Lance Jacobs

The continuation of the CMS Minimum Staffing Mandate can be difficult to understand. Forvis Mazars provides an outline of the areas surveyors will inspect after August 8, 2024: https://bit.ly/4fzON4o

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Changes coming to peer review requiring firms establish a quality management system in alignment with AICPA standards by December 15, 2025 for peer reviews with years ending on or after December 31, 2025.

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In this Public Chatter blog post, Perkins Coie LLP partner David Matheson weighs in on the Public Company Accounting Oversight Board (PCAOB)'s proposal that would change how audit committees evaluate and hire independent auditors. #CoporateGovernance #CorpGov #PublicCompanies #PublicChatterBlog

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Learn about recent updates from the PCC regarding the financial statement presentation of retainage in this article from Forvis Mazars US: https://lnkd.in/ew54UBue

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DCAA released a Memorandum for Regional Directors (MRD) dated September 10, 2024 to provide updated guidance on reporting questioned direct costs on incurred cost audits. In alignment with a March 22, 2023 final rule, the MRD indicates that the "Procuring Contracting Officer (PCO) is responsible for negotiating or settling questioned direct costs in an incurred cost audit." The MRD indicates that corresponding updates have been made to DCAA's Contract Audit Manual. The MRD also addresses how auditors should coordinate with the PCO and includes guidance on how questioned direct costs should be summarized. It will be interesting to see if/how this guidance continues to blur the lines of the scope / intent of an incurred cost audit (i.e., audit of indirect rates vs. direct costs). #governmentcontracts #governmentcontractors #governmentcontracting https://bit.ly/3XFGD3r

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Consolidated Fiscal Report benchmarking is critical for IDD/BH and special education providers in New York State to understand their agency’s financial and operational performance and compare it to peers. See how the CFR Benchmarking Analysis Tool from Forvis Mazars can assist: https://bit.ly/3RM1fDK

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S corporation ESOPs are required to follow the rules outlined in Internal Revenue Code Section 409(p). Understanding these regulations and how to navigate compliance can be difficult. Forvis Mazars provides more information regarding the §409(p) anti-abuse law and possible consequences of noncompliance: https://bit.ly/4eWd844

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📣 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

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Here is an important summary in regard to the upcoming August 8, 2024 deadline for the Facility Assessment Requirements portion of the mandate for SNFs!

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#PCAOB inspection results revealed that deficiencies are indeed recurring in nature and continue to revolve around #auditing revenue and net capital supplemental information, examining ICOC, and reviewing exemption reports. Our #JGAAdvisor dissects these results. https://ow.ly/eiFk50SnUjE

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