The initial guidance for 529 plans was issued back in 2005. Since then, there has been significant changes to how plans are run. The AICPA’s Professional Ethics Executive Committee had received feedback, and, in the Work, Plan looked at reevaluating the area. In September 2022, they issued a technical correction to make the safeguard easier to apply for holders of 529 plan investments.
section529technicalcorrection.pdf (aicpa.org)
Do you think the technical correction goes far enough with respect to the changes to the safeguard?
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. Melisa is a speaker on audit topics at SCACPA’s annual Spring Splash and Fall Fest conferences. She also takes part in many SCACPA seminars and rebroadcasts.
With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.
