Most Frequent Violations in Government Audits & Not-for-Profit Entities
Posted on June 9, 2015 View More News
The AICPA Professional Ethics Division has compiled a list of quality issues found in its investigations of government and not-for-profit entities audits over the last two years. Over that time, the Division has completed 606 investigations, 228 of which were government and not-for-profit entities. In instances where reporting, disclosure and auditing errors were noted, the practitioner often could have benefited from additional experience and specific continuing professional education in this specialized area. Also, a quality control review of the financial statements and risk areas could have detected the errors. When such quality issues are identified, the member is subject to remediation (e.g., continuing professional education, pre-issuance reviews of select engagements by an independent third party) and in some instances sanctions that include publication and admonishment, suspension or expulsion from AICPA membership.
The complete listing can be found at: http://www.aicpa.org/InterestAreas/ProfessionalEthics/Resources/EthicsEnforcement/Pages/default.aspx
