United States: Audit

GASB’s proposed amendment to Statement No. 34 could significantly change how infrastructure assets in governmental financial statements are defined, depreciated, and disclosed.

On May 29, 2026, the Illinois General Assembly passed Senate Bill 315 (SB 315), which, when effective, would impose public transparency, critical safety incident reporting...

The U.S. Department of Health and Human Services has launched a new initiative using artificial intelligence to analyze years of audit reports from federal healthcare funding recipients across all 50 states. This program, called AERO, aims to identify unaddressed audit deficiencies and combat healthcare fraud by leveraging AI tools like ChatGPT to review extensive audit documentation that would typically go unexamined.

On May 5, 2026, as previously previewed, the SEC proposed an option that would allow domestic Exchange Act reporting companies to file a single semiannual report...

There is good news on the horizon for taxpayers who owe delinquent taxes in Indiana. Indiana’s third-ever amnesty program is set to open in July 2026 in an effort to help individuals...

Investment fund managers face significant challenges during annual audits, from organizing extensive documentation to navigating GAAP compliance requirements. Understanding how strategic audit preparation can reduce costs, minimize disruptions, and streamline the entire audit process is essential for funds of all sizes.

The first quarter of 2026 brought significant developments in accounting standards, regulatory changes, and market dynamics. Three major FASB updates are expected in Q2 2026, while the SEC prepares a potentially transformative proposal to make quarterly reporting optional for US public companies.

Strategic environmental compliance audits are voluntary reviews that help companies identify and correct environmental compliance risks before enforcement actions arise.

The U.S. Department of Labor’s Wage and Hour Division (WHD) offers the Payroll Audit Independent Determination (PAID) program as a voluntary pathway for employers to self-identify and resolve certain wage-and-hour...