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The AICPA Accounting and Review Services Committee issued a revised illustrative representation letter for review engagements ( www.aicpa.org/members/div/auditstd/revision_of_appendix_f.htm ). The revisions clarify the dating of the letter, as well as certain terms it contains and the period it addresses. Additional material includes representations required by Statement on Standards for Accounting and Review Services no. 10, Performance of Review Engagements, concerning fraud and a representation addressing the client’s acceptance of any proposed adjusting journal entries.

The AICPA staff, helped by industry experts, released technical questions and answers on financial accounting and reporting issues related to Statement of Position (SOP) 03-1, Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts. The guidance is available online ( www.aicpa.org/members/div/acctstd/general/recent_tpas.asp ) and in Technical Practice Aids, copies of which are available through the AICPA order department at 888-777-7077.

The AICPA launched an improved version of its Audit Committee Matching System (ACMS). The upgrade responds to suggestions from members, who now can add their resumes to the system so that companies can search among them for potential candidates. The ACMS and related resources are available at the Institute’s Audit Committee Effectiveness Center ( www.aicpa.org/audcommctr ).

The Public Company Accounting Oversight Board (PCAOB) introduced communications links that make it easier to contact the board when a registered public accounting firm—or anyone associated with it—may have violated provisions of the Sarbanes Oxley Act of 2002, PCAOB rules or other applicable laws ( www.pcaobus.org/tips ). Concerned parties now can submit information and complaints by fax (202-862-0757) or telephone (800-741-3158), online ( www.pcaobus.org/tips/tips.aspx ) or by mail (PCAOB Complaint Center, 1666 K St., N.W., Washington, D.C. 20006). Information about a PCAOB employee should be sent by e-mail to the board’s Office of Internal Oversight and Performance Assurance at iopa@pcaobus.org .

The International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) issued a staff-prepared series of questions and answers relating to international financial reporting standards (IFRSs), First Time Adoption of IFRSs—Guidance for Auditors on Reporting Issues. The document is available online ( www.ifac.org/store ) at no charge.

The AICPA introduced educational resources designed to improve CPAs’ ability to help their clients and employers manage privacy-related risks. Understanding and Implementing Privacy Services: A CPA’s Resource (paperback with CD-ROM, product no. 056509JA) and “Privacy Issues for Business: Whose Information Is It Anyway?” (CD-ROM, no. 780005HSJA) are available at www.cpa2biz.com . A related JofA article, “E-Mail and the Law” ( www.aicpa.org/pubs/jofa/aug2004/leizerov.htm ), appeared in August 2004.

The AICPA launched an online database ( http://volunteers.aicpa.org/financialliteracy ) where CPAs now can register as volunteers in 360 Degrees of Financial Literacy, the Institute’s program to improve Americans’ ability to manage their personal finances (see JofA , Aug.04, page 14, and www.aicpa.org/pubs/jofa/aug2004/special.htm ). Both member and nonmember CPAs are eligible to participate. Those who sign up will receive information on the profession’s national and state financial literacy activities as well as literature for making presentations about the program. The Institute will contact candidates whose geographic location, experience and areas of interest match volunteering opportunities.

Members of the Florida Institute of Certified Public Accountants (FICPA), some holding the Personal Financial Specialist (PFS) credential, provided free financial counseling services by phone—and, sometimes, in person—to those suffering losses caused by recent hurricanes. The CPA volunteers helped victims—who had called the FICPA’s hurricane help line at 800-342-3197—file insurance claims, report casualty losses on income tax returns and plan cash flow. Disaster Recovery: A Guide to Financial Issues, which the AICPA and the National Endowment for Financial Education had prepared for the American Red Cross ( www.redcross.org/services/disaster/beprepared/FinRecovery ), was another source of information.

The AICPA Peer Review Board issued revised standards for performing and reporting on peer reviews, as well as revised and new interpretations that will help CPAs understand how to apply the standards. Both are effective for reviews beginning after December 31, 2004; early implementation is not permitted ( www.aicpa.org/members/ ). The changes cover the provisions on transparency of reporting, enhanced risk-based approach for system reviews, and type and timing of engagement selection. The board also issued a white paper on the background and basis for its conclusions.

The National Association of State Boards of Accountancy (NASBA) issued model rules for state boards that, if adopted, will require public accounting firms to submit to their state licensing boards adverse quality control reviews of their operations ( www.nasba.org/nasbafiles.nsf/lookup/july2004revisedrules/ ). The rules also would require individual CPAs to notify the boards of civil charges against them for fraud, violation of practice standards or misappropriation of funds. The model rules represent best practices NASBA recommends to all state boards, based on measures some already have adopted, as well as issues addressed in the Sarbanes-Oxley Act of 2002.

President George W. Bush last month signed the Working Families Tax Relief Act of 2004. The legislation extends a number of tax provisions affecting individuals and businesses, such as marriage penalty relief and the research and development credit that expired June 30, 2004. Additional information is available at http://waysandmeans.house.gov/Links.asp?section=343 .

The Accounting Hall of Fame announced three inductees for 2004. The honorees are Dennis R. Beresford, E&Y Executive Professor at the University of Georgia, former chairman (1987–1997) of the Financial Accounting Standards Board and writer of professional articles; Gerald A. Feltham, a professor of accounting at the University of British Columbia and accounting researcher; and William J. Vatter, an educator and author whose published works include The Fund Theory of Accounting and Its Implications for Financial Reports. Established in 1950 at Ohio State University, the hall of fame recognizes accountants who make significant contributions to the profession’s advancement.

The Institute is accepting proposals for cases under the 2005 Professor/Practitioner Case Development Program, which promotes collaboration of accounting educators and practitioners to formulate realistic case studies for use in accounting education ( www.aicpa.org/members/div/career/edu/ppcdp.htm ). Proposals are due December 1.

The AICPA invites state CPA societies and individuals to nominate an accounting educator for the 2005 AICPA Distinguished Achievement in Education Award ( www.aicpa.org/members/div/career/edu/laaea.htm ). The award recognizes full-time college accounting educators for excellence in teaching and national prominence in the accounting profession. Nominations are due February 1.

The Accounting Hall of Fame announced three inductees for 2004. The honorees are Dennis R. Beresford, E&Y Executive Professor at the University of Georgia, former chairman (1987–1997) of the Financial Accounting Standards Board and writer of professional articles; Gerald A. Feltham, a professor of accounting at the University of British Columbia and accounting researcher; and William J. Vatter, an educator and author whose published works include The Fund Theory of Accounting and Its Implications for Financial Reports. Established in 1950 at Ohio State University, the hall of fame recognizes accountants who make significant contributions to the profession’s advancement.

The Institute is accepting proposals for cases under the 2005 Professor/Practitioner Case Development Program, which promotes collaboration of accounting educators and practitioners to formulate realistic case studies for use in accounting education ( www.aicpa.org/members/div/career/edu/ppcdp.htm ). Proposals are due December 1.

The AICPA invites state CPA societies and individuals to nominate an accounting educator for the 2005 AICPA Distinguished Achievement in Education Award ( www.aicpa.org/members/div/career/edu/laaea.htm ). The award recognizes full-time college accounting educators for excellence in teaching and national prominence in the accounting profession. Nominations are due February 1.