IIA sponsors report on audit committee best practices ( ).

GAO appoints new members to auditing advisory council (Not yet posted on GAO Web site).

New members appointed to FASB ( ; ).

Bush names SEC Commissioner Unger as acting chairman ( ).

Labor department sets up a toll-free information line for filers of benefit plan form 5500 reports ( ).


The article “The Engagement Team Approach to Independence” ( JofA, Feb.01, page 57) misstated the existing AICPA independence rule concerning employment of a member’s spouse. The current AICPA rule provides an exception whereby a client may employ a manager’s spouse as long as the manager does not participate in the engagement. In the example given on page 59, under the subhead Safeguarding Independence Under the New Approach, it reads, “For example, a tax manager’s spouse is hired as the controller of one of the firm’s audit clients.” It should read, “For example, a tax manager’s spouse owns a small amount of stock in one of the firm’s audit clients.” The paragraph goes on to say that under existing AICPA independence rules three options exist to cure the impairment. One option listed was as follows: “The spouse must resign from the client.” In light of this correction, it should read, “The spouse must immediately sell the investment in the client.” We regret the error.


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.