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GAO Updates "Yellow Book" Standards for Government Auditing, FASB Issues Standard Devoted to Minor Codification Improvements, and more

by MICPA | Jul 24, 2018   ()

GAO Updates "Yellow Book" Standards for Government Auditing
The U.S. Government Accountability Office (GAO) issued a new revision of Generally Accepted Government Auditing Standards, also known as the “Yellow Book.”  Last revised in 2011, the Yellow Book is designed to help government auditors at the federal, state and local levels produce high-quality audits.
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When Will a Company's Website Create Nexus with a State for Sales Tax Purposes Post-Wayfair?
The Supreme Court’s decision in Wayfair has shifted our understanding of when a state can tax out-of-state companies. Now, with the physical presence requirement eliminated, the Due Process Clause will be increasingly important. Companies that maintain a website and sell to out-of-state residents must now consider whether those states impose a sales tax obligation on an ongoing basis. 

Note: this is the fifth in a series of articles prepared for MICPA members from state tax experts at Foster Swift Collins & Smith that examines the far-reaching impact of the Wayfair decision.
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FASB Issues Standard Devoted to Minor Codification Improvements
The Financial Accounting Standards Board (FASB) made clarifying changes and corrected an unintended application of guidance in a standard that updates its Accounting Standards Codification. The Journal of Accountancy online explains
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Member Comments Encouraged on Auditing Standard Proposal
The AICPA Auditing Standards Board is seeking comments by Oct. 11 on a proposal to make numerous changes to attestation standards, including to flexibility on terminology related to what’s commonly referred to as "review engagements."
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Municipal Stability Board Releases Best Practices and Strategies to Help Local Units with Underfunded Retirement Benefits
The Municipal Stability Board has released a best practice and strategies document to help local units of government find solutions to their underfunded retirement benefits, according to the Michigan Department of Treasury. The document provides recommendations for the funding, design and administration of retirement benefits.
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New Licensure Requirement: Michigan Specific Ethics
While four hours of ethics CPEduring each two-year reporting period has been a requirement of Michigan CPAs, as of June 2018, one of those hours must be state-specific. The MICPA offers the only course that qualifies and will be accepted by the state – Michigan Specific Ethics 2018-19 Edition. Find current offerings here.
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Protect Your Clients, Protect Yourself: Basic Computer Safeguards
As part of the continuing Tax Security 101 series, the IRS and its Security Summit partners outlined six critical steps tax professionals should take to protect their electronic systems and safeguard taxpayer data.
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Where to Get Your CPA and Member Certificates
Did you know you can request your state licensing certificate and MICPA member certificate from the MICPA? Display your expertise with frame-worthy certificates, provided free to MICPA members. The MICPA website showcases the latest certificate imagery.
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Source: MICPA
Source: MICPA

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