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SAS 134: Changes to Expect from the New Audit Reporting Standards
Written by Warren Averett on July 18, 2022
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Your next financial statement audit might look and feel a little different. In May 2019, the AICPA’s Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments Addressing Disclosures in the Audit of Financial Statements . The new auditing standards are effective for reporting periods ending on or after December 15, 2021. So calendar-year entities will see the changes in their December 31, 2021 audit report.
Previously, SAS 134 was supposed to be effective for calendar year 2020 year ends, but the ASB deferred implementation for one year, due in part to the pandemic.
While these changes primarily impact your audit team, they affect the format and content of your audit report, so it’s a good idea to be aware of the changes.
What Is SAS 134?
SAS 134 impacts three key areas: the engagement letter, the planning letter and the auditor’s opinion. These changes are intended to provide financial statement users with additional visibility and transparency into risks, management and auditor responsibilities and the results of the audit.
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Below, we cover each of those key changes in more detail.
Engagement Letter: Auditor’s Responsibility for Non-Audit Services
One change to the format of the engagement letter is where the auditor’s responsibility for non-audit services is located. After the implementation of SAS 134, this information will now be included in the “Other Services” section instead of the “Responsibilities of Management of the Financial Statements.”
Engagement Letter: Ability To Continue as a Going Concern
SAS 134 now requires auditors to include a statement in the Responsibilities of Management section of the engagement letter explicitly stating that management is required to evaluate whether there are conditions or events that raise substantial doubt about the company’s ability to continue operations for the next twelve months, or as a going concern. This sentence will be present whether or not there is any doubt about going concern.
Planning Letter: Significant Risks
Before SAS 134, in addition to the engagement letter, auditors would send another letter, commonly referred to as the Planning Letter, to the company’s governance team. This letter discussed, at a high level, the nature and timing of the audit.
SAS 134 adds a requirement to communicate with governance the significant risks identified for the audit. For every audit, the auditor is required to obtain an understanding of the client and its environment.
As the auditor goes through this process, they identify potential areas where something could go significantly wrong. These are considered key audit matters or significant risks and necessitate extra focus.
For these significant risks, the auditor will need to understand the company’s controls around the area of concern; evaluate whether those controls have been suitably designed and implemented into operations; and perform specific audit procedures tailored to the risks identified.
Having the auditors identify a significant risk does not mean there is an issue with the audit—it simply means the audit team will plan their audit procedures to ensure they spend extra time in those areas.
Combining Planning and Engagement Letters
SAS 134 also introduces the option to use the engagement letter to communicate with governance so that those significant risks may appear in the engagement letter rather than in a separate planning letter.
Auditors’ Opinion: Layout
The layout of the auditors’ report has changed. It used to start by describing the responsibilities of management, but SAS 134 emphasizes the auditor’s opinion by putting it front and center in the report’s first paragraph. This placement is designed to help financial statement readers better understand the results of the audit—particularly whether it was a “clean” opinion.
SAS 134 also requires auditors to include a paragraph explaining the basis for the auditor’s opinion immediately after the opinion itself. Previously, a basis for opinion paragraph was only required for reports with modified, or “unclean”, opinions.
Auditors’ Opinion: Auditor Responsibilities
Auditor responsibilities are also clearly spelled out in the new auditors’ report format. The report states that the auditor’s objectives are to obtain reasonable assurance about whether the financial statements are free from material misstatement due to fraud or error and to issue an auditors’ report that includes their opinion.
The report will also provide further details on the auditor’s responsibilities, including communication with those charged with governance about:
- Significant findings
- Internal control
- Other matters uncovered during the audit
Auditors’ Opinion: Going Concern
If the auditor determines that there is substantial doubt about the entity’s ability to continue as a going concern, they are required to state this fact in a separate section of the auditor’s report under the heading, Substantial Doubt about the Entity’s Ability to Continue as a Going Concern.
This title replaces the previous heading, Emphasis of Matter, which was much more vague.
Learn More About SAS 134
You and your auditor should discuss how these changes will affect your financial statement audit and auditors’ report. You may also want to discuss these changes with users of your financial statements, including bankers, shareholders and investors, so they will not be surprised by the new format.
If you have any questions about the new auditing standards or how they will impact your organization or would like to see a sample audit report, please contact your Warren Averett advisor or ask a member of our team to reach out to you .
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Statement on Auditing Standards 134: What You Need To Know for Your Audit
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Your organization’s audit might not be top-of-mind at the moment due to changing legislation relative to COVID-19. That said, it’s important for not-for-profits to keep up with updates to auditing standards so that there are no surprises when it comes time for your yearly audit. The Auditing Standards Board identified that there was a demand for more transparency, more information concerning areas of higher risk and more description of responsibilities in the independent auditor’s report. These requests were addressed in the most recent update, which was announced in May 2019. Read on to learn about the update’s major revisions featured in various sections of the audit report.
Statement on Auditing Standards 134 (SAS 134)
The revisions in SAS 134 are intended to enhance the communicative value and relevance of the auditor’s report, focus auditor attention on disclosures earlier in the audit process and encourage a holistic and integrated approach to audit disclosures throughout the audit. SAS 134 updates AU-C sections 700, 705 and 706 and introduces a new section 701.
Effective Date
SAS 134 is effective for periods ending on or after December 15, 2020. Early implementation is not permitted.
Forming an Opinion and Reporting on Financial Statements (AU-C 700)
In auditor’s reports prepared in accordance with section AU-C 700, the opinion paragraph is now presented first, and the basis for the opinion paragraph is presented second. The basis for the audit opinion must include the auditor’s independence requirements and ethical responsibilities for the audit in question. The audit report also expands descriptions of both management’s and the auditor’s responsibilities for going concern. When applicable, this section also maintains that the auditor must report on going concern. Lastly, if the auditor is engaged to do so, it provides a framework to communicate key audit matters (KAM).
Communicating Key Audit Matters in the Independent Auditor’s Report (AU-C 701)
New to the auditor’s report altogether, this section introduces the optional disclosure of KAMs within the auditor’s report. This allows auditors to communicate significant matters to those charged with governance that are deemed to be the most important or significant to the audit of the financial statements being reported on, as determined by the auditor using professional judgment. Including KAM in the auditor’s report is not required, and the auditor must be engaged to do so by those charged with governance in order to include KAM in the auditor’s report.
Modifications to the Opinion in the Independent Auditor’s Report (AU-C 705)
This section addresses the auditor’s responsibility to issue an appropriate report in circumstances where a modification to the auditor’s opinion on financial statements is necessary. The most recent update changes this section so that the form and content are now converged with International Standards on Auditing.
Emphasis-of-Matter and Other-Matter Paragraphs in the Independent Auditor’s Report (AU-C 706)
To conform with SAS 134, the Emphasis of Matter (EOM) paragraphs are now required to have an appropriate header to convey the purpose of the section. If the auditor addresses KAM in addition to EOM in this section, the heading should include the term “Emphasis of Matter” to differentiate the two. Lastly, SAS 134 allows for additional context to be added to the header if needed. For example, the header could say, “Emphasis of Matter – Subsequent Event”.
Although the economy has experienced many downfalls this quarter, your audit should not be one of them. Reach out to Sikich’s Not-For-Profit professionals today to learn more about changes you might see in the audit process this year.
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About the Author
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Jennifer Casacchia
Jennifer Casacchia, CPA, is a director on the firm’s not-for-profit (NFP) and higher education practices team. She has more than 15 years of experience working extensively with NFP and higher education organizations and has more than 12 years of experience in public accounting with direct experience in the audits of NFP organizations, including those that receive federal funds.
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SAS No. 134: Changes to the Auditor’s Report
By Samuel Botta, CPA, Senior Manager
New language and significant changes are coming to the independent auditor’s report for private companies effective for financial statements with reporting periods ending after December 15, 2021. In May 2019, the Auditing Standards Board of the AICPA issued Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures of Financial Statements . The intention of SAS No. 134 is to enhance value, relevance and transparency to what is being communicated in the auditor’s report for those charged with the company’s governance and management. Some of these changes have already been implemented by the Public Company Accounting Oversight Board (PCAOB) for audits of public companies and the International Auditing and Assurance Standards Board.
What is changing?
- The auditor’s opinion paragraph will now be the first introductory paragraph of the report, followed by a “Basis for Opinion” paragraph. Originally, the Basis for Opinion paragraph was only required for reports with modified opinions. Under this new Standard, the Basis of Opinion paragraph will contain a statement explaining the auditor’s requirement to be independent of the entity being audited and to meet ethical responsibilities in accordance with the relevant ethical requirements.
- Additional language in the “Management’s Responsibilities” paragraph emphasizing management’s requirement to evaluate whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern.
- More expansive language in the “Auditor’s Responsibilities” paragraph including clarifying what reasonable assurance is over absolute assurance when providing an opinion on the financial statements. Also, there is enhanced language on the auditor’s approach to auditing financial statements including emphasizing professional judgment and skepticism, and concluding on whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern.
- Inclusion of a new paragraph that states the requirement for the auditor to communicate with those charged with governance (TCWG) regarding the scope and timing of the audit, significant audit findings, and certain internal control related matters.
- The inclusion of an optional “Key Audit Matters” paragraph.
What are Key Audit Matters (KAMs)?
