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New PCAOB Members to Meet with Standing Advisory Group

Today in Washington, D.C., the Public Company Accounting Oversight Board’s (“PCAOB”) five new members are holding their first meeting with the board’s Standing Advisory Group (“SAG”). The meeting will give Robert Brown, William Duhnke, Kathleen Hamm, James Kaiser and Duane Desparte an opportunity to update SAG members on the PCAOB’s standard-setting activities and hear the advisory panel’s thoughts on emerging issues that may impact an auditor’s work. The two-day meeting will also feature a presentation on audit firms’ implementation of Release No. 2017-001, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion and Related Amendments to PCAOB Standards. Issued last year, the rule. Read More.

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AICPA Committee Issues SSARS No. 24 Omnibus Statement

After a delayed release, the American Institute of Certified Public Accountants’ (“AICPA”) Accounting and Review Services Committee (“ARSC”) has finally issued Statement on Standards for Accounting and Review Services (“SSARS”) No. 24, Omnibus Statement on Standards for Accounting and Review Services – 2018 . SSARS No. 24 includes the following new or amended guidance: AR-C Section 100, Special Considerations—International Reporting Issues: This new AR-C Section 100 features guidance for compilation or review engagements when: Financial statements are prepared according to a financial reporting framework accepted in another country but is adopted by a designated body outside of the Council of the AICPA to set generally accepted accounting principles; and The engagement must be performed according to SSARS and another set of compilation and. Read More.

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Financial Accounting Foundation Releases Annual Report

Available on the Financial Accounting Foundation’s (“FAF”) website is a copy of its 2017 FAF Annual Report, “Standards That Work.” The annual report covers what the Financial Accounting Standards Board and the Governmental Accounting Standards Board do to support their standards so that the boards offer important information to investors and other financial statement users. Visit the FAF website to read the 2017 FAF Annual Report.

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PCAOB Chief Auditor Steps Down

After 12 years with the Public Company Accounting Oversight Board (“PCAOB”), chief auditor Martin Baumann has announced that he will leave the board on May 31. Baumann’s departure follows recent announcements made by senior officials Helen Munter and Gordon Seymour, who also plan to leave the PCAOB at the end of this month. Previously executive vice president of finance and chief financial officer of Freddie Mac, Baumann joined the board in 2006. He later became the director of the Office of Research and Analysis and was appointed chief auditor in 2009. As the chief auditor, Baumann pushed to make the audit. Read More.

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PCAOB Considers New Approach to Agenda-Setting

Public Company Accounting Oversight Board (“PCAOB”) chairman William Duhnke plans to take the organization’s approach to setting its long-term agenda in a new direction. Breaking from his predecessors’ leadership, Duhnke wants to establish a set of benchmarks that will help the PCAOB set its agenda and evaluate the progress made in achieving its mission. The new direction includes conducting a complete assessment of the PCAOB’s operations. In particular, Duhnke wants the PCAOB’s programs to receive a fresh look and a possible update to their operations. He said the revamped operations should reflect today’s financial markets and the audit profession, not. Read More.

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FASB Deems Regulatory Guidance from Financial Services Standard Irrelevant

The Financial Accounting Standards Board (“FASB”) has published a small U.S. GAAP update that removes decades-old bank regulatory guidance from its financial services standard. Accounting Standards Update No. 2018-06, Codification Improvements to Topic 942: Financial Services—Depository and Lending, eliminates a reference to the Office of the Comptroller of the Currency’s Banking Circular 202, Accounting for Net Deferred Tax Charges, from FASB Accounting Standards Codification 942-740-45-1, Financial Services—Depository and Lending—Income Taxes — Other Presentation Matters — Differences Between Regulatory Accounting Principles and GAAP. Published in 1985, the guidance has since been rescinded. Per the FASB, the Codification guidance related to the. Read More.

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