Connection – North America Newsletter #50 I July 2023

July is a time of many just-for-fun days, such as International Town Criers Day (July 11), World Emoji Day (July 17), and Take Your Houseplants for a Walk Day (July 27).

AGN is using this month to get down to business with the first ADVANCE Foundational Skills for Staff (Level 4 Tax and Audit) week in Chicago and the launch of our first member database upgrade in a handful of years. There is still time to sign up for this month’s tax and audit training in Chicago. However, there is a limited number of spaces. Register before July 14 to hold your spot. Learn more about the technology upgrade and how it will impact members below.

June Events

Resource Partner Spotlight

Member Benefits

Floyd Advisory: FY 2022 US Government Results Report 

AGN is always grateful when member firms share their publications and resources that we can pass on to other member firms. Thank you, Floyd Advisory, for sharing your FY 2022 US Government Results Report – summarized below. View and download the entire report via the Knowledge Bank: Floyd Advisory FY 2022 US Government Results Report.

If your firm has a publication or news to share, please email me at cfrey@agn.org or Faiz at fjaffar@agn.org.  Alternatively, you can post them directly to the AGN Knowledge Bank. 

Findings in the report include:

• The GAO, as the auditor to the U.S. Government, considers the government’s current financial state to be an “unsustainable long-term fiscal path,” which is similar to a “going concern” opinion for a public registrant;
• The fiscal year (“FY”) 2022 deficit of $1.4 trillion reflects the cash basis of accounting, whereas under the accrual basis of accounting, which is consistent with GAAP, the deficit would be approximately $4.2 trillion;
• The U.S. Government’s national debt included on the Financial Report’s balance sheet is approximately $34.1 trillion. However, “off-balance sheet” liabilities such as Social Security, Medicare, and other social programs would increase the actual debt to approximately $106.7 trillion;
• Of significance, the GAO identified “significant material weaknesses” in the internal controls over financial reporting for the U.S. Government;
• As a result of the material weaknesses, “the GAO issued a disclaimer of opinion,” indicating the U.S. Financial Report “may not be reliable.” Notably, since its first audit in the fiscal year 1997, the GAO has issued a disclaimer of opinion every year; and
• Since the issuance of the U.S. Financial Report, the U.S. Government’s budget deficit has reached $1.1 trillion for the first six months of FY 2023 alone, close to the $1.4 trillion budget deficit for the entirety of FY 2022. The increase in the deficit in FY 2023 is primarily due to increases in educational spending, health care benefits, and interest payments on debt. The interest payments totalled $384 million in the first six months of FY 2023, representing a 32% increase over the same period in FY 2022.

Insider Knowledge

Please be patient with us—technology updates are in progress.

AGN is undertaking a major update to our member database and member website. The launch is anticipated for the second week in July, and it is anticipated that access to the AGN member pages will be blocked between July 11 – 14. 

What does this mean for you? 
During this time, members will be unable to:

• Access or update member and firm profiles
• Register for events
• Pay or review invoices
• Search for members or member firms by expertise or location
• Access CPE certificates and related information

We estimate access to be restored on Monday, July 17. After ‘go live’, the job will not be done.

AGN staff will be working with consultants behind the scenes to get everything back in order and up to the standards our members have come to expect. 

During this time, if you have any questions or need assistance, please reach out to anyone on the AGN team or email info@agn.org.

Harness the power of social media

Follow these three steps to leverage your firm’s e-footprint:

1. Click on the icons below to like or follow AGN.
2. Promote your firm’s international credibility by using the @ symbol followed by AGN. 
(Note: The AGN logo will appear from a drop-down list to ensure you link to the
correct page).
3. Share your firm’s success stories with Jodie to reach a wider audience.

AGN International Ltd is a company limited by guarantee registered in England & Wales, number 3132548, registered office 3 More London Riverside, London SE1 2RE, United Kingdom. AGN International Ltd (and its regional affiliates; together “AGN”) is a not-for-profit worldwide membership association of separate and independent accounting and advisory businesses. AGN does not provide services to the clients of its members, which are provided by Members alone. AGN and its Members are not in partnership together, they are neither agents of nor obligate one another, and they are not responsible or liable for each other’s services, actions or inactions.