SAS No. 134 introduces the concept of Key Audit Matters or KAMs. Reporting of KAMs would occur if the auditor has been specifically engaged by the entity to communicate on KAMs. KAMs represent matters that, in the auditor’s professional judgment, were of the most significance in the audit. KAMs are selected from matters communicated with TCWG. Matters that would generally be considered KAMs would typically include significant events or transactions; areas where there is a high degree of management judgment or estimation; and areas where the auditor assesses higher or significant risk of material misstatement.
The additional KAMs paragraph is not intended to be a substitute for “Emphasis of Matters” paragraphs for reporting going concern issues, modified opinions, or required financial statement disclosures. With the exception of the communication being optional, this concept of KAMs is similar to the PCAOB’s required disclosure in the independent auditor’s report of public companies with the communication of Critical Audit Matters or CAMs.
Any other changes?
In addition to changes to the independent auditor’s report, SAS No. 134 will also result in changes in engagement letters and other communications to those charged with governance.
Please reach out to your PKF O’Connor Davies engagement team with any questions or concerns you may have regarding the implementation of this new guidance or contact any of the following:
Samuel Botta, CPA Senior Manager [email protected]
John M. Haslbauer , CPA Partner [email protected]
Jonathan Zuckerman , CPA Partner [email protected]
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Updates to the AICPA’s SAS No. 134 through SAS No. 140
- Contributors
- David W. Shearer
- G. Alan Skinner
Mar 23, 2021
The AICPA’s Auditing Standards Board has published Statements on Auditing Standards (SASs): No. 134 through No. 140. Traditionally, SASs aren’t something the general public needs to understand. However, in this case, these SASs require broader understanding because there are vital decisions for business leaders who issue financial statements that result from these SASs. Below is a table that includes a summary of the SASs, topic, AU-C section affected, and issuance date:
The following is a quick summary of what you need to know about these SASs:
SAS No. 134 changed the form and content for all auditor’s reports under Generally Accepted Auditing Standards (GAAS). The changes are intended to enhance the communicative value and relevance of the auditor’s report. It established a new auditing standard, AU-C Section 701, Communicating Key Audit Matters in the Independent Auditor’s Report (Section 701).
Section 701 addresses the auditor’s responsibility to communicate key audit matters (KAMs) in the auditor’s report if and when the auditor is engaged. The purpose of communicating KAMs is to provide greater transparency about the audit to the financial statement’s external users. The new standard addresses both the auditor’s judgment about what to communicate as well as the form and content of such communication.
The standard does not require the communication of KAMs in the auditor’s report. Those charged with governance decide for their organization whether or not the auditor reports on KAMs in the auditor’s report. KAMs are communicated with those charged with governance that, in the auditor’s professional judgment, were of most significance in the audit. KAMs may include, among other things:
- Higher assessed risk of material misstatement areas or significant risks;
- Areas that required considerable auditor judgment, such as accounting estimates; or
- Significant events or transactions in the current period.
If engaged in reporting on KAMs, the auditor’s report will describe the following for each KAM item:
- Primary reason for designation as a KAM,
- How the KAM was addressed in the audit, and
- Refer to the financial statement accounts or disclosures related to the KAM.
The communication of KAMs does not alter the opinion on the financial statements taken as a whole. The communication of KAMs in the auditor’s report may also provide intended users of the financial statements with a basis to further engage with management and those charged with governance about certain matters relating to the entity, the audited financial statements, or the performed audit. If the audit does not identify any KAMs, then the audit report will state that within the conclusion. Those who choose not to include KAMs in the auditor’s report will continue to receive written and oral communications from their auditor separate from the auditor’s report.
Section 706, Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor’s Report (Section 706), was changed to clarify the relationship between Emphasis of Matters (EOMs) and KAMs within the auditor’s report. When Section 701 is applied in an audit report, the EOMs paragraph does not substitute for a description of individual KAMs in the “Key Audit Matters” section of the auditor’s report. If the auditor’s report includes a KAM section, the EOMs heading is required to include the term “Emphasis of Matter.”
In addition, SAS No. 134 expanded the descriptions of management’s responsibilities relating to going concern evaluations and of the auditor regarding professional judgment and professional skepticism, going concern, and communications with those charged with governance.
SAS No. 135 amended AU-C 260, Communication with Those Charged with Governance , and AU-C 550, Related Parties , as well as various other sections. These amendments were intended to enhance audit quality by heightening the auditor’s focus on related parties and transactions with related parties and significant unusual transactions. Also, the standard established new communication requirements for:
- Significant unusual transaction
- Difficult or contentious matters for which the auditor consulted outside the engagement team
- Uncorrected misstatements that could potentially cause material misstatements on future-period financial statements, even though they are considered immaterial to the financial statements under audit
If management communicated such matters to those charged with governance, the auditor does not need to communicate them at the same level of detail if he or she
- participated in management’s discussion with those charged with governance, and
- affirmatively confirmed to those charged with governance that management has adequately communicated.
SAS No. 136 requires enhanced audit quality and a revised auditor’s report on ERISA plan financial statements to provide better insight into the responsibilities of both management and the auditor. AU-C section 703 was newly created, and AU-C 700 no longer applies for ERISA plans. An ERISA limited scope audit is referred to as an ERISA section 103(a)(3)(C) audit, and the election to exclude certain investments is no longer considered a scope limitation. There are changes to audit procedures for ERISA section 103(a)(3)(C) audit, including
- Precondition that the auditor inquire as to how management determined the entity preparing and certifying the investment information is a qualified institution
- Emphasis that the auditor is required to determine the information that is certified and not certified to conclude which is required to be audited
Also, the auditor report for ERISA section 103(a)(3)(C) audit, includes:
- A section entitled “Nature of ERISA section 103(a)(3)(C) audit”
- Expanded management and auditor responsibilities sections
- A two-part opinion addressing information not covered by the certification and procedures required by the SAS that were performed on the certified information
SAS No. 137 clarified that the auditor is required to apply procedures only to other information included in annual reports (or similar documents). It revised procedures to require the accountant to remain alert for misleading data, including if it omits or obscures information necessary for a proper understanding of a matter disclosed in the other report. It required a separate section to be included in the auditor’s report addressing additional information.
SAS No. 138 eliminated inconsistencies between the AICPA Professional Standards and the definition of materiality used by the U.S. judicial system and other U.S. standard setters and regulators.
SAS No. 139 includes technical corrections to align with auditor reporting language for statements prepared following special purpose frameworks, single financial statements and specific elements, accounts or items of a financial statement, and summary financial statements. The standard also includes updates to going concern considerations irrespective of whether the going concern basis of accounting is relevant to preparing the special purpose financial statements. The requirements of Section 570 apply regarding the auditor’s responsibilities to perform the following:
- Based on the audit evidence obtained, conclude whether, in the auditor’s judgment, there are conditions or events considered in the aggregate that raise substantial doubt about the entity’s ability to continue as a going concern.
- When such reasonable doubt exists, evaluate the adequacy of the financial statement disclosures.
SAS No. 140 amended the auditing standards to incorporate changes from SAS No. 134 and 137 to include
- Supplementary Information (SI) and Required Supplementary Information (RSI) to be presented in a separate section of the audit report, not in the Emphasis of Matter (EOM) or Other Matter (OM) paragraphs. It must indicate that RSI is the responsibility of management.
- A revision of the Auditor’s Review Report on Interim Financial Statements to not use the term “conclusion,” include a basis for results section, have a ‘responsibility of management’ section, and make the going concern paragraph a separate section of the report and not an EOM or OM paragraph.
- Revisions for consistency regarding recent issuance of Uniform Guidance, OMB Compliance Supplement, and 2019 Yellow Book, including
- Presented requirements for a combined report on compliance and internal control as the default report
- Amended the definition of material noncompliance to align with SAS No. 138
Effective Dates: The initial effective dates of these seven SASs were for audits of private company financial statements for periods that ended on or after December 15, 2020. The AICPA’s Auditing Standards Board decided to defer the effective dates due to the COVID-19 pandemic for one year, making these seven SASs effective for audits of calendar year-end 2021 financial statements. The deferral means these seven SASs are effective for periods that ended on or after December 15, 2021.
If you have any questions or require further guidance, please contact your local CRI advisor .
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The Critical Role of SOC Reports in Nonprofit Operations
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GASB Pronouncement Effective Dates: Post-GASB 95 Revisions
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Treasury Urges Congress to Settle 831(b) Captives Issue
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Federal Deposit Insurance Corporation Improvement Act (FDICIA) Requirements
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Understanding the New Employee vs. Independent Contractor Classifications
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Global Internal Audit Standards Resource
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Inheritance Unplanned: The Unexpected Impact of Taxes on Families
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How Should School Districts Report Charter Schools?
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Resource: Identifying and Reporting Charter Schools as Component Units
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Are Charter Schools Component Units?
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IRS Continues Pursuit of 831(b) Micro-captives in Tax Court Wins
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Governmental Accounting & Auditing Omnibus
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The Importance of Diversifying Your Customer Base
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Discovering Your Business’ Value
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Are Your Social Security Benefits Subject to IRS Taxation?
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From Red Carpets to Tax Returns: The Versatile Roles of Accounting...
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Pooled Income Funds Benefit Both Donor and Charity
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Understanding the Implications of the House Committee’s Tax-Exempt Review
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Introduction to the Global Internal Audit Standards
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How Have Fraud Risks Changed?
