Josh Casey, CPA

Register for our webcast discussing 2024 Revisions to OMB Uniform Guidance. https://lnkd.in/g8N_Qqhh Anita Shah and Matthew Dinsdale share tips on how to prepare for and make the most of higher thresholds and reduced complexity in grant management. #mossadams #omb #notforprofits #nonprofits #highereducation #singleaudits #federalregulations #uniformgudiance

2

Clean Power Alliance, a Los Angeles area Community Choice Aggregator (CCA), is doing an interesting experiment in deploying DERs. They are placing them on low-income properties without any cost to the property owners and residents to make them part of a virtual power plant network. In other words, they effectively pay the property owners a lease and give some of the system benefits for creating grid-enhancing capacity. https://lnkd.in/gXNRrZ85 This summer, my colleagues at the Center for Public Enterprise and I wrote this paper on the potential of VPPs not just for grid resilience but to restructure how we value DERs relative to wholesale generation and separate their deployment from household balance sheets. I am very excited to see how this experiment goes! https://lnkd.in/gJgra5Sa

6

The Department of the Treasury and the Internal Revenue Service have released the final rules for the Sec. 48 Energy Credit – also known as the federal investment tax credit (ITC). 🔗Read more about this story and our other notable updates mentioned below in this week's Renewable Energy Update: https://hubs.li/Q02_Gdsb0 ✔️ San Diego Board of Supervisors sidesteps new rules for battery projects amid fire concerns ✔️ A new way to fix grid bottlenecks for EV charging: flexible connection ✔️ Arevon powers up 384 MW/600 MWh California solar-plus-storage site #RenewableEnergy #Energy #RenewableEnergyUpdate

2

This week's episode breakdown from The Audit Podcast. In this episode, we’ve got a lineup of experts sharing the "how" behind their insights. From thought leadership to actionable steps, we've compiled practical advice you can implement right away. #Audit #InternalAudit #Podcast #Advice #Experts

15

2 Comments

The AICPA Consulting Standards are often misunderstood, though much of a CPA’s work can fall under this guidance. Gain an understanding of the Consulting Standards here. #CPAHallTalk, #consultingstandards https://lnkd.in/gEYgGBCA

14

2 Comments

📣 Big Changes Coming for Federal Award Recipients! The 2024 Revised Uniform Guidance is here, bringing the biggest updates since 2014. Here’s what you need to know: ✨ Higher Audit Thresholds: The single audit threshold has increased from $750K to $1M, making it easier for smaller organizations to focus on their missions. ✨ Simplified Cost Structures: Modified Total Direct Cost (MTDC) and equipment capitalization thresholds are now higher, easing reporting requirements. ✨ Clearer Guidance: New plain language revisions clarify confusing sections and reduce paperwork for awardees. ✨ De Minimis Rate Bumped Up: The rate rises from 10% to 15% for more accessible cost recovery. These updates are effective for awards from Oct 1, 2024. 🗓️ Get ready by reviewing your policies and financial systems! #uniformguidance #federalawards #nonprofits #grantmanagement #singleaudit #grantreporting #mandalacpa #federalawards

10

We are one week into our pilot with DAS at AAFCPAs! During the month of May, our pilot teams are focused on planning parties. The AICPA methodology behind Caseware’s DAS audit software requires a thorough and intelligent planning process before you can move forward with audit steps. 💡 Of course this thinking process ties perfectly with adopting a risk based audit approach! 🎁 We are half way through our planning process and getting used to how it feels to be working in a cloud based product. Navigating a cloud based product takes some time to get used to but being able to work from anywhere is 🔥. We also structured our planning parties to have the entire team work through planning together. Our seniors have enjoyed the knowledge transfer from managers and partners and coming together to think about risks and our audit response has benefited the entire team. We are connecting the dots together, and seniors aren’t moving ahead to do substantive work without the partner’s approval of the audit procedures. This product will change ⏱️How much time we spend in each audit phase 📆How we manage our resources and schedule audits 📞How often we communicate with clients during the year ✅When review of the audit work occurs 🌟I’m really impressed and feel like this product helps all auditors connect the dots between the risk and why we do the audit procedures.

