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 ( www.aicpa.org/members/ ). 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 ( www.nasba.org/nasbafiles.nsf/lookup/july2004revisedrules/ ). 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.

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

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: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.