AICPA’s Task Force to Boost CPA Professional Development
After spending the last year reviewing education trends and current innovations, the American Institute of Certified Public Accountants’ (“AICPA”) Task Force on the Future of Learning revealed its strategies to enhance the professional development of Certified Public Accountants (“CPA”). Cherry Bekaert’s own Jonathan Kraftchick participated in this project. Announced at its meeting last week, the task force released recommendations based on the following themes: Innovate and Experiment; Ignite a Passion for Learning; and Make Learning Personal; and Measure What Matters. Per the task force’s co-chair, and AICPA senior vice president and COO Anthony Pugliese, the focus on these themes will. Read More.
PCAOB Seeking Feedback on Proposal
Investors continue to support the Public Company Accounting Oversight Board’s (“PCAOB”) proposal that provides additional disclosures to reports. Originating four years ago, Concept Release No. 2011-003, Possible Revisions to PCAOB Standards Related to Reports on Audited Financial Statements and Related Amendments to PCAOB Standards, is in response to complaints of the current report’s pass-fail model. Investors felt the current model offers insufficient details, and desired more insight from the auditors who performed the audits. While the new proposal maintains the pass-fail model, it requests auditors to note critical audit matters (CAMs), which are issues they viewed during the audit as. Read More.
AICPA to Launch Enhancing Audit Quality Initiative
To improve the quality of audit reporting, the American Institute of Certified Public Accountants (“AICPA”) recently announced its Enhancing Audit Quality initiative. Discussed at the AICPA’s spring Council meeting in Scottsdale, Arizona, the efforts include monitoring the Auditing Standards Board’s execution of auditing and quality-control standards, creating new initiatives by the AICPA’s Future of Learning task force and changing the current peer review program for users. In the long run, the AICPA also hopes to develop a new monitoring program for enhancing public protection by early detecting engagement shortcomings, which will create more timely corrections. The program will also help. Read More.
360 Degrees Program Celebrates Milestone Year
This year marks a decade since of the 360 Degrees of Financial Literacy’s launch. Sponsored by the American Institute of Certified Public Accountants (“AICPA”), the program educates Americans on financial literacy and responsibility during every stage of their lives. In the last ten years, each state’s CPA society has participated, as well as over 2,500 financial education-related events were held. Other notable achievements include jumpstarting initiatives like Feed the Pig PSA campaign , Save Wisely. Spend Happily , and Total Tax Insights . Through the program’s initiatives, more young adults have become financially sound. For instance, according to an Ad Council survey, 62 percent of young adults last year said they are excellent. Read More.
Proposed Financial Statement Disclosure Changes Open for Public Comment
Featuring revisions to the International Standards on Auditing (“ISAs”), Proposed Changes to the International Standards on Auditing (ISAs): Addressing Disclosures in the Audit of Financial Statements has been issued for public comment by the International Auditing and Assurance Standards Board (“IAASB”). The updates explain what auditors should expect when reviewing financial statement disclosures. The proposed changes include: Clarifying the disclosures susceptible to audit such as financial statement disclosures; Guidance on disclosures in the early stages of audit; Guidance on identifying, evaluating and responding to risks of disclosures’ material misstatements; and Explaining an auditor’s expectations when reviewing misstatements and creating an. Read More.
Bitcoin Triggers SEC Investor Alert
Protecting stockholders from the investment risks of Bitcoin and other virtual currencies, the U.S. Securities and Exchange Commission’s (“SEC”) Office of Investor Education and Advocacy has released Bitcoin and Other Virtual Currency-Related Investments. Since Bitcoin, as well as other virtual currencies, can be exchanged and used like real money for purchases, the SEC’s Investor Alert warns of the possibility of increased fraudulent activities and high-risk investments. Per the Investor Alert, risks include: Bitcoin investments not being insured from loss like other investments; Bitcoin’s exchange rates are generally unstable and could drop drastically; Federal, state or foreign governments may limit Bitcoin. Read More.