SAS No. 136 and Employee Benefit Plans: What is a Reportable Finding? Plan management and plan sponsor personnel have likely heard from their auditors about auditing standard changes impacting their ERISA (Employee Retirement Income Security Act of 1974) audits for the Plan year ending December 31, 2021. These changes primarily result from the implementation of […]
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On June 18, 2020, the Office of Management and Budget (OMB) issued Memorandum M-20-26, Extension of Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to Loss of Operations, which will impact organizations that have received federal funds under the COVID-19 Emergency Acts and organizations that […]
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This article was originally published with updates to FASB updates on December 10, 2019 and was most recently updated on June 5th. It is being updated as new information becomes available. On June 3, 2020, the FASB issued Accounting Standards Update (ASU) 2020-05, Revenue from Contracts with Customers (ASC 606) and Leases (ASC 842) Effective […]
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Processing accounts payable transactions is one of the most significant activities in a contractor’s operations and is an essential component in managing cash flow and project budgets. Unfortunately, the accounts payable function is vulnerable to fraud by individuals inside and outside of the company, and it is becoming more common and more costly. Below are […]
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On September 12, 2019, the Financial Accounting Standards Board issued a revised proposed accounting standards update for the Classification of Debt (Topic 470). Comments from the public on the revised exposure draft are due no later than October 28, 2019, with FASB re-deliberation to follow. Although the revised exposure draft has not significantly changed from […]
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Overview of SAS No. 136 On July 10, 2019, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) issued Statement on Auditing Standards No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (EBP SAS) for financial statement audits of employee benefit plans […]
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Carmel, Ind. (November 23, 2022) – The accounting and consulting firms of Alerding CPA Group (Indianapolis, Ind.) and Blue & Co., LLC (Carmel, Ind.) have announced their merger. The combined firm will operate as Blue & Co., LLC (Blue & Co.), effective December 1, 2022. This acquisition will provide Blue & Co. with greater market […]
By: Holly Fields, CPA, Senior Manager Not-for-profit organizations (NFPs) that receive federal financial assistance over certain levels, either directly from a federal agency or indirectly through state or local agencies, may be required to have a single audit performed under Federal Uniform Guidance. Single Audit Requirements A single audit includes not only an audit of […]
Every three years, the Centers for Medicare and Medicaid Services (CMS) requires any Hospital that is subject to the Inpatient Prospective Payment System (IPPS) to complete an Occupational Mix Survey (OMS). This data is then used to calculate an Occupational Mix Adjustment Factor (OMAF). The occupational mix adjustment impacts a hospital’s average hourly wage and […]
