Government Auditing Standards and Circular A-133 Developments Audit Risk Alert

Find out about important issues affecting audits performed under Government Auditing Standards and Circular A-133, and how current developments affect these audits. This Audit Risk Alert focuses on emerging practice issues and current auditing developments, including the impact of the American Recovery and Reinvestment Act of 2009 on current year single audits. This alert also provides you with updates on GAO, OMB, Federal Audit Clearinghouse, and other agency developments.

New auditing guidance and exposure drafts that are particularly significant to this alert and covered in just the right amount of detail include:

• SAS No. 119, Supplementary Information in Relation to the Financial Statements as a Whole
• Government Auditing Standards, 2010 Exposure Draft

This alert also includes information on emerging issues such as:

• OMB Compliance Supplement
• OMB Improper Payments Initiative
• Federal Funding Accountability and Transparency Act Subaward Reporting System
• Issuing an “In Relation to” Opinion under SAS No. 119

To comply with the professional standards, auditors need to understand the industry, regulatory, and other external factors that affect the entity and its environment. This book helps you identify those factors and how they may be a source of risk. You’ll not only find targeted discussion of new developments and considerations, but also a look at what’s in the pipeline that may affect your engagements.

For a topical listing of subject matter by chapter, click on the Table of Contents tab.