As part of our Annual Single Audit, the University of Colorado Boulder is currently undergoing an external audit of our research and development (R&D) expenses and compliance. This process began in ...

The National Internal Revenue Code, as amended, empowers the Commissioner of Internal Revenue (CIR) to make assessments and prescribe additional requirements for tax administration and enforcement.

The American Institute of CPAs has released an analysis of single audits and found several factors contribute to audit quality, indicating why some firms are having problems doing the audits.

On April 22, 2024, the Office of Management and Budget (OMB) made some important changes to its Uniform Guidance on Single Audits. If your nonprofit receives federal grants, keep reading to see if ...

The suspension of tax audits by the Bureau of Internal Revenue (BIR) was not simply an operational interruption. It was an institutional acknowledgment that something deeper needed attention.

The massive influx of federal relief funding in response to the COVID-19 pandemic has created many audit challenges. There are new programs subject to single audits, along with existing programs ...

Nonprofit and for-profit organizations that received Paycheck Protection Program loans could unexpectedly find themselves confronting the “single audit” requirement for the first time, even though PPP ...

An audit is a formal check of financial accounts of an individual, business or organization. An internal audit is conducted by members of the same organization or business, and an external audit may ...

Internal Audit identifies all auditable activities and relevant risk factors, and assesses their significance through an annual risk assessment, utilizing the Committee of Sponsoring Organization's ...

An external audit focuses on a company's performance and compliance, specifically in the areas of accounting and finance. Accounting records are commonly examined in an external audit to make sure no ...