Single Audits Are Not What They Used to Be: Certified Public Accountant

Single Audits Pre-COVID-19 The Single Audit Act requires that audits be performed annually, except for certain entities that have been grandfathered in for biennial audits, on behalf of all federal agencies by independent accounting firms or by individual states' internal auditors. Most of these awards were granted in 2021;however, this program was not included in the 2021 OMB Supplement. [...]auditors had to determine which compliance requirements needed to be tested using Part 7 and Part 3 of the supplement. Typically, the audit threshold for a single or program-specific audit of federal awards is based on expenditures. Because for-profit entities are not required to adhere to the audit requirements in 2 CFR Part 200, the SBA has the flexibility to define audit requirements and thresholds specific to the SVOG program. [...]the SBA has defined the audit threshold for a for-profit entity that has received an SVOG award based on the GAAP principle of revenue recognition, specifically applied to recognition of an SVOG award.

Transformation Processes of Audit in Covid-19 Conditions

The article examines the features of the financial audit traditional forms transformation in the context of the COVID-19 pandemic. The peculiarities of conducting a financial audit in compliance with quarantine restrictions are considered. The advantages and prospects of implementing agile-audit in Ukraine are analyzed. The need to introduce the institute of electronic audit as one of the methods to reduce the impact of the COVID-19 pandemic on the economy of Ukraine has been identified. It is noted that one of the elements of combating the consequences of COVID-19 is the use of digital technologies in compliance with tax legislation, namely electronic audit of business entities. It is determined that the content of electronic audit is the use of a specialized tax file Standard Audit File for Tax, which will allow auditors to freely obtain information for tax audits. The current normative and legal regulation of the functioning of the institute of electronic audit in Ukraine is studied, as well as draft laws aimed at improving the normative regulation of electronic audit. A number of measures have been proposed to improve audit processes to prevent the consequences of the pandemic and the full implementation of electronic audit in the traditional system of verification and tax payers activities. It is concluded that the quarantine audit can no longer be performed by traditional methods and it is determined that them a inform of audit is remote audit, which, despite the restrictions, should be conducted in accordance with established international standards, considering pandemic restrictions. It is proposed to consolidate the concept of "electronic audit" at the legislative level to start the functioning of electronic audit in Ukraine;at the regulatory level to determine the structure of the Ukrainian version of the specialized tax audit file SAFTUA, to form a phased procedure for electronic audit;develop an accurate plan for the implementation of electronic audit institute;develop appropriate software for auditors. Among other things, it was deemed necessary to provide special training courses for auditors in order to acquaint the latter with the new audit procedure. It is concluded that conducting an agile audit can allow for an effective audit and become a key element of business success.

AUDITING REMOTE WORKPLACE SECURITY

Remote workplace security (RWS) is an area that maps the security of the defined work procedures of managing the work of employees outside the company's internal environment, which is in many ways riskier and more demanding for the company to be managed effectively. The importance of this area increased with the advent of the COVID-19 pandemic when most companies had to produce a series of measures that led to at least a partial introduction of work from the home office (HO). In a very short period of time, they faced the dilemma of allowing employees to work from home instead of working within the secure perimeter of the corporate network. These measures have undoubtedly led to a change in the approach of companies and the introduction of new working procedures and tools. For many companies, this has been a general change in the philosophy of human capacity management approaches and a change in processes evaluation The aim of this paper is to present a comprehensive best practice overview on how to approach an audit activity on Remote workplace security. © 2022 IDIMT. All rights reserved.

Issues of planning, preparing and conducting remote audits in aerospace organizations

The article focuses on the issue of selected aspects related to the planning, preparation and implementation processes of remote audits in aerospace organizations. It informs about the definition of remote audit and the main advantages and disadvantages of this type of audit. The author describes the criteria that should be assessed in terms of the decision-making process for conducting remote audits. Emphasis is placed on general criteria, criteria in the information and technology (ICT) area and risk-based criteria. At the same time, the author pays attention to aspects, factors and information that should be taken into account in the process of planning, preparation and performing of remote audits in aerospace organizations (which are generally applicable in these processes, and also in the use of remote audits in other sectors and organizations).

Overcoming Department of Defense Site-visit Limitations During the Pandemic

Generally Accepted Auditing Standards (GAAS) and Generally Accepted Government Auditing Standards (GAGAS) establish measures of the sufficiency and appropriateness (quantity and quality) of audit evidence to reduce audit risk to an acceptably low level. [...]these standards rarely dictate or limit how audit evidence is obtained. Typical Reasons for a Site Visit Site visit objectives vary, but most are conducted to perform transaction cycle walkthroughs;inspect facilities and observe physical controls (e.g., system security) or other control activities;attend physical inventory counts;and test property. Existence testing through video or photography parallels the reliability of an on-site presence when specific controls can ensure accuracy, such as time-stamp photographs, digital camera date displays, or framing an artifact (e.g., that day's newspaper) sent by the auditors for use in the test.

Exploration of Environmental Protection-Oriented Ecoenvironmental Performance Audit System

In the era of the COVID-19 (SARS-CoV-2) virus, it has become imperative to audit the environment surrounding us to prioritize public health and the healthcare system. This study aims to accelerate the reform of the economic development modes and the construction of a resource-friendly society. The environmental protection-oriented ecoenvironmental performance audit system is studied here. Based on the current situation of regional ecological pollution in the Yangtze River Economic Belt, the situation and existing problems are analyzed for the ecoenvironment in the Yangtze River Economic Belt from the perspectives of biodiversity, water ecoenvironment, wetland ecoenvironment, and forest ecoenvironment. Then, the situation is deeply analyzed for the ecoenvironmental performance audit project in the Yangtze River Economic Belt. Afterward, we explore the basic characteristics of the environmental audit and summarize the implementation path of resource and environmental audit. The results show that there are some problems in the control and utilization of funds for environmental protection and the development and protection of resources in the cities along the Yangtze River Economic Belt. Then we analyze the problems in the ecoenvironmental performance audit of the Yangtze River Economic Belt and give some suggestions for improving the ecoenvironmental performance audit work. The objective of this paper is to improve the application effect of ecoenvironmental performance audit and provide references for future environmental protection work which will have great impacts on public health and the development of healthcare services.