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5 Things to Remember About Substantiating Charitable Donations
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Stay Vigilant to Reduce the Risk of Occupational Fraud
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Crafting an Effective Nonprofit Document Retention Strategy
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Ensuring Financial Integrity in Church Operations
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Nine Questions About GASB Statement 102 on Risk Disclosures
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State Tax Considerations for Insurance Companies
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How to Be Prepared With a Business Continuity Plan
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Real-Time Results: How Dashboards Can Help You Move Your Small Business...
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Demystifying Deferrals: Illuminating the Intricacies of State and Local Government Accounting...
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Key Discount Factors for 2023 Unpaid Losses in Insurance Companies
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Fundamentals of Business Valuation: The Income Approach
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Fundamentals of Business Valuation: The Market Approach
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Optimizing Tax Benefits in Multi-Family Properties with Cost Segregation
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Fundamentals of Business Valuation: The Asset Approach
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2024 Cost of Living Adjustments Resource
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IRS Issues Standard Mileage Rates for 2024
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Loan Modifications Quick Reference Guide
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Beneficial Ownership Reporting FAQs
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New Beneficial Ownership Reporting Rules for Small Business
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More Tips for Translating GASB Standards into English
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Recent IRS Update: Postponement of Form 1099-K Reporting Threshold
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Don’t Get Ready for Fiscal Year-End. Stay Ready.
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Why Should You Consider a Sample Credit Card Agreement?
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Key Insights for Employers on the Employee Retention Credit
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Adapting to the IRS’s Electronic Filing Requirements
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Help Your Business Finish Strong with These 10 Year-End Tasks
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Faithful Finances: Crafting Credit Card Policies for Religious Organizations
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Understanding the Hospitality Industry Audit Process
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Unlocking the Value of Your Business, Part II: Post-Sale Considerations
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Unlocking the Value of Your Business, Part I: Pre-Sale Considerations
5 savvy black friday shopping tips to put in your bag.
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EV Tax Credit Eligibility Flow Chart
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Energy Tax Credits Table
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QBI Deduction Flow Chart
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Tax Implications of Debt and Equity Financing
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Ensuring Franchise Success through CPA Expertise
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Tax Alert: IRS Releases 2024 Inflation Adjustment
Financial institutions – year-end accounting and risk management update.
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How Does Industry Affect Fraud Risk?
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You, Too, Can Set Accounting Standards
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Networking for a Cause: Utilizing LinkedIn for Nonprofit Success
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Cost-Effective Fraud Protection
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AR-C Section 70: When It’s Relevant and How to Apply It
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The Role of Maquiladoras in Mexico and Global Manufacturing
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Deferrals Study Guide
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Understanding the New FASB Tax Disclosure Requirements
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An SMB Leader’s Guide to Fraud Prevention
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Balancing Faith and Finance: A Guide to Budgeting and Cash Management
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Digital Privacy and the GDPR: Why You Should Pay Attention Now
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Exploring the Benefits of Ministerial Compensation
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Have You Completed These 5 Year-End Financial Planning Tasks?
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The Pitfalls of Underbidding Projects
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Strategies to Manage College Expenses for Multiple Children
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Back to Square One: Six Questions About GASB’s Financial Reporting Model...
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Security Implications of a Remote Work Environment
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2023 Year-End Tax Planning for Individuals & Families: Strategize, Optimize, Maximize
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2023 Year-End Tax Planning for Businesses: Strategize, Optimize, Maximize
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The Evolving Landscape of Cryptocurrency Taxation
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Step by Step: Stay Resilient with a Crisis Planning Checklist
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IRS Alert: Update on ERC Claims
Understanding 1031 exchange transactions: a strategic move for savvy investors.
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Demystifying Deferrals: Technical Requirements & Resources
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Demystifying Deferrals: Discussion Questions and Exercises
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Unraveling Transfer Pricing Rules in Mexico
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Contractors Can Remain Profitable in a Down Market
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Florida Nursing Home Audit Requirements
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Financial Resilience in the Face of Disasters for Older Adults
![sas 134 management representation letter sas 134 management representation letter](https://cricpa.com/wp-content/uploads/2023/08/Piggy-Bank-Storm-scaled.jpg)
2023 GASB Update
![sas 134 management representation letter sas 134 management representation letter](https://cricpa.com/wp-content/uploads/2023/08/blank.png)
Returning to Student Loan Payments: Ensuring Financial and Tax Compliance
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Cybercrime and Religious Institutions: A Wake-Up Call for the Faithful
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Five Steps to Elevate Self Pay Patient Collections in Medical Practices
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5 Exercises to Rehabilitate Retirement Funds
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Financial Impact of the Affordable Connectivity Program
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Decoding Unrelated Business Income Tax
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The Roadmap to a Successful Sale: Understanding the Phases of Selling...
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With a Little Help From the GASB: Implementation Guides
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Demystifying Deferrals: What They Are, What They Mean, and Why They...
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Start Now to Comply with New Medicare Cost Report Rules
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How to Properly Organize Your Tax Records
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Form 990 Marketing: Spotlight Your Nonprofit’s Efforts and Achievements
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Embedded Leases and Their Impact on Non-Profits
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IRS Proposed Regulations on Micro-Captive Transactions
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Deferrals from the Perspective of the User of Government Financial Statements
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The Fine Line Between Nonprofit Lobbying and Advocacy
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The Evolution of Healthcare Finance, Post-Pandemic
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It Figures Podcast: S4:E19 – The Financial Data Transparency Act
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Has Your Partnership or S Corporation Met the August 15 Notice...
Differentiating between independent contractors and employees.
![sas 134 management representation letter sas 134 management representation letter](https://cricpa.com/wp-content/uploads/2019/03/Contract-Employment-scaled.jpg)
Transmittal 18: Critical Changes and Best Practices for Cost Reporting in...
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Natural Disasters Can Affect Your Financial Statement, Too
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New Rule for Catch-Up Contributions
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It Figures Podcast: S4:E18 – Out with TDRs and in with...
After the transaction: look here to unlock value in post-merger integration.
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Building Your Ideal Captive Board
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It Figures Podcast: S4:E17 – Medical Staffing Crisis
Drafting a business continuity plan (bcp).
![sas 134 management representation letter sas 134 management representation letter](https://cricpa.com/wp-content/uploads/2020/06/Business-Planning-scaled.jpg)
New Businesses Face Challenges When Proving Damages Based on Lost Profits
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Beyond Compliance: Prioritizing Donor Data Privacy in the Non-Profit Sector
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Planning for Possible Workforce Reductions
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It Figures Podcast: S4:E16 – What Talent Really Wants
Tax implications of moving abroad.
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Tax Concerns for Self-Employed Individuals
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It Figures Podcast: S4:E15 – Current Trends in Mergers and Acquisitions
Deferred outflows and deferred inflows of resources in a nutshell.
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Contractors Need To Juice Up Working Capital in Volatile Times
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Checklist: Managing Your Loved One’s Estate
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It Figures Podcast: S4:E14 – Demystifying Deferrals
Liquidity risk for community banks.
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Litigation Support: Hire Forensic Accountants Earlier to Build a Stronger Case
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How Secure Is Your Company Retirement Plan: Updates and New Rules...
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Surviving Small Business Failure and Preparing for Future Success
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Navigating Regulations in Government-Funded Projects
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Introduction to the Global Internal Audit Standards 2023
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Adapting to the New IRS Electronic Filing Requirement for Businesses
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Six Common Nonprofit IRS Audit Triggers
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Glossary of Accounting Terms
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Using GASB Standards to Account for Opioid Settlements
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Accounting 101: Debit and Credits
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Liquidity Risk for Community Banks – Focusing on Fundamentals
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It Figures Podcast: S4:E13 – Successful Transfer and Succession
It figures podcast: s4:e12 – credit risk management in a potential..., standing in the way of construction fraud.
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A Quality of Earnings Report Offers Key Insights for Parties Considering...
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Navigating the Challenges of Global Supply Chain Disruptions
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How to Reduce Your Hospital’s Compliance Risk with a Payroll Plan
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It Figures Podcast: S4:E11 – Labor Market Changes and Effects
Gars: what it is and why you should be using it.
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Sustainable Cost Management Strategies for Non-profits in Today’s Economic Challenges
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It Figures Podcast: S4:E10 – A Guide to Employee and Workforce...
The importance of conducting a valuation of your small business.
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ORSA Requirements Help Insure a Comprehensive Understanding of Risks and Solvency
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Revenue Recognition Implementation for Common Interest Realty Associations
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Tribal Governments: Creating a Culture of Fraud Prevention
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How to Develop a Cyberattack Recovery Plan
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The Impact of an ESG Policy: How to Get Started
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It Figures Podcast: S4:E9 – FDICIA Transition for Community Banks
Nonprofit & governmental healthcare entities: be prepared to justify executive pay.
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Why Filing a Tax Extension Can Be a Smart Move
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How a Potential Non-Compete Clause Ban Stands to Impact Employers
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It Figures Podcast: S4:E8 – The Who, What, Where, and Why...
Demystifying deferrals.
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What You Need to Know About the Mississippi Pass-Through-Entity Election
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Business Interruption: Planning Your Next Steps and Setting Expectations
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It Figures Podcast: S4:E7 – Cost Segregation and Other Engineered Tax...
