The International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) released two exposure drafts (EDs) and a discussion paper intended to improve the quality and consistency of audits. One ED, Clarifying Professional Requirements in International Standards Issued by the IAASB ( ), addresses the need to eliminate ambiguous language in the standards. Comments on it and a related discussion paper— Improving the Clarity and Structure of IAASB Standards and Related Considerations for Practice Statements, which examines the need to change the IAASB’s method of drafting standards—are due December 31, 2004. The other ED proposes revisions to International Auditing Standard (ISA) 230, Audit Documentation ( ), that would, among other effects, clarify the form, content and extent of such documentation. Comments on this ED and on related amendments to other ISAs are due January 31, 2005.

IFAC commissioned a study, Challenges and Successes in Implementing International Standards: Achieving Convergence to IFRSs and ISAs ( ), that identifies important issues in adopting and using international financial reporting standards (IFRSs) and international standards on auditing (ISAs) and makes recommendations for facilitating convergence to each.


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.