Professional Issues


The AICPA professional issues task force issues Practice Alert 2003-3, Acceptance and Continuance of Clients and Engagements, to give practitioners and their firms guidance on establishing policies and procedures for deciding whether to accept or continue a client relationship and whether to perform a specific engagement for that client ( www.aicpa.org/download/secps/pralert_03_03.pdf ). The alert discusses the following elements of an effective client acceptance program: availability of competent personnel; communication with predecessor accountants, including auditors; assessment of management’s commitment to the appropriate application of GAAP and implementing and maintaining effective internal controls; assessment of the entity’s financial viability; auditor independence and objectivity; inquiries of third parties and background investigations. The task force encourages AICPA member firms to incorporate the alert’s guidance as soon as practicable.

SPONSORED REPORT

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

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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.

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Did you follow 2016’s biggest accounting news?

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