Government Outlook

Industry: Government

• 05.09.2012 - The Death of SAS70 - The Birth of SSAE16 Standards
  In 1980 the American Institute of Certified Public Accountants (AICPA) implemented the Statement on Auditing Standards No. 70, commonly known as SAS No. 70, to review and evaluate the internal controls of a service organization. SAS No. 70 quickly became a standard for the user organizations to obtain assurance that their data was being protected and managed in a secure manner. At the same time, service organizations were using SAS No.70 as a way to show existing and potential customers that they were utilizing industry best practices.
• 04.27.2012 - Business Software Technology Alignment
  In our last newsletter we introduced the concept of reviewing and assessing the alignment of your business software technology with your business strategy, processes and people. You might wonder how your business software could get out of alignment in the first place and what impact it could have on your business. It is important to understand how to recognize the symptoms and be able to make critical business decisions for your business when the time comes.
• 04.03.2012 - The ABCs of Cloud Computing
  The term “cloud computing” is the new buzz word and hot topic among many businesses and professionals. Unfortunately, many people do not truly grasp its capabilities, limitations and benefits.
• 04.02.2012 - The Federal Office of Management and Budget Proposes Changes to The Federal Single Audit and Related Circulars
  The Federal Office of Management and Budget (OMB) proposed new rules surrounding the federal single audit on February 28, 2012 in the Federal Register Vol. 77, No. 39. This represents the first efforts in many years to revamp the federal single audit process.
• 03.26.2012 - Independence and Integrity: The 2011 Yellow Book Revisions
  As government entities continue to face significant budget cuts, high unemployment rates and rising prices, it has become more necessary and common for auditors to provide additional advisory and consulting services to help their clients make informed financial decisions for their organization. As a result, in December 2011, the U.S. Government Accountability Office (GAO) issued its 2011 revision of Government Auditing Standards. This standard, more commonly known as the “the Yellow Book”, continues to give auditors guidance on performing high quality audit work that provides the accountability, integrity and transparency that the public has grown to expect from their auditors.
• 03.23.2012 - Economic Condition Reporting: Financial Projections
  The Government Accounting Standards Board (GASB) has issued preliminary views supporting the inclusion of forward-looking projections in the basic financial statements as Required Supplementary Information. Through these views, the GASB has tackled the formerly nebulous idea of the fiscal sustainability of a government entity. The board has noted that the purpose of government financial statements is to provide the users of those statements a clear picture of the entity’s economic condition, of which, fiscal sustainability is the forward-looking component. The GASB has determined that the historical data currently included in the financial statements is not sufficient to present a holistic picture of the state of a government entity.
• 03.12.2012 - The Forensic Accountant
  Many people associate forensic accounting with fraud, which is partially true. In fact, forensic accounting deals with several areas of specialized knowledge, in addition to fraud.
• 02.24.2012 - Middle Class Tax Relief and Job Creation Act of 2012
  President Obama on February 22, 2012, signed into law a much-anticipated extension of the employee-side payroll tax cut through the end of 2012. After weeks of uncertainty over whether an agreement could be reached, the House passed the Middle Class Tax Relief and Job Creation Act of 2012 (H.R. 3630) by a vote of 293 to 132 on February 17, 2012.
• 02.22.2012 - Congress Passes Payroll Tax Cut Extension Through 2012
  On February 17, Congress passed H.R. 3630, the “Middle Class Tax Relief and Job Creation Act of 2012” (the Act) and sent it to the President for his signature. The Act extends the 2-percentage-point payroll tax cut through the end of 2012, and also repeals a number of estimated tax shifts for large corporations. Here are highlights of the tax changes in this new law.
• 02.02.2012 - The 2012 Offshore Voluntary Disclosure Program
  On January 9, 2012, the IRS reopened the offshore voluntary disclosure program (the “2012 OVDP”) to give taxpayers with unreported foreign accounts a chance to become current on their taxes and reporting obligations while mitigating the risk of criminal prosecution.
• 02.02.2012 - Connecticut Job Expansion Tax Credit (JET) Presentation Now Available
  Connecticut businesses can be eligible for Connecticut tax credits of $500 per month for each new full‐time Connecticut job created. If the new employee is receiving vocational rehabilitative services from the Bureau of Rehabilitative Services, receiving unemployment benefits, or is a veteran then the tax credit is increased to $900 per month. These credits will be available for each new Connecticut employee hired between January 1, 2012 and prior to January 1, 2014 for a period of three years. Download our presentation to learn more about which taxes the credit may be applied against and how to apply.
• 01.06.2012 - Revised Standard Simplifies Goodwill Testing for Impairment, Testing Goodwill for Impairment
  On September 15, 2011, Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) No. 2011-08, Testing Goodwill for Impairment. This update is intended to reduce the cost and complexity of the annual goodwill impairment test by simplifying how an entity tests goodwill for impairment.

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