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All About Audit & Assurance

New SBA 8(a) Thresholds: Why Reviews May Now Make More Sense than Audits for Growing Government Contractors

If you lead a small or midsize government contracting firm, you’ve likely heard a familiar refrain over the years: “We need an audit.” For many 8(a) businesses, that was true — because the Small Business Administration’s (SBA) previous reporting...
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What the Delayed 2025 Compliance Supplement Means for Your Nonprofit's Single Audit

On November 25, 2025, the Office of Management and Budget (OMB) officially released the final 2025 Compliance Supplement. Auditors can now use the final version to complete their June 30, 2025 audits for submission to the Federal Audit Clearinghouse. ...
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Do You Need an Audit, Review or Compilation?

When it comes to financial reporting, nonprofits and for-profit businesses often face a range of requirements and expectations depending on their size, activities and the specific regulations they are subject to. When running a nonprofit or business,...
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Key Highlights of the Uniform Guidance Update for Nonprofits Receiving Federal Funds

Nonprofits that receive federal funds need to comply with the stringent requirements associated with government funding.
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What Do Sureties Look At When They Review A Contractor’s Financial Statements?

The construction industry is diverse, with construction businesses specializing in HVAC, plumbing, electrical, excavation, fire protection, general contracting and other trades. One thing most contractors have in common, though, is who uses their...
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What Nonprofits Need to Know About Functional Expenses

The issuance and implementation of the FASB nonprofit financial presentation standard, Accounting Standards Update (ASU) 2016-14, back in 2016 resulted in changes to the presentation of GAAP-based financial statements for nonprofits. These changes were...
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