2019 Compliance Supplement Errors?? Now What??
A recent letter by the American Institute of Certified Public Accountants to the Office of Management and Budget highlighted numerous errors in the 2019 Compliance Supplement and requested "immediate action" to address them. OMB is now taking the dramatic step of issuing a technical correction to the supplement sometime soon. What were the errors and what does this mean for auditors conducting audits under the 2019 supplement? What can we now expect from the 2020 supplement? This video discusses AICPA's concerns and includes OMB's responses made to the association at a recent AICPA auditing and accounting conference.