AICPA Updates the Trust Services Principles and Criteria Related to SOC 2 & 3 Audits
In February, the American Institute of Certified Public Accountants’ (“AICPA”) released an updated edition of its Trust Services Principles and Criteria (“TSP”) 2014. The TSP’s criteria is utilized by CPA firms in performing Service Organization Control (“SOC 2” or “SOC 3”) audit engagements that report on the system controls relevant to security, availability, processing integrity, confidentiality and/or privacy. The revised Trust Principles are effective for reporting periods ending or after December 15, 2014, but the AICPA is permitting early adoption. The revisions are intended to improve clarity, eliminate redundancy, and update criteria based upon changes in technology and business environments.. Read More.
CPA2Biz Announces Name Change
To stay current with its mission of helping the CPA profession in the digital age, CPA2Biz has announced it will be now called CPA.com. A subsidiary of the American Institute of CPAs, CPA.com will carry out CPA2Biz’s previous efforts and achievements including a learning management system for firms and corporations and an e-commerce website for financial professionals. In regards to the announcement, CPA.com president and CEO Erik Asgeirsson stated, “The new name is strong, simple and clear and reflects a digital service offering that is growing to meet the needs of CPAs. The time is right to make this switch.”. Read More.
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.
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.
AICPA’s SLGEP & Audit and Attest Standards Team Release New Auditing Interpretations
After hosting multiple discussions concerning the issues facing accounting and auditing implementation for government pension plans and participants, and their auditors due to the Governmental Accounting Standards Board’s (“GASB”) recent pension accounting standards, the American Institute of Certified Public Accountants (“AICPA”) State and Local Governments Expert Panel (“SLGEP”) and AICPA Audit and Attest Standards Team have come together to issue three auditing interpretations for guidance. The three audit interpretations are as follows: Interpretation No. 2, “Auditor of Participating Employer in a Governmental Cost-Sharing Multiple-Employer Pension Plan,” of AU-C section 500, Audit Evidence: This interpretation clarifies the audited financial statements of. Read More.