management representations related to PPP loans.

Download the Report on auditing PPP loans

File name: Cpea-auditing-ppp-loans.pdf

Download the CPEA illustrative COVID management representations

File name: Cpea-covid-rep-letter.pdf

What did you think of this?

Every bit of feedback you provide will help us improve your experience

What did you think of this?

Every bit of feedback you provide will help us improve your experience

Related content