Regulatory Roundup - May 25-June 1
AICPA
Press Release
New AICPA Chair Focuses on Empowering New Generation of Accountants
Bill Pirolli is the new chair of the American Institute of CPAs, the world's largest member organization representing the CPA profession.
May 26, 2021
Press Release
Audit Risk Assessment Guidance Added to AICPA & CIMA Digital Assets Practice Aid
As the digital asset ecosystem evolves, the auditor continues to be presented with unique risks and challenges.
May 25, 2021
CBO
Cost Estimate
H.R. 3223, CISA Cyber Exercise Act
May 27, 2021
As ordered reported by the House Committee on Homeland Security on May 18, 2021
Cost Estimate
H.R. 234, Korean American Vietnam Allies Long Overdue for Relief Act
May 26, 2021
As ordered reported by the House Committee on Veterans’ Affairs
on May 4, 2021
Cost Estimate
H.R. 2453, Driving for Opportunity Act of 2021
May 26, 2021
As ordered reported by the House Committee on the Judiciary
on April 20, 2021
Cost Estimate
H.R. 2543, Federal Reserve Racial and Economic Equity Act
May 26, 2021
As ordered reported by the House Committee on Financial Services on April 21, 2021
Cost Estimate
H.R. 1277, Improving Corporate Governance Through Diversity Act of 2021
May 25, 2021
As ordered reported by the House Committee on Financial Services on April 21, 2021
Cost Estimate
H.R. 239, Equal Access to Contraception for Veterans Act
May 25, 2021
As ordered reported by the House Committee on Veterans’ Affairs on May 4, 2021
Cost Estimate
H.R. 2419, Affordable Housing for Homeless Veterans Act of 2021
May 25, 2021
As ordered reported by the House Committee on Veterans’ Affairs on May 4, 2021
Cost Estimate
H.R. 293, VA Hospitals Establishing Leadership Performance Act
May 25, 2021
As ordered reported by the House Committee on Veterans’ Affairs on May 4, 2021
Cost Estimate
May 25, 2021
As posted on the Website of the Senate Majority Leader on May 18, 2021 (file DAV21A48)
Cost Estimate
H.R. 443, Alaska Native Tribal Health Consortium Land Transfer Act
As ordered reported by the House Committee on Natural Resources on May 5, 2021
Report
Projected Costs of U.S. Nuclear Forces, 2021 to 2030
CBO estimates that plans for U.S. nuclear forces, as described in the fiscal year 2021 budget and supporting documents, would cost $634 billion over the 2021–2030 period, $140 billion more than CBO’s 2019 estimate for the 2019–2028 period.
FAF
FAF Issues 2020 Annual Report,
“Standards That Work from Main Street to Wall Street” [05/26/21]
Media Advisory
Annual Report
GAO
GAO-21-277
Published: Apr 28, 2021.
Publicly Released: May 28, 2021.
What GAO Found GAO's interviews with officials representing eight selected U.S.
Released on May. 27, 2021
Federal Agencies' Compliance with the 2020 Annual Inflation Adjustment Requirements
GAO-21-488R
Published: May 27, 2021.
Publicly Released: May 27, 2021.
What GAO Found In this fifth annual review, GAO found that the majority of federal agencies that could be subject to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended (IAA), have complied with the provisions of the act to publish 2020 civil monetary penalty inflation adjustments...
Additional Efforts Are Needed to Manage Fatigue, Reduce Crewing Shortfalls, and Implement Training
GAO-21-366
Published: May 27, 2021.
Publicly Released: May 27, 2021.
What GAO Found The Navy issued a fatigue management policy in 2017, but has inconsistently implemented it and sailors are not receiving adequate sleep.
Employee Benefits Security Administration
GAO-21-376
Published: May 27, 2021.
Publicly Released: May 27, 2021.
What GAO Found The Department of Labor's (DOL) Employee Benefits Security Administration's (EBSA) enforcement focuses on encouraging retirement and health plans to comply with the Employee Retirement Income Security Act of 1974, as amended, and restoring benefits that were improperly withheld from plan...
GAO-21-470
Published: May 27, 2021.
Publicly Released: May 27, 2021.
What GAO Found Some federal agencies have been statutorily required to use the “10-20-30 formula” when allocating funding for certain programs.
Released on May. 26, 2021
Significant Work Remains, Underscoring Challenges to Achieving Moon Landing in 2024
GAO-21-330
Published: May 26, 2021.
Publicly Released: May 26, 2021.
What GAO Found The National Aeronautics and Space Administration (NASA) has initiated eight lunar programs since 2017 to help NASA achieve its goal of returning humans to the Moon. NASA plans to conduct this mission, known as Artemis III, in 2024.
General Services Administration
GAO-21-495PR
Published: May 19, 2021.
Publicly Released: May 26, 2021.
What GAO Found In May 2020, GAO identified eight priority recommendations for the General Services Administration (GSA).
Department of Health and Human Services
GAO-21-527PR
Published: May 19, 2021.
Publicly Released: May 26, 2021.
What GAO Found In April 2020, GAO identified 55 priority recommendations for the Department of Health and Human Services (HHS).
GAO-21-457PR
Published: May 19, 2021.
