| Dear Center Members: |
| This GAQC Alert provides information on the following:
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2019 Supplement Web Event
If you attended the recent annual GAQC Webcast, you know that the 2019 OMB Compliance Supplement is expected to contain significant changes and updates that will affect your single audits, including a federal 6-requirement mandate for each program and an updated section on internal control. To learn more about these changes, you should attend the upcoming GAQC Web event, OMB Compliance Supplement and Single Audit Update, which will be held on Wednesday, June 5, 2019, from 1:00 PM to 3:00 PM (Eastern Time). Presenters for the event are Kim McCormick, Grant Thornton LLP, and Lindsey Oakley, BKD. This event will provide you with:
- An overview of what is changing;
- The latest news on timing; and
- An update on other relevant single audit activities.
GAQC Member Registration: GAQC members can register now using the continuing professional education (CPE) or no-CPE options.
To ensure you receive CPE for this Web event, please complete your online registration by noon on Wednesday, June 5, 2019.
2019 DCF Web Event
The new 2019 DCF is soon expected to be released by the Federal Audit Clearinghouse (FAC). To help members learn more about the new Form, the GAQC is hosting a Web event, 2019 Data Collection Form and Federal Audit Clearinghouse Update, on Thursday, June 20, 2019, from 1:00 PM to 3:00 PM (Eastern Time). The presenters for this event include representatives of the FAC, Brittney Williams of Heinfeld, Meech & Co., and George Strudgeon with the Virginia Auditor of Public Accounts. Participants in this event will learn about:
- Key changes affecting auditors, including a new requirement for auditors to transfer the text of audit findings to the DCF.
- New auditee requirements that also involve text transfer from the notes to the schedule of expenditures of federal awards and corrective action plans to the DCF.
- Changes that users will encounter when entering information into the FAC Internet Data Entry System (IDES).
GAQC Member Registration: GAQC members can register now using the CPE option.
To ensure you receive CPE for this Web event, please complete your online registration by noon on Thursday, June 20, 2019.
ASB Issues Auditor Reporting and Omnibus Auditing Standards
The ASB just issued SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements and SAS No. 135, Omnibus Statement on Auditing Standards—2019, which will become effective for audits of financial statements for periods ending on or after December 15, 2020. Early implementation is not permitted. Members can access the standards and other free and for-sale resources here.
SAS No.134 includes a new AU-C section 701, Communicating Key Audit Matters in the Independent Auditor's Report, replaces several existing AU-C sections, and amends various others. It 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 audit of financial statements.
- The auditor's responsibilities, and the form and content of the auditor's report, when the auditor concludes that a modification to the auditor's opinion on the financial statements is necessary, and when additional communications are necessary in the auditor's report.
SAS No. 135 is intended to more closely align ASB guidance with the PCAOB's standards by primarily amending AU-C section 260, Communications With Those Charged With Governance, AU-C section 550, Related Parties, and AU-C section 240, Consideration of Fraud in a Financial Statement Audit, in AICPA Professional Standards.
The GAQC has already begun considering the impact of these standards on governmental audits and related auditor reports. Revisions will likely be proposed as conforming changes to AU-C 935, Compliance Audits, to align compliance audit reporting with the new reporting formats. Additionally, the numerous report illustrations in the AICPA Audit Guide, Government Auditing Standards and Single Audits, and the Audit and Accounting Guide, State and Local Governments, will also need to be updated. This will be an active project of the GAQC over the upcoming year.* * * * *
Sincerely,
AICPA Governmental Audit Quality Center |
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| In This Alert |
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| Don't Forget! |
| The next GAQC Web event, 2019 State and Local Government Audit Planning Considerations, is on Tuesday, May 14, 2019, from 1:00 PM - 3:00 PM (Eastern Time). Register now! |
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| Additional Resources |
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| Stay Informed |
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