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New Technical Auditing Questions and Answers Issued for Investment Companies

The following Technical Questions and Answers guidance has been added under Section 6910, Investment Companies, by the American Institute of Certified Public Accountants: Section 6910.36, Determining Whether Loan Origination Is a Substantive Activity When Assessing Whether an Entity Is an Investment Company Section 6910.37, Considering the Length of Time It Will Take an Investment Company to Liquidate Its Assets and Satisfy Its Liabilities When Determining If Liquidation Is Imminent Section 6910.38, Determining If Liquidation Is Imminent When the Only Investor in an Investment Company Redeems Its Interest, and the Investment Company Anticipates Selling All of Its Investments and Settling All. Read More.

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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.

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