Publicly Released: May 26, 2021.
What GAO Found In April 2020, GAO identified 12 priority recommendations for the Department of State. Since then, State has implemented 3 of those recommendations by, among other things, taking actions to improve embassy construction planning and agency reform efforts.
Collecting Additional Information Could Help DOD Address Delays in Obtaining Cost or Pricing Data
GAO-21-388
Published: May 26, 2021.
Publicly Released: May 26, 2021.
What GAO Found When the Department of Defense (DOD) awards contracts without competition, contracting officers may rely on cost or pricing data that contractors certify as accurate, current, and complete to determine if the prices are reasonable.
A Few Agencies and Program-Specific Factors Explain Most Unused Funds
GAO-21-432
Published: May 25, 2021.
Publicly Released: May 25, 2021.
What GAO Found About 1.6 percent of the total available budget authority government-wide was cancelled from fiscal year 2009 to fiscal year 2019, averaging $23.9 billion per year. The variations in cancelled appropriations from year to year can be explained largely by trends in four departments.
Federal Agencies Need to Implement Recommendations to Manage Supply Chain Risks
GAO-21-594T
Published: May 25, 2021.
Publicly Released: May 25, 2021.
What GAO Found Federal agencies continue to face software supply chain threats.
DOD Needs to Enhance Its Prevention, Response, and Oversight
GAO-21-604T
Published: May 25, 2021.
Publicly Released: May 25, 2021.
What GAO Found In its May 2021 report, GAO found that the Department of Defense (DOD) met a statutory requirement to collect and report data for incidents that it determined met its criteria for domestic abuse.
Other Written Product
Fiscal Year 2022 Performance Plan
GAO-21-308SP
Published: May 28, 2021.
Publicly Released: May 25, 2021.
This report presents the Government Accountability Office's (GAO) Performance Plan for Fiscal Year 2022.
Priority Open Recommendations
U.S. Agency for International Development
GAO-21-456PR
Published: May 17, 2021.
Publicly Released: May 24, 2021.
What GAO Found In April 2020, GAO identified three priority recommendations for the U.S. Agency for International Development (USAID).
Space Acquisitions
DOD Faces Challenges and Opportunities with Acquiring Space Systems in a Changing Environment
GAO-21-520T
Published: May 24, 2021.
Publicly Released: May 24, 2021.
What GAO Found The Department of Defense (DOD) is making changes to its space-related processes and organization that will present both opportunities and challenges to the way it acquires its space systems.
IASB
01 June 2021
May 2021 monthly news summary
Capital Markets Advisory Committee and Global Preparers Forum
IFRS Foundation Trustees seek nominations for Chair and Vice-Chair of proposed International Sustainability Standards Board
IFRS Interpretations Committee
IASB Update May 2021
IFRS Foundation appoints Masamichi Kono as Trustee
IASB consults on a new framework for management commentary reflecting changes in corporate reporting landscape
IRS
Interest rates remain the same for the third quarter of 2021
IR-2021-120, May 27, 2021 — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2021.
More than 1.8 million additional Economic Impact Payments disbursed under the American Rescue Plan; total payments reach nearly 167 million
IR-2021-119, May 26, 2021 — Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they have disbursed more than 1.8 million additional Economic Impact Payments under the American Rescue Plan.
2021 IRS Virtual Nationwide Tax Forum begins in July
NYS
DFS Approves New York State-Chartered Hanover Community Bank’s Acquisition of Savoy Bank
May 27, 2021
During Mental Health Awareness Month, Superintendent Lacewell Announces “Mental Health Matters”: Consumer Protection Initiatives for Mental Health and Substance Use Disorder Parity in Insurance Coverage
May 25, 2021
SEC
SEC Charges U.S. Promoters of $2 Billion Global Crypto Lending Securities Offering
2021-90, May 28, 2021 — The Securities and Exchange Commission announced today that it has filed an action against five individuals alleging that they promoted a global unregistered digital asset securities offering that raised over $2 billion from retail investors.
SEC Charges Mutual Fund Executives with Misleading Investors Regarding Investment Risks in Funds that Suffered $1 Billion Trading Loss
2021-89, May 27, 2021 — The Securities and Exchange Commission today filed a civil action alleging that investment advisers LJM Funds Management Ltd. and LJM Partners Ltd. and their portfolio managers, Anthony Caine and Anish Parvataneni, fraudulently misled investors and the board of directors of a fund they advised about LJM's risk management practices and the level of risk in LJM's portfolios. The SEC separately settled related charges with LJM's Chief Risk Officer, Arjuna Ariathurai.
SEC Awards More Than $4 Million to Whistleblower
2021-88, May 27, 2021 —The Securities and Exchange Commission today announced an award of more than $4 million to a whistleblower who alerted SEC staff to certain violations, prompting the opening of an investigation. The whistleblower then provided substantial assistance by meeting with SEC staff, identifying key players, and providing additional helpful information and documents.
TIGTA
Streamlined Critical Pay Authority for Information Technology Positions Is Being Successfully Implemented
May 27, 2021
The Indian Tribal Government Function Needs to Strengthen Internal Controls and Performance Measures
May 27, 2021
Implementation of Economic Impact Payments
May 24, 2021