United States: Audit

The U.S. Department of the Treasury has announced a "comprehensive audit" of all contracts and task orders awarded under the U.S. Small Business Administration's 8(a) Business Development Program and other preference-based contracting initiatives, such as the HUBZone program, the Service-Disabled Veteran-Owned Small Business program, and the Women-Owned Small Business program.

Federal Reserve ("Fed") Vice Chair for Supervision Michelle Bowman has expressed a desire to sharpen the focus of the Fed's supervision of financial institutions.

As another audit season approaches, equity accounting—and how it affects the audit—is a perennial hot topic among accounting and financial reporting professionals.