How does subscription term differ from maximum possible term.
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It Figures Podcast: S4:E6 – The Ins and Outs of Airbnb...
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Inflation Is Redefining Private Equity’s Perception of Value
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Tax Preparers: The Hero Your Company Needs!
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Federal Tax Credits and Deductions for Family Caregivers
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Spring Cleaning Now Improves Business Performance All Year
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It Figures Podcast: S4:E5 – SECURE 2.0 & The Impact of...
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Implementing the New Leasing Standards for Contractor Financial Statements
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CMS is Serious About Hospital Price Transparency
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The Global Internal Audit Standards Are Coming; Is Your Organization Ready?
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It Figures Podcast: S4:E4 – The Art and Science of a...
What does the end of the public health emergency mean.
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It Figures Podcast: S4:E3 SECURE 2.0 & The Impact on Individual...
Employee retention credits: they aren’t dead yet.
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It Figures Podcast: S4:E2 – Florida’s New Condominium Safety Law
What is an audit.
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Gig Workers: What’s Up with Form 1099-K?
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How to Avoid Mistakes in ESOP Valuations
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Government Accounting Resources
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K-2 – K-3 Exception Disclosure Comparison Chart
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It Figures Podcast: S4:E1 – Adding Value To Your Internal Audit
Four tips for translating gasb standards into english.
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What Does the Consolidated Appropriations Act of 2022 Mean for Me?
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Avoiding Improper Employee Retention Credit Claims
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What To Consider When Creating a For-Profit Subsidiary
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3 Reasons to Differentiate Between Controllable and Non-Controllable Costs
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The New Lease Accounting Standard Is Here — Is Your Healthcare...
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Spotlight on Controls and Internal Audit Departments
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Did You Know…? A Guide to Governmental Accounting and Auditing Resources
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The Importance of an Effective System of Internal Control
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Building an Effective Nonprofit Audit Committee
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2022 Partnership Instructions for Schedules K-2 and K-3
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Lease Term vs. Maximum Possible Term
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Nonprofit Considerations When Creating a Chart of Accounts
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How the SEC Bridges the Divide between GAAP and Non-GAAP Financial...
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Top 1099 Tips for Law Firms
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The Ins and Outs of Physician Compensation Models
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Business Entity Comparison
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GASB Statement 94: Decoding P3s, SCAs, and APAs
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Do You Qualify for the Home Gain Sale Exclusion?
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Bonus Depreciation or Section 179: What’s The Right Choice for You?
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Everyday Tax Return Items That Can Trigger an Audit
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Getting From Here To There: New GASB Language for Effective Dates...
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What Is The Roth IRA 5-Year Rule?
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4 Benefits of a Government Audit Committee
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Avoid These Tax Traps in Retirement
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CRI Physician Services Planning for 2023
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Financial Institutions Year-End Accounting & Auditing Update
Great news (potentially) for 2022 partnership tax return filings.
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GASB Statement 100: Clarity for Accounting Changes and Error Corrections
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GASB Pronouncement Effective Dates
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ABLE Accounts: A valuable financial solution for people with disabilities
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S1:E16 – When You Suspect Fraud: The Story of the Million...
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Hop on the Omnibus: GASB Statement 99
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Escalation Clause: Protect Your Bottom Line
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Cost Segregation Studies: Opportunities for Contractors
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Nursing Home Financial Reporting Bill in FL
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Top Reasons Not to Hire a Full-Time CFO
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It Figures Podcast: S3:E13 – An Inside Look at The GASB
Infrastructure bill 101.
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All GASB Statements Are Not Created Equal
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IRS Extends Federal Tax Filing Deadline for Hurricane Ian Victims in...
2022 year-end tax planning for businesses.
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2022 Year-End Tax Planning for Individuals & Families
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The Infrastructure Investment and Jobs Act: Why to Expect a Marathon,...
![sas 134 management representation letter sas 134 management representation letter](https://cricpa.com/wp-content/uploads/2022/09/infrstructureandinvestmentjobsact.png)
Five Things to Know About the New Accounting For Paid Leave
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Communicating with Your CPA: A How-To Guide
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Understanding Your Accountant’s Language
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It Figures Podcast: S3:E12 – Lease Accounting is for EVERYONE
Protecting your company against executive impersonation fraud.
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How to Implement Internal Controls in Small to Medium-Sized Nonprofits
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It Figures Podcast: S3:E11 – CentraLease | GASB & FASB Lease...
Should your hitrust csf assessor be a cpa firm.
![sas 134 management representation letter sas 134 management representation letter](https://cricpa.com/wp-content/uploads/2021/12/hitrust-assessor-cpa-firm.png)
The 411 on Student Loan Forgiveness
Gasb update.
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CRI CECL Validation Services
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Discount Rate Calculations for Lease Accounting
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Key Takeaways From the Inflation Reduction Act of 2022
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Taking Advantage of the Tax-Efficient Exit Strategy ESOPs Offer
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Hunger Relief Efforts Can Yield Tax Benefit for Farmers
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How Can Home Sellers Exclude Capital Gains Tax?
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It Figures Podcast: S3:E10 – Balancing Acts: Managing Personal & Professional...
Sbitas: it’s time to boot up .
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Understanding the Benefits of Engaging in a NIST CSF Assessment
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Are Your Notes Turning Into Zombies?
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Easy Estate Planning Tips for Everyone
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Changes Reporting Gifts-in-Kind
![sas 134 management representation letter sas 134 management representation letter](https://cricpa.com/wp-content/uploads/2022/08/Gifts-in-Kind-scaled.jpg)
The Arm’s Length Principle: The Rays of Transfer Pricing Adjustments
![sas 134 management representation letter sas 134 management representation letter](https://cricpa.com/wp-content/uploads/2022/01/arms-length-principle.jpeg)
It Figures Podcast: S3:E9 – Shape Your Future: Internships
It figures podcast: s3:e8 – understanding inclusion & diversity in the..., retirement on the horizon make tax planning a priority.
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R&D Tax Credit Offers Tax Savings for the Cannabis Industry
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Is It Time for a Reserve Analysis for Your Community Association?
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In the Know: Pass Through Entity Tax (Georgia House Bill 149)
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How to Use Real-Time Financial Data to Improve Your Cash Flow...
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It’s Too Early for CECL Fatigue
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Crypto Quick Reference Guide
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CECL: It’s Not Just About Financial Institutions
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Keeping the Business in Family Business
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Cryptocurrency: What’s a Community Bank to do?
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A High-Yield Investment Class: Novice to Proficient
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Increase Your Chances of an Efficient Financial Statement Audit
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Employee Versus Contractor: A Crucial Distinction for Every Organization
![sas 134 management representation letter sas 134 management representation letter](https://cricpa.com/wp-content/uploads/2022/05/employee_vs_contract_work_Insight_Featured_Image.jpg)
Bolster Cash Flow With a Cost Segregation Lookback Study
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Cryptocurrency Fundamentals for Financial Institutions
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Is Your Rental Real Estate a Business?
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Solving the Hardship Withdrawal Program Administration Puzzle
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Local Governments & The Final Rule: Coronavirus State and Local Fiscal...
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It Figures Podcast: S3:E7 – The Transaction Timeline: The 5 Stages...
What is section 1071, and why is it important for your....
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5 Tips for Lessening Stress with Nonprofit Audit Preparation
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Knowing When to Claim Social Security
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Coronavirus State and Local Fiscal Recovery Funds
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Manufacturing Inventory Accuracy Counts
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3 Benefits of Creating a Captive Insurance Company
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It Figures Podcast: S3:E6 – Common ACFR Errors
Protect what matters: estate planning in uncertain times.
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A Comparison of Education Tax Credits for 2023
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Is it Time for a Business Valuation?
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Give Your Small Business a Jolt of Efficiency with Cloud-Based Accounting
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It Figures Podcast: S3:E5 – Heads up, Grant Professionals!
How has covid-19 affected business valuations.
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Boost Your Bottom Line by Understanding Your Internal Audit
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Reporting Computer-Security Incidents: Is your Community Bank ready?
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What Does a Cash Balance Plan Mean for You?
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The Name’s Bond, Government Bond
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Setting Nonprofit Executive Compensation
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Promises to Give: Not-for-Profit Accounting Primer
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Does Working Remotely During the Pandemic Mean You Owe More Income...
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Still Confused About Whether to Deduct That Business Meal?
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New HITRUST Assessments Give Companies More Options for Security Reporting
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ICBA Live 2022 Conference Recap
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You Could Owe “Nanny Taxes” Even If You Don’t Have Kids
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You Overfunded a 529 Plan. Now What?
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Nonprofit Board Review of Form 990
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Managing ESG Risks in the Oil and Gas Industry
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Charitable Lead Trust vs. Charitable Remainder Trust: A Comparison
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It Figures Podcast: S3:E4 – SSAE No. 21 | Direct Examination...
Going concern issues for nonprofits.
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Improve Medical Practice Productivity with Non-Physician Providers
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Five Internal Controls to Prevent Fraud in Nonprofits
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Safeguard Your Assets During a Divorce — Before You Get Married
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Differences in Public Charities and Private Foundations
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It Figures Podcast: S3:E3 – Panic! At the IRS Disco
Top 5 accounting questions to ask your cpa.
