The FAQ document discusses the main questions on the enhanced auditor reporting model for going concern that’s included in the revised standard. It focuses on the implications for the auditor’s report when reporting entity specific going concern matters in a section titled ‘Going Concern’ or ‘Material Uncertainty Related to Going Concern.’ It also provides an illustrative example of an auditor’s report that provides a description of how the auditor evaluated management’s assessment of going concern.
ISA 570 (Revised 2024) was published in April and introduced a number of key changes to strengthen the auditor’s work when evaluating management’s assessment of going concern. Some of those changes include:
Stronger risk assessment procedures that support auditors in determining, on a timely basis, whether events or conditions have been identified that could cast significant doubt on an entity’s ability to continue as a going concern;
Enhanced evaluation of management’s assessment of going concern, including the significant judgments on which such evaluation is based;
A required evaluation of management’s assessment of going concern covering a period of at least 12 months from the date of approval of the financial statements;
Reinforced communications and increased transparency in reporting going concern matters.
The new FAQ document doesn’t actually amend or override ISA 570 (Revised 2024), as the text of the standard remains authoritative. The IAASB also cautioned that the FAQ is not exhaustive and is intended to complement the standard, which takes effect on or after Dec. 15, 2026.
The exposure draft aims to offer more consistent guidance on materiality across the IPSASB’s financial reporting literature to aid entities in its application, and help them to develop clearer, more useful financial reports.
IPSAS ED 93 proposes to align the definition of material between the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities and IPSAS Standards by:
Clarifying that an entity is required to consider the information needs of primary users instead of other users of GPFRs; and
Aligning the definition of material in IPSAS 1, Presentation of Financial Statements, with Chapter 3: Qualitative Characteristics of the Conceptual Framework.
“Getting the definition of materiality right is critical because it affects what information is presented in public sector financial reports,” said IPSASB chair Ian Carruthers in a statement. “The clear and consistent definition of material proposed in this ED will not only help entities with its application but will also provide a strong foundation for developing non-authoritative guidance on making materiality judgments in the second phase of this project.”
Mauldin & Jenkins, a Top 75 Firm based in Atlanta, is expanding into Greenville, South Carolina by adding Bradshaw, Gordon & Clinkscales, LLC, effective June 1, 2025.
The merger adds seven new partners and 42 professionals to M&J, which already has 76 partners and 510 professionals. Financial terms of the deal were not disclosed. M&J ranked No. 65 on Accounting Today‘s 2025 list of the Top 100 Firms, with $11.7 million in annual revenue.
“This strategic partnership aligns with our mission to offer comprehensive accounting and advisory solutions to clients while expanding our footprint in key markets,” said Mauldin & Jenkins managing partner Hanson Borders in a statement Thursday. “We are excited to welcome the professionals of BGC to our firm and look forward to building on their legacy of excellence in the Greenville community.”
BGC offers audit, tax and business advisory services to clients and dates back over 40 years. “We are thrilled to join forces with a firm that shares our commitment to client service, integrity and long-term relationships,” said BGC managing partner Peter Tiffany in a statement. “This merger represents a strong cultural fit and an exciting opportunity to expand our capabilities while continuing to put our clients’ needs at the forefront of everything we do.”
Last year, M&J added CFO Navigator, a firm that offers financial guidance to businesses and nonprofit organizations in the Atlanta area. In 2021, M&J expanded in Alabama by adding CDPA PC, a firm with offices in Athens, Florence and Huntsville, effective July 1. In 2020, M&J expanded to Sarasota, Florida, by acquiring Plush Smith. It acquired another firm in Florida, Jon Campbell & Associates, in 2019.
Top 25 Firm Armanino has entered the Utah market for the first time by adding Cooper Savas LLC, a CPA firm based in Salt Lake City.
The merger is the second since Armanino took on a minority investment from a private equity firm last fall, in part to gain access to capital to fuel its aggressive M&A strategy, which has seen the firm finalize 20 combinations since 2019.
