Auditing


The ASB issues Statement on Auditing Standards no. 101, Auditing Fair Value Measurements and Disclosures. It addresses audit considerations relating to the measurement and disclosure of assets, liabilities and specific components of equity presented or disclosed at fair value in financial statements. The SAS is effective for audits of financial statements for periods beginning on or after June 15, 2003, although the board permits earlier application. Copies of the SAS (product no. 060703) can be ordered from the AICPA at 888-777-7077.

The Institute’s audit and attest standards team releases nonauthoritative guidance in the form of a free tool kit, Auditing Fair Value Measurements and Disclosures. It includes practical recommendations, illustrative audit programs and disclosure checklists to help auditors understand and apply statements on auditing standards when auditing fair value measurements and disclosures relating to business combinations, goodwill and certain impairment situations. The tool kit can be downloaded from the AICPA Web site at www.aicpa.org/download/auditstd/finaltoolkit.pdf .

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.