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Report Fundraising Events on Form 990
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3 Grant Writing Tips to Help Not-For-Profit Organizations
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Health Savings Accounts Offer Big Tax Benefits Now and in Retirement
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Short on Cash? Gift-in-Kind Donations Can Also Help Support Charities
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Estate Planning FAQ
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Transfer Your Wealth Using a Dynasty Trust
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Two Types of Charitable Trusts You Should Know About
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New Guidance on Gifts In-Kind for Non-Profit Entities
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It Figures Podcast: S3:E2 – Count Yourself in to a Career...
Captive insurance taxation.
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Top 5 Priorities for Small and Mid-Sized Organizations in 2022
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A Look at Internal Controls and Processes for Evaluating Vendors
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Getting the Most Out of Your Remote Audit
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Moving to a New State? Don’t Make These Tax Mistakes
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Coronavirus Relief Funds – Getting Ready for Your Single Audit
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Does Your Organization Need an Internal Audit?
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What a Single Audit Means for Your Organization
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Straddling the Fence: Should You Co-Source or Outsource Your Internal Audit?
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COVID-19 Funding Best Practices, Accounting Treatment, and Single Audit Implications
Cybersecurity trend to watch in 2021: cyber supply chain risk.
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Outsourced Accounting Reference Guide: How Collaborating Can Help You Reach Your...
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Fiduciary Matters: How to Be the Best Trustee for Your Organization’s...
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It’s a Marathon, Not a Sprint: Going the Distance for Outsourced...
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2021 Year-End Tax Planning for Businesses: Strategize, Optimize, Maximize
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2021 Year-End Tax Planning for Individuals & Families: Strategize, Optimize, Maximize
Conference recap – aicpa 2021 national conference on banks and savings....
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CECL: It’s Getting WARM in Here Webinar
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It Figures Podcast: S2:E17 – Beers, Beets, Governmental Accounting
Credit memorandum best practices and “the 5 c’s”.
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It Figures Podcast: S2:E16 – Just You, Me, & the ERC.
Keeper of the vault: a business owner’s guide to cybersecurity.
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Federal American Rescue Plan Act of 2021 (ARPA)
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COVID-19 Quick Hits: American Rescue Plan Act Overview
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It Figures Podcast: S2:E15 – Insurance Compliance and Regulatory Examination Process...
Risky business: comparing risk levels of mrbs.
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Employee Retention Credit Information Sheet
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IRS Employee Tax Forms: A Checklist for Small Businesses
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IRS Income Tax Forms: A Checklist for Small Businesses
Digital transformation starts with process, not technology.
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What’s New from GASB: An Update on the Latest Standards
Homeowner assistance fund – what tribes and applicants need to know, cecl: it’s getting warm in here.
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Homeowner Assistance Fund – You Don’t Know the HAF of it!
Questions about the employee retention credit we’ve got answers., american rescue plan for governments: the resources available, potential proposals on the horizon: it’s time to prepare your estate....
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Anti-Money Laundering (AML) and Cannabis Banking: Is Your Financial Institution Ready?
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It’s a Marathon, Not a Sprint: Going the Distance for Outsourced...
Strategic use of arp government funds for long-term success.
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IRS Notice Provides Guidance to Employee Retention Credit and the Paycheck...
Time to pivot how your cpa can help you adapt to....
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Compliance Management System (CMS) – A Refresher
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The Basics of Grantor Retained Annuity Trusts
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Tax Considerations for Buyers Contemplating Mergers & Acquisitions
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What Role Does Life Insurance Play in Estate Planning?
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Taking a Fresh Look at Bankruptcy
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2021 Insurance Update: What’s Next?
Start from the t.o.p down: ways you can improve your organization’s....
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The Basics of Spousal Lifetime Access Trusts
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When E-Commerce Sellers Would Benefit from Hiring an Accountant
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IRS Clarifies Temporary 100% Deduction for Restaurant-Purchased Meals
Hired any recently unemployed workers let them know about new exclusion..., strategic decision making: are you taking advantage of the newly expanded..., make better business decisions with financial modeling.
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Succession planning is a difficult, but necessary, subject for a contractor
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Rate Reform – Why is LIBOR Going Away, and What Will...
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Clear Vision: Moving Your Business Forward with Confidence
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Five Overlooked Tax Breaks for Contractors and Manufacturers
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How Contractors Can Bridge the Age Gap
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Tax Strategies for Special Needs Families
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Why Profits Do Not Always Lead to a Positive Cash Flow...
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IRS Provides Guidance on Cafeteria Plan Balance Carryovers
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SSAE No. 21 – Direct Examination Engagements
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Not-For-Profit Revenue Recognition
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Now or Later? Weighing 15-year Depreciation vs. 100% Bonus Depreciation for...
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How to Spot Three Common Tax Scams
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Insurance Companies and the IRS: What’s on the Horizon?
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The Anti-Money Laundering Act of 2020: An Overview
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Federal Audit Clearinghouse Extended Submission Dates FAQs
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When Can You Deduct Data Breach Costs?
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Boost Your Cash Flow with Net Operating Loss Carrybacks
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What’s Next for Hemp-Related Businesses?
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Should You Convert Traditional IRA to Roth? Think Twice.
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Making Intrafamily Loans with Intentionally Defective Grantor Trusts
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The IRA: A Solid Estate Planning Tool in Times of Uncertainty
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How MaaS Is Revolutionizing Manufacturing
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Export Tax Incentives for Manufacturers
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Meals & Entertainment
![sas 134 management representation letter sas 134 management representation letter](https://cricpa.com/wp-content/uploads/2021/11/meals-entertainment-2021.png)
Credit Risk Management in an Unpredictable Environment
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Insurance Companies and the IRS: A Downward Trend in Examinations
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Exempt Organizations: IRS Issues Final Rules on 21% Excise Tax on...
Coloring inside the lines of nonprofit governance.
![sas 134 management representation letter sas 134 management representation letter](https://cricpa.com/wp-content/uploads/2021/11/nonprofit-governance-line_2.12.21.jpg)
How Does Your Industry Affect Your Cybersecurity Risk?
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USDA Issues Final Rules on Hemp Production
![sas 134 management representation letter sas 134 management representation letter](https://cricpa.com/wp-content/uploads/2021/11/GettyImages-1244490532-scaled.jpg)
Not-So-Safe Harbor? Navigating the QBI Rules for Rental Real Estate Businesses
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Disasters Never Rest, Take Time to Plan for Recovery
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Yes, Operational Planning Is Still Important
![sas 134 management representation letter sas 134 management representation letter](https://cricpa.com/wp-content/uploads/2021/11/GettyImages-1012160724.jpg)
Does Your Home Office Qualify for a Tax Deduction?
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Shutting Down a Business? Updated Resources Available from IRS
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Lending Money to Family? Be Sure to Stay on the Right...
![sas 134 management representation letter sas 134 management representation letter](https://cricpa.com/wp-content/uploads/2021/11/FamilyLoansSocial.jpg)
Updates to the Long-Anticipated Compliance Supplement Addendum
Preparing for third-party payer audits.
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Five Ways to Make Invoice Processing More Effective
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Is It Time for Cloud Accounting?
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Watching the Horizon: Do You Have the Data You Need to...
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Key Factors that Drive Reimbursement in the PDPM Model
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What’s Behind the Hype About Donor-Advised Funds?
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Businesses Face Challenges When Expanding Their Remote Workforce
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Helpful Tips for Completing Medicare Cost Reports
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Technology Innovations Impacting the Insurance Industry
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10 Anti-Fraud Recommendations for Community Associations
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Don’t Sleep on CECL
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Social Engineering Attacks: Considerations for SMBs
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Smarter Giving: Four Things to Know When Considering Charitable Contributions
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How Important is Compliance with Government Regulations to a Firm’s Accounting...
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Contractors Should Take A Closer Look at Site-Level Profitability
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Assembling an Effective Financial Team
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PRF Requirements Summary
Prepare, recover, emerge stronger: a roadmap for financial perseverance in times....
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CARES Act and Provider Relief Fund Single Audit
Back to profitability: how small businesses can emerge stronger from crisis.
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Virtual Meetings: Tips for Choosing the Right Technology and Conducting a...
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Calculating Your Business Interruption Loss
Maintaining financial controls in a disrupted, remote-work environment, how to increase your chances of a successful financial statement audit.
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Healthcare Organizations: Are You Ready for New Revenue Recognition Rules?
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Business Interruption Losses: Making an Insurance Claim
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Cybersecurity Tips for Working From Home
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Understanding the Basics of Business Interruption Claims
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Stabilizing Your Business: Improvise, Adapt, Overcome
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Government Entities: Plan, Protect, Adapt, Overcome
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Make the Most Out of Your P&L
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How to Arrange a Medical Practice Buy-Sell Agreement that Minimizes Disputes
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Is a Captive Right for Your Organization?
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Forensic Audits vs. Annual Audits: Taking a Proactive Approach to Protecting...
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Automated Bank Reconciliation: An Instant Analysis for Your Business
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5 Reasons Business Owners Prefer Outsourced Accounting
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Unique Compliance Aspects of Risk Retention Groups
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Improve Manufacturing Company Profitability
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What’s Your Company’s Cash Flow?
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Record Retention Schedule
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Preparing for a Single Audit: Understanding the Requirements
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A Grant Overview
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Understanding Your Responsibilities Within Service Organizations
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When Does a Hobby Become a Business?
