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AICPA’s Auditing Standards Board Releases Proposed Statement on Auditing Standards

Featuring conforming amendments related to sections in Statement on Auditing Standards (SAS) No. 122, Statements on Auditing Standards: Clarification and Recodification, the American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board has issued an exposure draft for proposed SAS: An Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements. The Auditing Standards Board decided to remove existing AT section 501 information from the attestation standards and incorporate within generally accepted auditing standards (GAAS) because the attestation requirements required the examination be performed with an audit of the financial statement. Along with the. Read More.

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AICPA Issues Exposure Draft on Revised Interpretative Guidance

Prepared by its Professional Ethics Executive Committee (“PEEC”), the American Institute of Certified Public Accountants (“AICPA”) has released an exposure draft on potential revisions associated with the organization’s interpretative guidance for professional conduct. Issued on August 29th for public comment, Omnibus Proposal of Revised Interpretations proposes a limited exception to the interpretation of “client affiliate” under the Independence Rule, as well as the definition of “attest client” concerning a firm or individual completing an attest engagement. Per the proposal, the “client affiliate” limited exception would be used when an accountant’s independence is impaired due to an attest client being acquired. Read More.

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Exposure Draft Issued for Peer Review Performance and Reporting Updates

Facilitating in the proposed changes to Standards for Performing and Reporting on Peer Reviews, the American Institute of Certified Public Accountants (“AICPA”) has issued Proposed Changes to the AICPA Standards for Performing and Reporting on Peer Reviews – Preparation of Financial Statements Performed Under SSARS and the Impact on the Scope of Peer Review. As part of this Exposure Draft (the Draft), changes include preparation services completed under the Statements on Standards for Accounting and Review Services would be omitted from the scope of the peer review, and meaning of an accounting and auditing practice for such standards’ purpose. Comments. Read More.

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AICPA’s Accounting and Review Services Committee Completes SSARS No. 21

As part of its four-year Clarity Project, the American Institute of Certified Public Accountants’ (“AICPA”) Accounting and Review Services Committee (“ARSC”) has finalized a document to reformat nearly all of the ARSC’s guidance with clarified versions. Expected to be released in the next two months, the standards will be published as Statement on Standards for Accounting and Review Services (SSARS) No. 21, Statement on Standards for Accounting and Review Services: Clarification and Recodification. When SSARS No. 21 is published, the AICPA’s Accounting and Review Services sections will be labeled as AR-C Sections and eventually replace current AR Sections. Also to. Read More.

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AICPA Grows to 400,000 Members

In a landmark achievement, the American Institute of Certified Public Accountants (“AICPA”) has announced it now has over 400,000 members. Attributed to this milestone is the AICPA gaining over 70,000 new members internationally in the past nine years. Reflecting on the membership success and its impact on AIPCA members, President and CEO Barry Melancon shared his thoughts in a short video on the organization’s website.

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AICPA Committee to Review Proposed Statement on Standards

Starting next Tuesday, the American Institute of Certified Public Accountants’ Accounting and Review Services Committee (“the Committee”) will hold a three-day meeting to discuss the proposed Statement on Standards for Accounting and Review Services (SSARS): Clarification and Recodification. Meeting in Providence, Rhode Island, the Committee will vote to release the SSARS as a final standard and discuss certain components such as Preparation of Financial Statements, Compilation Engagements and Review of Financial Statements. In addition, the Committee will discuss the proposed SSARS, Compilation of Prospective Financial Information and Pro Forma Financial Information. For the meeting’s full agenda , visit the AICPA website. Also. Read More.

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