The terms of the deal were not disclosed, but Cooper Savas bring seven partners and 35 professionals to Armanino, which ranked No. 18 on Accounting Today‘s 2025 list of the Top 100 Firms, with $716 million in revenue, 262 partners and over 2,700 staff.
“Cooper Savas is an exemplary firm that shows how focusing on culture, talent development and quality service can build a highly successful practice,” said Matt Armanino, CEO of Armanino Advisory LLC, in a statement. “We want the best of the best to join Armanino, and Cooper Savas is a firm that exemplifies that. Their addition to the firm brings incredible talent and exciting opportunities to deliver more for their client base as we expand our national footprint.”
Matt Armanino
Robert Mooring
Founded in 2011, Cooper Savas offers traditional tax, assurance and accounting services, and gives Armanino its first office in Salt Lake City and an entrée to the Utah market.
“Since our founding, we’ve prided ourselves on our ability to deliver a hands-on, thoughtful approach to clients, and we know that Armanino maintains that shared culture and commitment, making this a great opportunity for our firm,” said Phil Cooper, partner and founder of Cooper Savas, in a statement. “Now we have access to Armanino’s extensive resources and innovative solutions, ensuring that clients can receive end-to-end support for their needs. We’re truly excited for what this partnership unlocks for our firm, our people and our clients.”
Following its October 2024 deal with PE firm Further Global Capital Management, Armanino adopted an alternative practice structure. As a result, Cooper Savas’ non-attest assets will be acquired by Armanino Advisory LLC, and the firm’s attest services will be acquired by Armanino LLP.
In February of this year, Armanino acquired Boca Raton, Florida-based ERP and technology consulting firm Complete Business Solutions. In 2023, it acquired New York-based Janover; Bemel, Ross & Avedon LLP, a Los Angeles-based business management firm; and two entertainment-oriented firms, Royalty Compliance Organization, a music rights and royalty auditing firm in St. Louis, and Blue Sky Group, a music business management team in Nashville. In 2022, it merged in Philadelphia-based Drucker & Scaccetti.
The IRS can share taxpayer data with federal immigration officials only in cases involving immigrants with final deportation orders or ongoing criminal investigations, according to a newly unsealed agreement between the Treasury and Homeland Security departments.
The 13-page memo, signed in April by Treasury Secretary Scott Bessent and Homeland Security Secretary Kristi Noem, was released Tuesday by order of a federal court in Washington. It permits Immigration and Customs Enforcement to request tax records under a section of the tax code that allows limited disclosures for non-tax criminal matters.
While the memo doesn’t specify what criminal cases may qualify, it does specify other rules. To obtain IRS data, ICE must provide a name, address, and deportation order date, and it’s required to safeguard any information received.
By agreeing to share taxpayer data at all, the IRS is taking an unprecedented step that breaks with longstanding assurances that such information wouldn’t be used to aid in immigration enforcement. Melanie Krause resigned as the acting IRS commissioner last month as the data-sharing arrangement was finalized.
A federal judge on Monday ordered the mostly redacted IRS-ICE agreement to be “almost entirely unsealed” in response to a request from the watchdog group American Oversight. In the same ruling, the judge denied a request from two Chicago-based immigrant advocacy groups to block the data-sharing arrangement, saying they lacked standing to challenge it.
Immigrants have for decades been encouraged to pay income taxes regardless of their status. In 1996, the IRS created an individual taxpayer identification number for foreigners who don’t qualify for a Social Security number, allowing them to file returns.
The Trump administration, as part of a broader effort to kick start its promised mass deportation effort, has reinstituted a World War II-era immigrant-registration system and has vowed to fine and criminally charge those in the US without permission who fail to register.
The White House has argued that the data is necessary to help ICE agents confirm the ongoing presence of specific foreigners living in the US illegally. A DHS spokeswoman has repeatedly defended the arrangement, arguing that the administration is using all available tools to help find immigrants in the county without permission.