March 21st release notes

PPC's Practice Aids™ - Audits of Nonprofit Organizations (01-24) OPNPQ

Enhanced Practical Guidance
. The
Practice Aids
provide enhanced practical guidance to help in your risk assessment process performed following the requirements of SAS No. 145,
Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
. This edition of the
Practice Aids
builds on the guidance provided last year to identify significant classes of transactions, account balances, or disclosures, as well as understand the entity’s system of internal control under SAS No. 145, and incorporates additional guidance based on feedback from practitioners implementing SAS No. 145.
Focus on Audit Quality
. Improving audit quality continues to be of interest to standard setters and practitioners. Recent auditing standards, such as SAS No. 145 and SAS No. 143,
Auditing Accounting Estimates and Related Disclosures
, place particular focus on executing quality audit procedures through all phases of the audit to perform an audit that appropriately assesses and addresses the risks of material misstatement. Your
Practice Aids
equip you with the best available practical guidance and tools to comply with relevant standards.
Updated AICPA Not-for-Profit Entities Audit and Accounting Guide
. The
Practice Aids
are updated for relevant changes from the March 1, 2023, edition of AICPA Audit and Accounting Guide,
Not-for-Profit Entities
.
Updated Guidance on Single Audits
. The
Practice Aids
provide up-to-date guidance for performing and reporting on Single Audits, including the latest guidance and tips to help practitioners successfully perform audits of nonprofit organizations that are required to be conducted in accordance with the OMB’s
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance) audit requirements. In addition, the
Practice Aids
are updated for the changes in the 2023 Compliance Supplement and the 2023 edition of the AICPA Audit Guide,
Government Auditing Standards and Single Audits
.
Comprehensive, Up-to-date Disclosure Checklist
. We've updated the disclosure checklist for nonprofit organizations for the ASUs issued since the last edition of the
Practice Aids
.

PPC's Practice Aids™ - Audits of Form 11-K Benefit Plans (01-24) OP11Q

Updated for New Guidance and Standards
. The audit programs, checklists, letters, other practice aids, and practical guidance throughout your
Practice Aids
have been updated for recently issued authoritative literature, new regulatory requirements and developments, and other guidance including the following:
The 2023 version of Form 5500.
The 2023 version of the AICPA Audit and Accounting Guide,
Employee Benefit Plans
.

Recent PCAOB Developments
. As an auditor of Form 11-K benefit plans, you know it's critical to stay current with the latest developments at the PCAOB. Your
Practice Aids
have been updated for recent activities at the PCAOB that can affect your upcoming audits. We’ve incorporated insights from recent PCAOB activities, including recently proposed and adopted standards pertaining to the use of other auditors, quality control, and the use of confirmations.
New Practice Aid
. We've added a new practice aid for this year’s edition to help in your documentation of more challenging areas of the audit. P11-CX-11.4, “Auditing Accounting Estimates,” provides guided steps to enhance your documentation of the procedures performed to audit accounting estimates, including fair value measurements. While the form isn't required, you may benefit from the additional guidance in this area that often requires varying degrees of documentation depending on the specific circumstances of each audit.
Enhanced Practical Guidance
. We've provided enhanced practical guidance to help in your risk assessment process performed following the requirements of SAS No. 145,
Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
. This edition of your
Practice Aids
builds on the guidance provided last year to identify significant classes of transactions, account balances, or disclosures, as well as understand the Plan’s system of internal control under SAS No. 145, and incorporates additional guidance based on feedback from practitioners implementing SAS No. 145.
Comprehensive, Up-to-date Disclosure Checklist
. The most effective way to ensure that required information is disclosed in the financial statements you audit is to use our comprehensive disclosure checklist. The disclosure checklist has been thoroughly updated to provide you the most current and comprehensive tool to help you ensure the financial statements you audit comply with authoritative pronouncements.