AICPA Task Force Releases White Paper on Technology & Auditing
In its efforts to create a conceptual framework and guidance on how technology impacts internal and external reporting, the American Institute of Certified Public Accountants’ (“the Institute”) Assurance Services Executive Committee Emerging Assurance Technologies Task Force has released, Re-imagining Auditing in a Wired World. Published as a white paper document, the guidance offers insight on the future of reporting and auditing systems, as well as the benefits of technology related to auditing processes. For a copy of Re-imagining Auditing in a Wired World , visit the Institute’s website. Cherry Bekaert offers Assurance services that go beyond checking the boxes, and our Technology & Life Sciences industry. Read More.
AICPA’s Auditing Standards Board to Meet in Montreal Next Week
Starting Tuesday, the American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board (“ASB”) will hold a three-day meeting in Montreal, Quebec. Planned to discuss additional clarified standards, the ASB’s meeting agenda will feature: – A review of An Audit of Internal Control Over Financial Reporting That is Integrated With an Audit of Financial Statements, a proposal that would replace AT section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements, and Interpretation No. 1 of AT section 501, “Reporting Under Section 112 of the Federal Deposit Insurance Corporation Improvement. Read More.
Topics: American Institute of Certified Public Accountants "AICPA", Audit, Auditing Standards Board "ASB", Clarified Attestation Standard, Clarified Standards, Federal Deposit Insurance Corporation Improvement Act, financial reporting
AICPA Releases Updates to AAG Standards and Audit Risk Alert
Published on June 26th, the American Institute of Certified Public Accountants (“AICPA”) issued updates to five Audit and Accounting Guides (“AAG”). The AAG updates include the following: Compilation and Review Engagements now offers interpretive guidance on recent adjustments to the Statements on Standards for Accounting and Review Services for compilation and review engagements. The Construction Contractors update includes simplified versions of the Auditing Standards Board’s audit standards and Professional Ethics Executive Committee’s Ethics Code of Professional Conduct. Investment Companies reflects modifications to the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (ASU) No. 2013-08, Financial Services-Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements, the. Read More.
Topics: AAG Standards, Accounting Standards Update "ASU", American Institute of Certified Public Accountants "AICPA", Audit, Audit and Accoutning Guide "AAG", Audit Risk, Balance Sheet, disclosure, Ethics, Financial Accounting Standards Board "FASB", Investment Companies, Investment Company Act, Professional Ethics Executive Committee "PEEC", Public Company Accounting Oversight Board "PCAOB", U.S. Securities and Exchange Commission "SEC"
FASB’s Going Concern Amendment to Affect PCAOB Standards
In the coming weeks, the Financial Accounting Standards Board (“FASB”) plans to release an amendment that requires struggling companies to inform investors regarding their chances of surviving. Entitled proposed Accounting Standards Update No. 2013-300, Presentation of Financial Statements (Topic 205)—Disclosure of Uncertainties about an Entity’s Going Concern Presumption, the update is in response to investors and regulators who believed auditors issued going concern reviews of companies after the stock price mirrored the market’s knowledge of their pending demise. Per the FASB’s final update to U.S. GAAP, a company will be required to add in its financial statement footnotes when “substantial. Read More.
Topics: Accounting Standards Update, American Institute of Certified Public Accountants "AICPA", Audit, Auditing Standards Board "ASB", Bruce Webb, disclosure, Financial Accounting Standards Board "FASB", Financial Statements, Going Concern, International Financial Reporting Standards "IFRS", Public Company Accounting Oversight Board "PCAOB", U.S. GAAP, U.S. Securities and Exchange Commission "SEC"
Breach of Independence Interpretation Proposal Released
Earlier this week, the American Institute of Certified Public Accountants’ Professional Ethics Executive Committee (“PEEC”) issued an exposure draft for Interpretation No. 101-20, “Breach of an Independence Interpretation” and a revised version of ET Section 91, “Applicability.” Open for public comments, the proposed guidance will assist auditors in reviewing and addressing the effects of breaching an independence interpretation. Per the proposal, the PEEC believes that public interest is not considered when a firm is required to withdraw from an attest engagement caused by an independence interpretation breach if the impact is such that the attest engagement team’s integrity, objectivity, and. Read More.
AICPA Names Top Developments for Nonprofit CPAs
With nonprofit Certified Public Accountants still facing challenges stemming from the 2008 financial crisis, the American Institute of Certified Public Accountants (“AICPA”) has pinpointed significant developments that reflect such obstacles. At its Not-for-Profit Industry Conference last Thursday, the AICPA noted the following current happenings: The Financial Accounting Standards Board’s proposal that enhances financial reporting disclosures will be issued as an exposure draft later this year. Consistent organization policies on gifts and ethics must be implemented. Younger nonprofit donors need more details on where their contributions are being spent. To offer performance information, several nonprofits are testing quarterly earnings calls. The. Read More.