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In late 2023, GASB issued Statement 102 , "Certain Risk Disclosures," requiring state and local governments to provide financialstatement users with information about specific risks when circumstances make a government vulnerable to a heightened possibility of loss or harm. That is effective for 2025 financialstatements."
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I've got follow up on Wirecard, the Ernst & Young audit that apparently did not detect $2 billion in money that was missing. David Leary: [00:04:18] I've got some Wirecard, as well. Blake Oliver: [00:04:19] IRS news, appropriate for Tax Day coming up. Blake Oliver: [00:22:22] That's actually been one of the big problems with audits.
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Why should a bank or my government give money to businesses who can't even show a 2018 return? Thankfully, during coronavirus, all of that thought leadership about how blockchain is going to eliminate the audit profession has disappeared. Blockchain is no longer going to destroy accounting and all that.
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