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Make Digital Assets Part of Your Estate Plan
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What You Need to Know About the Home Office Deduction
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Keeping a Close Eye on Medicare Fraud
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Privacy Policies and Data Security Keep Contributions Flowing for Not-for-Profit Organizations
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8 Action Steps for Avoiding Nonprofit Online Presence Tax Traps
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Impressing Donors with Nonprofit Financial Information
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Two Types of Government Termination Benefits
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The Growing Threat of Cyberattacks in Manufacturing and How to Prevent...
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Is Your Manufacturing Business Ready for the New Revenue Recognition Standard?
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A Blueprint for Nonprofit Revenue Recognition Implementation
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Qualified Opportunity Zones: A Resource Guide
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Clarifying Compliance: A Resource Guide for Healthcare Organizations
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Living in a Post-Wayfair World
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Citizen Centric Governmental Reporting
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Municipal Bond Arbitrage, Billy Ray Valentine, and What They Have in...
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Disaster Recovery: Protect Your Assets With the Right Insurance
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Don’t Let These 7 Tax Terms Scare You
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Three Actions to Help Improve Your Collections Process
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Acknowledgments of Nonprofit Donations
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UPMIFA – That’s Not a Text
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Balance Sheet Reconciliations: Focus on Internal Controls
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Charitable Donation Documentation: 6 Answers to Know
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Closing a Nonprofit Organization
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For Strong Data Security, Give Your Employees Some Backup
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Transfer Pricing and Not-For-Profits (UBIT)
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Why Fair Value is Becoming a Popular “Celebrity” in the Accounting...
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Bracing for Disaster? Prepare to Deduct Casualty Losses
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Use a Governmental Performance Audit to See If You Measure Up
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Risk Management: Avoiding Crisis & Staying Afloat
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Using Internal Controls to Keep a Record of Your Inventory: Storing...
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4 Things the IRS Looks for in a Federal Tax-Exempt Application
Using nonprofit financial statements for future planning.
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Implementing Nonprofit ERM Strategies
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3 Common Questions & Answers: Nonprofit Audit Committee
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Love, Marriage, and Uncle Sam: How Getting Married Affects Your Taxes
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7 Benefits of Outsourcing a Not-for-Profit Organization’s Essential Bookkeeping and Payroll...
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How the Internet Mystifies the Taxability of Qualified Sponsorship Payments
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Tax Planning Reasons to Potentially Establish a Private Foundation
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Manufacturing Product Costing
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Financial Statement Preparation: 4 Steps to Power Up Business Performance Tracking
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What to Consider When Deciding Between a Calendar Year and a...
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Best Practices for Nonprofit Volunteer Management
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Captive Insurance Overview: Healthcare Provider Industry Highlights
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Small Business Compliance: Are You Sticking to the Law?
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Five Steps to Prepare a Disaster Plan for Your Business
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Restructuring Organizations Through Tax-Free Business Splits
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Taking a Bite Out of Payroll Taxes
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How to Protect Yourself from Tax Identity Theft
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Anti-Money Laundering (AML) Implications of Human Trafficking
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How Manufacturers Should Account for Excess Capacity
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3 Questions to Find the Balance of a Seasonal Product Cycle
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Opportunity Zones: Open for Business
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What is a Governmental Component Unit?
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4 Steps on the Path to Timely Payments
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Understanding the Management’s Discussion and Analysis (MD&A) Disclosure
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The Evolution of the Bank Secrecy Act
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Business Valuation Can Avoid a Merry-Go-Round During Divorce Proceedings
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The Continued Importance of Risk Assessment for Financial Institutions
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The Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Audit Revisited
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Opportunity Zones are Knocking: Should You Answer?
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It’s Time to Review and Update Your Partnership Agreement
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Using Internal Controls to Keep a Record of Your Inventory: Costing...
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Clear Reliable Insights: GASB 87
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How to Manage Supplier Costs and Keep Your Business Balanced
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3 Ways Public Companies Can Iron Out SEC Audit Processes
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Travel Guide for Your Start-Up’s Journey to Success
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How to Become the Boss of Your Digital Assets
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Steering Clear of Bookkeeper Liability Hazards
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Four Must-Have Features When Selecting an Auditor
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Will Your Cybersecurity Defense System Protect Your Organization?
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“Yours, Mine, or Ours?”: Identifying and Valuing Marital Property
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One Taxing Situation: South Dakota vs. Wayfair, Inc
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IRS Correspondence Letter: Your New Pen Pal the IRS
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Is Your Bank’s Audit Committee Reaching the Summit of their Potential?
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Will Your Cost Segregation Methodology Hold Water With the IRS?
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Understanding Terms Found in Common Business Interruption Policies
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Business Interruption Claims Can Prevent the Unexpected
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How the SEC Bridges the Divide Between GAAP and Non-GAAP Financial...
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An Origin Story About Captives
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Sail Smoothly Through Those Saving or Shredding Decisions
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The Opportunities of Effective Risk Management
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How the Pooling Method Can Help Bring Your Property Value to...
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Why Strong Internal Controls Are Necessary for a Healthy Business
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3 Governance Policies Every Business Should Have in Writing
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Avoid the Punch of Ransomware
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4 Business Seasons When You Should Consider a Virtual CFO or...
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Whaling Cyberattacks: What You Need to Know
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How to Maximize Business Sale and Successfully Exit
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4 Simple Solutions to Improve Financial Reporting Timeliness without Breaking the...
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8 Steps for Cleaning Up a Tax Return Identity Theft Train...
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Unearthing Occupational Fraud in Your Business
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Life Insurance Tax Strategies: Maximizing this Multi-Use Tool
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Watch for These 3 Signs of Employee Fraud
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Sas 134: the auditor’s report is changing: what to expect.
By Madeline DeMedal , CPA, Manager, Assurance Services
![SAS 134: The Auditor’s Report Is Changing: What to Expect SAS 134: The Auditor’s Report Is Changing: What to Expect](https://www.marcumllp.com/wp-content/uploads/insights-sas-134-960x600.jpg)
As we look ahead to the coming months, many nonprofits will be completing their annual audit. These organizations will note certain key changes to their auditor’s report.
In May 2019, the AICPA Auditing Standards Board issued Statement on Auditing Standards (SAS) 134, Auditor Reporting and Amendments, including Amendments Addressing Disclosures in the Audit of Financial Statements . The goal of this standard is to increase transparency and align the reporting with the Public Company Accounting Oversight Board and the International Auditing and Assurance Standards Board. The effective date for this standard is for reporting periods ending after December 15, 2021. It is worth noting that the effective date was delayed one year from 2020 due to the Coronavirus pandemic. Below is an overview of the components of the new auditors’ report and executive summary of changes.
Components of the New Auditor’s Report (Unmodified Opinion)
Basis for opinion.
- Key Audit Matters, optional
Responsibilities of Management for the Financial Statements
- Auditors’ Responsibilities for the Audit of the Financial Statements
To draw the reader’s attention to the auditor’s opinion, SAS 134 mandates that the opinion be presented first. As you may recall, in the past the opinion was presented towards the end of the report. Effectively, placing the opinion at the beginning of the report emphasizes its importance and cuts to the chase as to the auditor’s conclusion on management’s financial statements.
The basis for opinion section was not previously required to be disclosed in reports with an unmodified, or “clean,” opinion. With the implementation of the new standard, readers will see a basis for opinion section that follows the opinion. This section must include a statement indicating the auditor is independent of the organization and has met other ethical requirements.
Key Audit Matters
One of the major changes in SAS 134 is that organizations now have the option to report key audit matters (KAMs). As noted, this is completely optional but was added to mirror public company reports, which require a similar reporting of critical audit matters. KAMs are subject to the auditor’s professional judgement and discretion. Examples of KAMs may include areas of higher assessed risk, judgements made by management, or significant events or transactions.
Similar to pre-SAS 134 auditors’ reports, the new standard requires disclosure of management’s responsibilities for the financial statements. These responsibilities include the preparation and fair presentation of the financial statements. In addition, the report states that management has responsibility over the design, implementation, and maintenance of internal controls in order to present financial statements free from material misstatement.
What is new, however, is that this section now also requires going concern verbiage. Under existing auditing standards, management is responsible for evaluating whether there are conditions or events that raise substantial doubt about the organization’s ability to continue as a going concern within one year. Current auditing standards also require the auditor to perform procedures addressing management’s evaluation regarding going concern status–the additional language in the report makes it explicitly known that the assessment of going concern is management’s responsibility. In addition, if substantial doubt does exist, a new section, titled Substantial Doubt about the Entity’s Ability to Continue as a Going Concern , is required. Previously this would have been reported as an Emphasis of Matter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Under the old reporting model, the auditor’s responsibilities for the audit were included. However, the new model requires expanded descriptions. Below is an example of such responsibilities that you may see described in the new audit report:
- Exercise professional judgment and maintain professional skepticism throughout the audit.
- Identify and assess the risks of material misstatement in the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the organization’s internal control. Accordingly, no such opinion is expressed.
- Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
- Conclude whether, in your judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the organization’s ability to continue as a going concern for a reasonable period of time.
