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NC State Students Complete Cherry Bekaert Audit Methodology Project

Eighty students of North Carolina State University’s Jenkins Master of Accounting Program recently completed a semester-long project to help advance Cherry Bekaert’s audit methodology. Spearheaded by Partner Tara Edwards and Director Jonathan Kraftchick, the class project involved reviewing audit assignments to determine whether the information presented is understandable by Cherry Bekaert’s entry level auditors. Students were given tasks to complete using the same information entry level auditors are given, and then provided feedback to Kraftchick and Edwards. More on the Cherry Bekaert audit methodology project is available on the NC State website.

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Auditing Standards Board Outlines Discussions for Upcoming Meeting

Continuing efforts to reformat attestation standards based on the American Institute of Certified Public Accountants’ (“AICPA”) clarity conventions, the AICPA Auditing Standards Board (“the Board”) plans to review comment letters received on the standards’ first four chapters drafts at its upcoming meeting. Scheduled for October 20th-22nd in New York City, the Board will cover Proposed Statement on Standards for Attestation Engagements (SSAE) – Attestation Standards: Clarification and Recodification, which establishes clarified standards objectives and definitions for each standard. Reformatting the standards is part of the AICPA’s Clarity Project that helps make them better to understand and be applied. Along with. Read More.

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AICPA Releases Additional Technical Q&As for Guidance on ASU No. 2013-07

To be used as implementation guidance for accounting, auditing and applicable industry matters, the American Institute of Certified Public Accountants (“AICPA”) has released new technical staff practice aids under (a) TIS Section 6931, Financial Statement Reporting and Disclosure—Employee Benefit Plans and (b) TIS Section 8900, Predecessor Auditors. Published in a questions and answers format, TIS Sections 6931.18 through 6931.30 help practitioners understand the accounting impact of Financial Accounting Standards Board’s Accounting Standards Update No. 2013-07, Presentation of Financial Statements—Liquidation Basis of Accounting, on single-employer pension plans. Some of the sections cover topics like Definition of “Imminent” Under Liquidation Basis of Accounting for Single-Employer Defined Benefit and. Read More.

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Staff Audit Practice Alert Issued for Going Concern

Reminding auditors to continue abiding by its current standards in spite of recent U.S. GAAP changes related to recognizing a company’s ability to continue as a going concern, the Public Company Accounting Oversight Board (“PCAOB”) has issued Staff Audit Practice Alert No. 13 , Matters Related to the Auditor’s Consideration of a Company’s Ability to Continue as a Going Concern. The alert informs auditors to reference the appropriate financial reporting framework, U.S. GAAP or International Financial Reporting Standards (IFRS), to review management’s going concern evaluation and its related financial statement disclosures. Staff Audit Practice Alert No. 13 also advises auditors to continue using PCAOB AU sec.. Read More.

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DoD Inspector General Issues Two Reports on DCAA Quality Control

On August 27, 2014, the Defense Contract Audit Agency (“DCAA”) issued Memorandum for Regional Directors (MRD) 14-PAS-014(R) , captioned ”Audit Guidance on Removal of Modified GAGAS Statement in Audit Reports”. As background for this MRD, Generally Accepted Government Auditing Standards (GAGAS) require audit organizations to obtain an external peer review at least once every three years. For DCAA, the external reviews are performed by the Department of Defense’s (“DoD”) Inspector General. In August 2009, the Inspector General revoked its previous approval of DCAA’s quality control program. As a consequence, since August 2009, DCAA has been unable to state that it performed its audits in accordance with. Read More.

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PCAOB Releases Agenda Ahead of Next Month’s SAG Meeting

Announced ahead of its October 2nd event, the Public Company Accounting Oversight Board (“PCAOB”) has released the agenda for its Standing Advisory Group (“SAG”) meeting in Washington, D.C. Open to the public, the SAG meeting agenda includes panel discussions on possible changes to the standards regarding auditing estimates and fair value measurements. Featuring a panel of investors, auditors and valuation experts, the discussion is intended for reviewing challenges faced by auditors, hearing perspectives from the audit committee and investors, and insight from academic research. The meeting’s agenda also includes PCAOB and global inspection matters, developments in valuation and financial reporting frameworks. Read More.

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