Author Archives: Charles Blanton, CPA
Sometimes, not-for-profits and governments can be tempted to not take their grant applications and reporting seriously. However, entities which choose this path do so at their own peril. For example, in March 2019, Duke University agreed to pay the federal government $112,500,000 to resolve claims that it violated the False Claims Act by submitting applications […]
The 2018 Yellow Book is effective for financial audits for periods ending on or after June 30, 2020. However, that does not mean that auditors can wait until 2020 to become familiar with the new standards. A prime example of why early familiarity is necessary lies in the area of independence. Under the Yellow Book, […]
Throughout 2019, not-for-profit entities (NFPs) are implementing ASU No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities. ASU No. 2016-14 allows flexibility in how and where certain information is presented. Recently, I reviewed the audited financial statements for 20 NFPs which have implemented ASU No. 2016-14 to see the choices they are making. NFPs are […]
We’ve all been there. In a meeting to discuss a significant change that is occurring we sense that we should say something. But what? This scenario closely aligns to what many firms are encountering as they audit the first round of not-for-profits that have implemented ASU No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities. […]
While the Yellow Book has been around since 1972, it was the 1988 revision of the standards which first established specific hourly CPE requirements for auditors working on Yellow Book engagements. The genesis of the CPE requirements stems from auditing history and experience as much as anything. When auditors leave college, they typically have little […]
If you are a movie fan, you are likely looking forward to this summer’s releases of Solo, A Star Wars Story, Incredibles 2, or perhaps Jurassic World: Fallen Kingdom. Well, if you audit governments and/or not-for-profits, another summer blockbuster to watch for is the 2018 Yellow Book revision. It is estimated that the new Yellow […]
