December
2009
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BY
MICHAEL RAMOS, CPA
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Article
The aim of the risk assessment auditing standards was to improve the quality and effectiveness of audits by substantially changing audit practice. Statements on Auditing Standards nos. 104� provide increased rigor to the audit process in a number of key areas including the assessments of inherent and control risks and the linking of these risk assessments to further audit procedures.
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November
2009
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Article
The PCAOB published staff questions and answers about references to authoritative accounting guidance in PCAOB standards. The series of Q&As serves as a reminder that auditors should look to the FASB Accounting Standards Codification and SEC rules for authoritative U.S. GAAP guidance for SEC registrants, even though PCAOB standards may contain descriptions of and references to U.S.
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November
2009
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Article
Henry Keizer is the global head of audit for KPMG International and U.S. vice chair of audit for KPMG LLP. He also is a member of the AICPA board of directors. He spoke with JofA Publisher and EditorinChief Joanne Fiore following the AICPA’s board of directors meeting in August and in a followup email interview.
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October
2009
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Article
The PCAOB on July 28 passed an auditing standard, Engagement Quality Review (EQR), requiring an independent reviewer to perform EQRs and superseding the existing concurring partner review requirement. If approved by the SEC, the standard will take effect for EQRs of audits and interim reviews for fiscal years that begin on or after Dec.
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October
2009
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Article
The AICPA released a set of FAQs and a comment letter relating to a FASB discussion paper on a potential new approach to lease accounting. The March 19, 2009, discussion paper, Leases Preliminary Views, was issued jointly with the International Accounting Standards Board and responds to concerns raised by investors and other financial statement users about the treatment of lease contracts under IFRS and U.S.
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October
2009
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Article
The SEC on Thursday released its draft Strategic Plan for Fiscal Years 2010�, which includes, among other goals, a continued commitment “to promote the establishment of highquality accounting standards by independent standard setters” and support for “a single set of highquality global accounting standards.” The draft Strategic Plan is a statement of the SEC’s mission, vision, values, strategic goals, planned initiatives and performance metrics.
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October
2009
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Article
The PCAOB postponed the effective date for registered public accounting firms required to report under its new rules to Dec. 31, 2009, from the previous date of Oct. 12, in order to resolve technical issues related to deploying the board’s new Webbased system for processing and publishing filings on the new forms, according to a news release.
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October
2009
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Article
The Federal Accounting Standards Advisory Board released an exposure draft, Subsequent Events Codification of Accounting and Financial Reporting Standards Contained in the AICPA Statements on Auditing Standards. The proposal would incorporate the guidance in the AICPA’s Statements on Auditing Standards (SAS) AU section 560, Subsequent Events, into the authoritative FASAB literature.
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September
2009
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Article
The PCAOB voted to adopt an amendment to a rule on the timing of certain inspections of registered nonU.S. public accounting firms. The amendment to PCAOB Rule 4003(g) gives the board the ability to postpone, for up to three years, the first inspection of any foreign registered public accounting firm that the board is otherwise required to conduct before the end of 2009 and that is in a jurisdiction in which the board has not conducted an inspection before 2009.
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September
2009
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BY
MARK E. RILEY, CPA, PH.D., WILLIAM R. PASEWARK, CPA, PH.D.
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Article
Calculating estimates of the collectibility of accounts receivable and auditing those estimates is difficult. This article describes three techniques for assessing allowance for doubtful accounts estimates and complying with Statement on Auditing Standards (SAS) no. 57 and AU section 342, Auditing Accounting Estimates, which suggest auditors compare prior accounting estimates with subsequent results to evaluate the reliability of the process used to develop estimates.
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