Auditing


The AICPA auditing standards board issues three standards. The first, Statement on Auditing Standards (SAS) no. 98, Omnibus 2002, contains amendments to SAS nos. 1, 8, 25, 29, 47, 52, 58 and 95. SAS no. 98 also amends SAS no. 70 by rescinding Interpretation no. 6, incorporating its guidance into that statement. Two other standards, SSAE no. 12, Amendment to SSAE No. 10, Attestation Standards, and Statement on Quality Control Standards (SQCS) no. 6, Amendment to SQCS No. 2, System of Quality Control for a CPA Firm’s Accounting and Auditing Practice, clarify that, although an effective quality control system is conducive to compliance with GAAS or the attestation standards, deficiencies in, or noncompliance with, a firm’s quality control system do not, in and of themselves, indicate a failure to perform an engagement in accordance with the applicable professional standards. All three standards appear in Official Releases, page 112, and are also available from the AICPA order department at 888-777-7077.

SPONSORED REPORT

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out