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"