30

2 Comments

Join CRI's Government and Public Sector advisory team for this live CPE-eligible session focusing on recent developments in state and local governmental accounting and auditing, including: • The Governmental Accounting Standard Board's (GASB) new Statement 102 on risk disclosures • The latest and most notable topics related to Single Audits • The Financial Data Transparent Act (FDTA) and its implications for governments • The accomplishments of the GASB at 40 and what's in store for 2024 Learning Objectives • Understand the new GASB requirements for disclosing risks in notes to financial statements • Recognize changes to the Single Audit and the resulting key challenges • Discern the provisions of the FDTA and how they may affect governments • Learn about the new standards and proposals the GASB has planned for this year Live webinar attendees are eligible for 2 CPE credit hours. For registration information, visit https://cricpa.com/events. #GASB #GovernmentalAccounting #CRIwebinar

5

Benchmarking your audit plans has never been easier! 💪 JW's "annual report helps me ensure that I don't overlook anything in my audit planning & risk assessment" -- CAE at publicly traded healthcare company 🏥

3

GASB issued Statement 103 which amends certain key components of the financial reporting model to enhance the effectiveness of governmental financial reports. Read our alert to learn about the amended guidance and how it could impact your organization. #mossadams #accounting #gasb #governments

4

Go to slide 9 showing how far and fast the grid is falling behind in being able to connect utility scale renewables. Yet, the California Public Utilities Commission continues to create obstacles to the growth of distributed generation.

5

5 Comments

The demands placed on external auditors were paused. The PCAOB has temporarily shelved its rule rewrite on auditors flagging illegal acts, citing the need for consultation with the SEC under the incoming administration. https://bit.ly/416K2um

6

Today, Edison International published Reaching Net Zero, a forward-looking analysis that reinforces the urgent need for public-private collaboration, enhanced efficiencies and significant investment in clean firm generation to meet California’s goal of net-zero greenhouse gas emissions by 2045.   While California’s clean energy future is within reach, it is not assured. We need proactive planning to address and navigate challenges and risks.   Edison International is committed to delivering 100% clean electricity to customers and reaching net-zero GHG emissions by 2045. I hope you’ll take some time to read this significant new analysis.   Read more here: https://lnkd.in/gWVNyKCX   #NetZeroBy2045 #cleanenergy #sustainability #renewableenergy #ClimateWeekNYC

319

10 Comments

Does this messaging confuse anyone else? On one hand, the PCAOB is citing issues related to remote working, outsourcing, and use of shared service centers as problematic to audit quality, but then state that inspection results have improved for the larger firms. I am under the impression that the larger firms leverage remote working, outsourcing, and use of shared service centers more readily than smaller firms and have done so for a much longer time period. Maybe its just me... Link to the FT article on the culture report: https://lnkd.in/eg2K2W_y PCAOB news release on the culture report: https://lnkd.in/e_B5FAKA PCAOB news release on the improved deficiency rates of larger firms: https://lnkd.in/ezMuTUDu

30

19 Comments

May Peer Reviewer Alert has important guidance on peer review disclosure checklist re: specific disclosure references/non-specific disclosure references.

9

How $25 changed my vision of internal audit Sitting in a cosy coffee shop, Iryna Yurievna was immersed in memories of her younger years. Now she is an experienced auditor, forensic expert, and director of the firm, but back then she was just a young intern who was just starting out in the profession. Her first steps in the world of finance and auditing were made in Chicago, under the guidance of a grey-haired audit ‘guru’, John. One day, John, always calm and balanced, told Iryna a story that changed her approach to work forever. Once upon a time, an employee of the accounting department of a company came to work in a very expensive car. This aroused the surprise of his colleagues and the interest of the management. An internal investigation was launched, and it turned out that the employee had taken advantage of a loophole in the company's accounting rules. According to these rules, each employee was entitled to accountable business expenses of up to $25 per day without supporting documents. When the company tried to hold the employee accountable, the court dismissed the case. ‘You allowed this to happen,’ the judge said, ’You don't need to create conditions where honest people become dishonest.’ This story showed that building an effective internal audit system is not only necessary, but also critical to preventing such situations. Iryna realised that absolute control is costly. That is why the internal audit system should be based on the principle of evaluating results, not just strict control. The most effective approach is to outsource internal control functions, subordinate the audit directly to the owner, regularly change the focus of attention and receive bonuses for the results. If you want to build a reliable internal control system or need help with an audit, we are always ready to help. Details at [expertz.com.ua] (https://lnkd.in/eCa2qjNC). #Forensic #InternalAudit #FinancialInvestigation #Audit #BusinessProtection #InternalControl #Ukraine

1