Professional Issues

The AICPA Peer Review Board issued revised standards for performing and reporting on peer reviews, as well as revised and new interpretations that will help CPAs understand how to apply the standards. Both are effective for reviews beginning after December 31, 2004; early implementation is not permitted ( ). The changes cover the provisions on transparency of reporting, enhanced risk-based approach for system reviews, and type and timing of engagement selection. The board also issued a white paper on the background and basis for its conclusions.

The National Association of State Boards of Accountancy (NASBA) issued model rules for state boards that, if adopted, will require public accounting firms to submit to their state licensing boards adverse quality control reviews of their operations ( ). The rules also would require individual CPAs to notify the boards of civil charges against them for fraud, violation of practice standards or misappropriation of funds. The model rules represent best practices NASBA recommends to all state boards, based on measures some already have adopted, as well as issues addressed in the Sarbanes-Oxley Act of 2002.


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.