Why You Need to Know
After implementation of this new standard, the audit report will provide greater transparency into the roles and responsibilities of each party and become easier for the reader to digest. You will see expanded descriptions of management’s and the auditor’s responsibilities that mirror such duties as described above. For organizations, this will be a good time to discuss KAMs with your Audit Committee (or with those charged with governance) and your Marcum team, as the KAMs will be included in the current year engagement letter. Please contact your Marcum assurance team with any questions regarding SAS 134.
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The status of SAS 134 and 135
Effective dates delayed one year.
Jerome R. Reutzel, CPA, MBT | June/July 2020 Footnote
Editor's note: Updated May 29, 2020
Statements on Auditing Standards 134 — Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements
- The “Opinion” section is presented first, followed by the “Basis for Opinion.”
- The “Basis for Opinion” section includes a statement that the auditor is required to be independent and meet other ethical responsibilities.
- The report includes a description of management’s responsibilities for assessing going concern provided the applicable financial reporting framework contains the requirement.
- The communication of key audit matters (KAMs) would not be required for non-issuers unless the terms of the audit engagement include reporting KAMs.
- The description of the responsibilities of management for the preparation and fair presentation of the financial statements is expanded to include a requirement to identify those responsible for the oversight of the financial reporting process, when those responsible differ from those who prepare the financial statements.
- The description of the responsibilities of the auditor and key features of the audit are expanded.
- Account balances, classes of transactions or disclosure with a higher assessed risk of material misstatement.
- Matters that pose challenges to the auditor in obtaining sufficient appropriate audit evidence or pose changes to the auditor in forming an opinion on the financial statements.
- Complex and significant management judgments that result in difficult and complex auditor judgments.
Statements on Auditing Standards (SAS) 135, Omnibus Statement on Auditing Standards
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SAS No. 134 At a Glance
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The At a Glance about SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, summarizes how SAS No. 134 creates AU-C section 701, Communicating Key Audit Matters in the Independent Auditor’s Report , and supersedes the following AU-C sections in AICPA Professional Standards :
Section 700, Forming an Opinion and Reporting on Financial Statements
Section 705, Modifications to the Opinion in the Independent Auditor’s Report
Section 706, Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs
Download the full text of SAS No. 134 At a Glance
File name: sas-134-at-a-glance.pdf
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New Auditor Report Standards: SAS 134 -140
Course details.
Thursday, March 18, 2021
8:30am – 12:00pm (Registration: 8:30am)
Field of Study
Accounting & Auditing
Course Number
4.0 hours CPE credit
Level of Knowledge
Intermediate
Kaplan Financial Education
Prerequisites
Knowledge of Statements on Auditing Standards
Description
Get ahead by evaluating the impact of this additional suite of standards designed to refocus on the auditor’s report with additional information communicated to users. Changes in the language and position of the auditor’s opinion and basis of the opinion will be presented in the front of the auditor’s report letter. Other changes as a result of the auditor’s report letter language will include the engagement letter and the representation letter.
An immediate and thorough evaluation of the impact of these standards will be required. The objective of this group of standards will be to provide value to users by relocating the auditor’s opinion and the basis for the auditor’s opinion to a more visible position in the front of the report. Also, the revised language will be more transparent in defining the responsibilities of the auditor as well as the entity’s management.
These SASs address concerns of users for more communication and better understanding of issues encountered by the auditor during the conduct of the audit. Generally accepted auditing standards will now align with the Standards of the PCAOB and the IAASB.
- Modifications, replacements, and additions to guidance
- Format and content of auditor report with examples
- New requirements to disclosure Key Audit Matters
- New requirements for going concern
- Performance requirements for ERISA audits
- Reporting on ERISA required supplemental schedules
- Effect of new standards on procedures, communication of reportable conditions, and auditor responsibilities for other information included in annual reports
- Effect of new standards on related party transactions, fraud, and communication with those charged with governance
Participants will be able to:
- Identify changes in the reporting model
- Identify how the report letter will set users’ expectations
- Identify Key Audit Matters (KAM) and when they are required to communicate them
- Review examples for the form and content of the report
Designed For
CPAs in small to medium size public accounting firms that conduct audits of non-public entities
Registration for this course has passed.
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Auditing Standards Board Issues SAS 134
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The Auditing Standards Board (ASB), which issues Statements on Auditing Standards (SAS), recently issued SAS 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements. This new SAS is effective for periods ending after December 15, 2021, meaning that for reporting periods beginning 12/31/21, there will be a different look to the auditor’s report – and there could be some additional changes to the audit as well. This article dives into the most significant and widespread changes that will have an impact on the vast majority of reporting entities; however, there could be additional changes more specific to your entity.
Changes to Auditor’s Report
Prior to SAS 134, the auditor’s report was in a very specific format with sections for management’s responsibility, the auditor’s responsibility, and then the opinion. However, SAS 134 is changing the format by making the opinion paragraph the first section of the auditor’s opinion followed by paragraphs for the basis for opinion, going concern (when applicable), key audit matters, responsibilities of management, and the auditor’s responsibilities. See the excerpts below for a sample comparison of the old auditor’s opinion format and the new format under SAS 134.
Sample Excerpt of Auditor’s Report Under SAS 134
To the Board of Trustees of Sample Company
We have audited the accompanying financial statements of Sample Company, which comprise the statement of financial position as of , and the related statements of activities, functional expenses, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of as of , and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements, including omissions, are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards, we:
- Exercise professional judgment and maintain professional skepticism throughout the audit.
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control. Accordingly, no such opinion is expressed.
- Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
- Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
Sample Excerpt of Auditor’s Report Before SAS 134
We have audited the accompanying financial statements of Sample Company, which comprise the balance sheets as of , and the related statements of income, retained earnings, and cash flows for the years then ended, and the related notes to the financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of as of , and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Key Audit Matters
The auditor may be engaged to report on Key Audit Matters (KAMs). Key Audit Matters are matters that, in the auditor’s judgement, were of most significance in the audit of the financial statements and are selected from matters communicated with those charged with governance. Ultimately, KAMs were created to provide more transparency about the audit and give the users of the financial statements additional opportunities to engage with management and governance. It is important to note, the auditor will only report on KAMs if engaged by the reporting entity and only when an unmodified opinion is presented.
Other Changes Included in SAS 134
In addition to the change in format of the auditor’s opinion and potential inclusion of KAMs in the auditor’s report, SAS 134 also modifies the auditor’s responsibility regarding disclosures in the financial statements, information outside of the general ledger/subsidiary ledger, and communication of identified risks to those charged with governance during planning.
Disclosures
The auditor will now need to aggregate any misstatement in disclosures that are clearly more than trivial, similar to the aggregation of misstatements in financial statement accounts. Misstatements could involve inadequate or incomplete disclosures, omission of disclosures, or inappropriate classification, aggregation, or disaggregation of information. Depending on the nature of the disclosures and current state of financial statement disclosures, some disclosures may become more detailed.
Information Outside the General or Subsidiary Ledger
SAS 134 adds a requirement for the auditor to “demonstrate that information in the financial statements agrees or reconciles with underlying accounting records… whether such information is obtained from within or outside of the general or subsidiary ledgers”. If the auditor wasn’t already requesting this information, they may request additional information in order to demonstrate that the underlying accounting records agree or reconcile with the financial information presented. Also, keep in mind, this applies to underlying data such as general or subsidiary ledgers within the accounting system, but also to data outside of these ledgers.
Communications with Governance
One of the last notable changes within SAS 134 is regarding communication of significant risks to those charged with governance (ie Board of Directors, CEO, Audit or Finance Committee, etc.) Prior to SAS 134, when the auditor sends the engagement letter to management for the upcoming audit, another letter, commonly referred to as a Governance at Planning Letter, is also sent to governance. This letter typically discusses, at a high level, the nature and timing of the audit. SAS 134 adds a requirement to communicate with governance the significant risks identified for the audit. For example, in the Governance at Planning Letter, the auditor may communicate that “significant risks identified in the planning phase of the audit were revenue and other inflows and that the audit is designed to provide reasonable assurance that the financial statements are free of material misstatement whether caused by error or fraud”.
As you prepare for your upcoming audit, we encourage you to discuss with the users of the financial statements (banks, investors, owners, parent companies, etc.) their needs, especially as it pertains to KAMs, so you and your CPA can carefully plan for the upcoming 2021 audit. While these changes affect the auditor’s opinion as well as the audit, these changes will ultimately be first seen in the engagement letter sent to the client.
For additional information or guidance related to this article, contact Stephanie Allgeyer at [email protected] or 800.887.0434.
Disclaimer: The information discussed herein is intended for use by non-public business entities as public business entities may have varying requirements and implementation dates.
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The biggest changes to your 2022 audit report
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The Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) issued Statement of Auditing Standards (SAS) No. 134 , Auditor Reporting and Amendments, including Amendments Addressing Disclosures in the Audit of Financial Statements . The standard is effective for reporting periods ending on or after December 15, 2021.
SAS 136 adds certain performance requirements for Employee Retirement Income Security Act of 1974 (ERISA) plan financial statement audit. It also changes the form and content of the auditor’s report for employee benefit plans that are subject to ERISA. As part of the standard, there are new requirements in all phases of an ERISA plan audit, including engagement acceptance, risk assessment and response, communication with those charged with governance, performance procedures and reporting.
While many of these items have been present in our standard audit procedures or widely assumed to be implied, the emphasis now is on documenting and communicating within the phases noted above. So, how do these impact the plan sponsor?
