Auditing


The ASB issues Statement on Auditing Standards no. 100, Interim Financial Information, replacing SAS no. 71, with the same title. The new standard provides additional guidance on performing reviews of interim financial information and incorporates the SEC’s requirement for timely filing of interim data. It also includes recommendations from the Public Oversight Board’s Panel on Audit Effectiveness and from the AICPA professional issues task force’s Practice Alert 2000-4, Quarterly Review Procedures for Public Companies. Copies of the SAS (product no. 060702) can be ordered from the AICPA at 888-777-7077.

The accounting and review services committee issues Statement on Standards for Accounting and Review Services no. 9, Omnibus—2002, which includes revisions to previously issued statements. The new release amends SSARS no. 1, Compilation and Review of Financial Statements, in several respects; provides guidance related to SSARS no. 4, Communications Between Predecessor and Successor Accountants; and clarifies the relationship between the effectiveness of quality control systems and the performance of an engagement according to applicable professional standards. Copies of the statement can be ordered from the AICPA at 888-777-7077.

SPONSORED REPORT

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.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

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.