Professional Issues


Less than two weeks before its self-imposed March 31 termination, the Public Oversight Board publishes a white paper, The Road to Reform, ( www.publicoversightboard.org/White_Pa.pdf ) proposing the creation—through federal legislation—of an independent organization that would assume the board’s responsibility for voluntary private-sector regulation of the profession. Among other things, the POB recommends the new body oversee and fund FASB—by means of fees imposed on public corporations—and also have the power to set and interpret auditing and independence standards, perform comprehensive annual reviews of firms auditing more than 100 public companies each year and investigate public firms’ wrongdoing, with the authority to compel testimony and obtain documents by subpoena. To protect small businesses and their audit firms from any unintended consequences of these proposals, the paper recommends making these organizations exempt from limits on the provision of nonaudit services to audit clients.

SPONSORED REPORT

Keeping client information safe in an age of scams and security threats

A look at the Dirty Dozen tax scams and ways to protect taxpayer information.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: IRS enforcement, a hot job, and audit value

The IRS’s 2016 Data Book, a “hot job” of particular interest at this time of year, and insight into how executive and audit committees view the insights from financial statement audits received attention recently. See how much you know with this short quiz.