AICPA and CIMA Form International Accounting Association
The American Institute of Certified Public Accountants (“AICPA”) and Chartered Institute of Management Accountants (“CIMA”) have announced a new international association intended to integrate their operations and represent the accounting profession, while maintaining the membership bodies of their respective organizations. The joint association will help the AICPA and CIMA reinforce advocacy, speed up efforts to increase the employability of members, and offer additional resources to boost the quality of public and management accountants within the U.S. and overseas. Around 600,000 professionals will be represented by the international association, which plans to launch next year. AICPA and CIMA members will automatically. Read More.
AICPA Issues New Interpretations of Attestation Standards
The American Institute of Certified Public Accountants (“AICPA”) recently issued new interpretations for the following attestation standards: AT-C section 105, “Concepts Common to All Attestation Engagements” Interpretation No. 1, “Responding to Requests for Reports on Matters Relating to Solvency” Interpretation No. 2, “Applicability of Attestation Standards to Litigation Services” Interpretation No. 3, “Providing Access to or Copies of Engagement Documentation to a Regulator” The new interpretations of AT-C section 105 offer guidance to practitioners with respect to providing assurance and expert testimony on matters related to solvency. Additionally, the guidance discusses how a practitioner should respond to a regulator’s request. Read More.
AICPA Publishes Attestation Standards
Marking the end of its Clarity Project, the American Institute of Certified Public Accountants (“AICPA”) last week issued Statement on Standards for Attestation Engagements (SSAE) No. 18, Attestation Standards: Clarification and Recodification. The attestation standards apply to examinations, reviews and agreed upon procedures (AUPs). SSAE No. 18 offers a more user-friendly format for the AICPA’s attestation standards and replaces all current attestation guidance with the exception of: AT Section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements; and AT section 701, Management’s Discussion and Analysis. The AICPA intends for. Read More.
Public Companies Urged to Use Revenue Standard Panel’s Meeting Minutes
As the Financial Accounting Standards Board’s (“FASB”) revenue recognition standard prepares to take effect in 2018, Securities and Exchange Commission (“SEC”) Chief Accountant James Schnurr is pushing public companies to follow the guidance in the Transition Resource Group’s (“TRG”) meeting minutes when implementing Accounting Standards Update (ASU) No. 2014-09, Revenue From Contracts With Customers. At last week’s SEC Speaks conference, Schnurr said while the TRG’s conclusions are not authoritative, companies should still use them in practice. Additionally, any alternative approach a company takes must be communicated to the SEC. FASB Vice Chairman and TRG Co-Chairman Jim Kroeker praised Schnurr’s comments,. Read More.
Topics: Accounting Standards Update "ASU", American Institute of Certified Public Accountants "AICPA", Financial Accounting Standards Board "FASB", Joint Transition Resource Group for Revenue Recognition, Revenue Recognition, U.S. Securities and Exchange Commission "SEC"
SAS No. 131 Issued by AICPA Auditing Standards Board
The American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board has issued Statement on Auditing Standards (SAS) No. 131, Amendment to Statement on Auditing Standards No. 122 Section 700, Forming an Opinion and Reporting on Financial Statements (AICPA, Professional Standards, AU-C sec. 700). SAS No. 131 provides clarity in regard to the format of the auditor’s report that must be issued when an audit is performed in accordance with the Public Company Accounting Oversight Board’s (“PCAOB”) standards, but is outside of the PCAOB’s jurisdiction. In such cases, SAS No. 131 says that the auditor is required to do the. Read More.
Topics: American Institute of Certified Public Accountants "AICPA", Auditing Standards Board "ASB", Generally Accepted Auditing Standards "GAAS", Public Company Accounting Oversight Board "PCAOB", Statement on Auditing Standards "SAS"
NCACPA Committees Discuss AICPA’s Six-Point Plan
In December, the technical committees of the North Carolina Association of Certified Public Accountants (“NCACPA”) held a joint session to review the American Institute of Certified Public Accountants’ (“AICPA”) Six-Point Plan for improving audit quality. The meeting was an opportunity for the four committees to discuss each of the plan’s six points, and establish how the NCACPA could help its members address the matter. Portions of the meeting featured presentations from several speakers, including an overview of the “Standards and Ethics Point” by Cherry Bekaert’s Melisa Galasso . A full recap of the NCACPA technical committees’ joint session , which as co-authored by Galasso, Deetra Watson and. Read More.