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Need to know the important issues affecting audits performed under Government Auditing Standards and Circular A-133? This Audit Risk Alert focuses on emerging practice issues and current auditing developments as they relate to single audits. An important issue today is the impact of the American Recovery and Reinvestment Act of 2009. In addition to coverage of many audit considerations related to the Recovery Act, this alert also provides you with updates of GAO, OMB, and Federal Audit Clearinghouse related audit issues.
The targeted discussions of recent economic, technical, regulatory, and professional developments that may affect your audits will invigorate the audit team's brainstorming sessions required under AU sections 314 and 316 within the GAAS standards. Auditors, financial statement preparers, and management will find these same discussions helpful in identifying the significant risks that may result in the material misstatement of financial statements. In addition, the coverage of single audit specific issues will assist auditors in performing quality single audits.
New auditing pronouncements and exposure drafts that are particularly significant to this alert and covered in just the right amount of detail include:
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How This Alert Helps You
.01 This Audit Risk Alert (alert) helps you plan and perform your audits conducted in accordance with Government Auditing Standards (GAS or the Yellow Book) and Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Nonprofit Organizations (Circular A-133). This alert also can be used by an entity's internal management to address areas of audit concern. This alert provides information to assist you in achieving a more robust understanding of the business, economic, and regulatory environments where your clients operate. This alert is an important tool to help you identify the significant risks that may affect the audit and delivers information about emerging practice issues and current auditing and regulatory developments as it relates to audits performed under GAS and Circular A-133. You should refer to the full text of auditing pronouncements as well as the full text of any rules or publications that are discussed in this alert.
.02 It is important that you understand what is happening in the GAS and Circular A-133 arena if you perform these audits. This alert assists you in gaining an understanding of key developments regarding these audits. Refer to the section "The Recovery Act—Single Audit Issues and Developments" for a comprehensive discussion of the many areas impacted by the American Recovery and Reinvestment Act (Recovery Act).
.03 This alert concentrates on issues related to audits in accordance with GAS and Circular A-133, collectively referred to as a single audit. If you are performing a financial statement audit of a state, local government, or not-forprofit entity, you may refer to the following Audit Risk Alerts:
| • | Audit Risk Alert State and Local Governmental Developments— 2009 (product no. 0224309) |
| • | Audit Risk Alert Not-for-Profit Entities Industry Developments— 2009 (product no. 0224209) |
| • | Audit Risk Alert Health Care Industry Developments—2009 (product no. 0223409) |
| • | Audit Risk Alert Health Care Industry Developments—2009 (product no. 0223409) |
.04 These alerts can be obtained by calling the AICPA at
(888) 777-7077 or visiting www.cpa2biz.com.
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