- In an effort to make US generally accepted auditing standards (GAAS) easier to read, understand, and apply, the Auditing Standards Board (ASB) undertook an effort to redraft all of the auditing sections in the Codification of Statements on Auditing Standards. This is also known as the Clarity Project. The ASB established drafting conventions and, among other improvements, the new standards more clearly specify the objectives of the auditor and the requirements with which the auditor has to comply when conducting an audit in accordance with GAAS.
- Fraud can be detrimental to an organization, both financially and culturally. Over the years, we have encountered many cases of fraud in a variety of industries. The following three examples reflect fraud our specialists have either discovered or helped investigate, along with behavioral warning signs and tips for preventing similar acts in the future.
- Following are summaries of some of the more pertinent actions taken by various working groups throughout the NAIC Summer 2012 National Meeting.
- A Service Concession Arrangement (SCA) in the public sector generally refers to a negotiated contract which gives an entity the right to do business with government assets, with some specific requirements. Recently, Governmental Accounting Standards Board Statement No. 60, "Accounting and Financial Reporting for Service Concession Arrangements" became effective for periods beginning after December 15, 2011. This statement provides guidance on how to account for Service Concession Arrangements (SCAs) or what has been commonly called Public Private Partnerships (P3s) in the public sector. This article will discuss the potential that SCAs can have in helping governments with financing and transferring certain risks of large projects in your community.
- Baker Tilly is committed to achieving the highest quality audits. As you may already know, our firm is a member of the AICPA’s Governmental Audit Quality Center (GAQC), which entitles us access to key information and comprehensive resources that we use to help ensure our compliance with appropriate professional standards and laws and regulations that affect our audits. Through our membership in the GAQC, we also adhere to membership requirements designed to enhance the quality of our audit practice. We are pleased to inform you that the GAQC has recently launched a new Auditee Resource Center, which is intended to assist procurers of audit services (i.e., auditees). We hope that as an auditee, your organization will take advantage of this great resource.
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