Engagement acceptance
With the new standard, the auditors need to obtain the agreement from management that it acknowledges and understands their responsibility for various items:
- Maintaining a current plan instrument (document), including all plan amendments
- Administering the plan and determining that its transactions are presented and disclosed in the ERISA plan financial statements and are in conformity with the plan’s provisions
- Maintaining sufficient records with respect to each participant (including to determine the benefits due or which may become due)
In addition, if the election is for an ERISA Section 103(a)(3)(C) audit (previously known as a limited scope audit), make sure:
- An ERISA Section 103(a)(3)(C) audit is permissible.
- The investment information is prepared and certified by a qualified institution.
- Certification meets the requirements.
- Certified investment information is appropriately measured, presented and disclosed in accordance with applicable financial reporting framework.
Draft 5500 needs to be provided to the auditor prior to the dating of the auditor’s report. In addition, note that management will be required to confirm these responsibilities at the conclusion of the audit (common to be included in the Management Representation Letter).
Communication with management or those charged with governance
At the conclusion of the audit, the auditor will communicate the following in writing:
- Description of the reportable finding with sufficient information to understand the context of the finding
- Explanation of potential effects of the reportable findings on the financial statements or to the plan
The auditor will not issue a written communication stating that no reportable findings were identified during the audit.
Report improvements
With the changes in SAS 134 and SAS 136, ultimately this means some significant changes in a new auditor’s report that looks different, and substantially longer, from what plan sponsors are accustomed to receiving in prior years. The goal of the new auditor’s reports is to improve the quality of ERISA plan audits, improve auditor performance and enhance the value and transparency of the report.
The new reports will now communicate the auditor’s opinion, basis for the opinion, management’s responsibilities, auditor responsibilities and, when applicable, the scope of an ERISA Section 103(a)(3)(C) audit and/or report on supplemental information. With all of these additional items that need to be included in the opinion, the opinion for your 2021 audited financial statements could be four pages compared to two pages for prior year reports.
The opinion paragraph will be presented first, unless the audit is an ERISA Section 103(a)(3)(C) audit. If the audit is an ERISA Section 103(a)(3)(C) audit, the first paragraphs will include verbiage regarding the ERISA Section 103(a)(3)(C) audit noting that the audit did not extend to any statements or information related to the assets held for investment of the plan and that a certification was obtained from a qualified institution.
Following the opinion paragraph will be the Basis for Opinion paragraph. It includes a statement indicating that the auditor is required to be independent of the plan in order to meet the auditor’s ethical responsibilities.
If there is a going concern or key audit matters that the auditor should disclose, these paragraphs would be included after the Basis for Opinion paragraph. If there is not a going concern or no key audit matters that the auditor feels should be disclosed, no paragraphs would be added to the opinion.
The Responsibilities of Management for the Financial Statements and Auditor’s Responsibilities for the Audit of the Financial Statements paragraphs are next. While these paragraphs were previously included in the old auditor’s reports, in the new auditor’s reports they are substantially expanded with specific responsibilities listed. The responsibilities of both parties are thoroughly listed in the opinion compared to prior years when the responsibilities were fairly general.
If there are supplemental schedules that need to be included with the financial statements, there will be a few paragraphs related to the schedules included in the auditor’s report after the Auditor’s Responsibilities for the Audit of the Financial Statement paragraph.
The guidance provided by the ASB shows two reports could be issued in this year of transition for when there is an ERISA Section 103(a)(3)(C) in the current year and a limited scope audit in the prior year. There would be one auditor’s report for the current year financial statement audit and the auditor’s report for the prior year financial statement would be included.
The AICPA provides an option to issue one report in this year of transition and just refer to the prior year report in an other-matter paragraph in the current year report.
Learn more about how Wipfli’s auditing services for employee benefit plans.
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IMAGES
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SAS 134 impacts three key areas: the engagement letter, the planning letter and the auditor's opinion. These changes are intended to provide financial statement users with additional visibility and transparency into risks, management and auditor responsibilities and the results of the audit. Below, we cover each of those key changes in more ...
Emphasis-of-Matter and Other-Matter Paragraphs (Section 706 of SAS No. 134) Clarifies the relationship between Emphasis-of-Matter (EOM) paragraphs and the communication of KAMs. When engaged to communicate KAMs, the use of the EOM paragraph is not a substitute for including the matter in the KAM section if the matter meets the definition of a KAM.
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The standard is effective for reporting periods ending on or after December 15, 2021. SAS 134 was issued by the ASB to. The revised reporting model is intended to enhance the communicative value and relevance of the auditor's report to the users of the audited financial statements. It does this by:
Changes to the form and content of the auditor's report, including when management elects to have an audit performed pursuant to ERISA Section 103(a)(3)(c), formerly known as "limited scope." Conforming modifications to the engagement letter, communications to those charged with governance, and management's representation letter.
Reliance on Management Representations.02 During an audit, management makes many representations to the au-ditor, both oral and written, in response to specific inquiries or through the fi-nancial statements. Such representations from management are part of the audit evidence the independent auditor obtains, but they are not a substitute
The form and content of the auditor's report, including when management elects to have an audit performed pursuant to ERISA Section 103(a)(3)(c)—the audit formerly known as "limited scope." Conforming modifications to the engagement letter, communications to those charged with governance, and management's representation letter.
Here's what you need to know about the SAS 134-136 changes. SAS 134 — Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements SAS 134 is a series of new reporting standards, which include a new AU-C 701, Communicating Key Audit Matters in the Independent Auditor's Report, and ...
SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, contains a suite of auditor reporting standards and addresses the. Auditor's responsibility to form an opinion on the financial statements and the form and content of the auditor's report issued as a result of an ...
The revisions in SAS 134 are intended to enhance the communicative value and relevance of the auditor's report, focus auditor attention on disclosures earlier in the audit process and encourage a holistic and integrated approach to audit disclosures throughout the audit. SAS 134 updates AU-C sections 700, 705 and 706 and introduces a new ...
SAS No. 134 introduces the concept of Key Audit Matters or KAMs. Reporting of KAMs would occur if the auditor has been specifically engaged by the entity to communicate on KAMs. KAMs represent matters that, in the auditor's professional judgment, were of the most significance in the audit. KAMs are selected from matters communicated with TCWG.
725, 730, 930, 935, and 940. April 2020. The following is a quick summary of what you need to know about these SASs: SAS No. 134 changed the form and content for all auditor's reports under Generally Accepted Auditing Standards (GAAS). The changes are intended to enhance the communicative value and relevance of the auditor's report.
SAS 134 • AU-C Section 570, Going Concern: If, after considering identified conditions or events and ... • Engagement letters • Letters to management (IC) and TCWG • Written representations • Enhanced specificity to required auditing procedures • Related parties • Fraud • Responses to risk assessment • Group audits.
Responsibilities of Management for the Financial Statements; Auditors' Responsibilities for the Audit of the Financial Statements; Opinion. To draw the reader's attention to the auditor's opinion, SAS 134 mandates that the opinion be presented first. As you may recall, in the past the opinion was presented towards the end of the report.
The effective dates for SAS 134 and 135 were recently delayed by the Auditing Standards Board (ASB) to provide relief because of the pandemic. The standards will now take effect for audits of financial statements for periods ending on or after Dec. 15, 2021. Let's take a deeper look at what to expect as you consider SAS 134 and 135 in the ...
The AICPA Auditing Standards Board recently issued SAS 134, Auditors Reporting and Amendments, Including Amendments Addressing Disclosures of Financial Statements, and SAS 135, Omnibus Statement on Auditing Standards—2019. ... Engagement letters (AU-C 210) Expanded guidance suggesting obtaining written representations of potential ...
The At a Glance about SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements,summarizes how SAS No. 134 creates AU-C section 701, Communicating Key Audit Matters in the Independent Auditor's Report, and supersedes the following AU-C sections in AICPA Professional ...
SAS 134 was issued by the ASB to: 1) converge GAAS with the auditor reporting standards promulgated by the International Auditing and Assurance Standards Board (IAASB) and 2) to create consistency with the revised auditor reporting model supported by the Public Company Accounting Oversight Board (PCAOB). The revised reporting model is intended ...
Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, as amended,1 issued in May 2019, is aimed at en-hancing the relevance and usefulness of the auditor's report. SAS No. 134, as amended, replaces AU-C sections 700, Forming an Opinion ...
The objective of this group of standards will be to provide value to users by relocating the auditor’s opinion and the basis for the auditor’s opinion to a more visible position in the front of the report. Also, the revised language will be more transparent in defining the responsibilities of the auditor as well as the entityâ ...
The Auditing Standards Board (ASB), which issues Statements on Auditing Standards (SAS), recently issued SAS 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements. This new SAS is effective for periods ending after December 15, 2021, meaning that for reporting periods beginning 12/31/21, there will be a different look to the ...
The standard is effective for reporting periods ending on or after December 15, 2021. SAS 136 adds certain performance requirements for Employee Retirement Income Security Act of 1974 (ERISA) plan financial statement audit. It also changes the form and content of the auditor's report for employee benefit plans that are subject to ERISA.
permitted. Subsequently, SAS No. 141, Amendment to the Effective Dates of SAS Nos. 134−140, changed ... • Management is responsible for the preparation of the financial statements in accordance with ... provide written representations for both years (see paragraph .A127 of AU-C section 703). ...