Auditing


The AICPA enhanced the Web site ( www.aicpa.org/EBPAQC ) of its Employee Benefit Plan Audit Quality Center, a firm-based voluntary membership community promoting high-quality audits of pension, health and welfare and 401(k) plans. The center offers practical tools, guidance on audit performance, best practices and information on emerging issues to auditors interested in or practicing in this area. It also raises public awareness of members’ commitment to maximizing audit quality. The Institute organized the Web site around a home page that serves as a single access point to the latest developments in employee benefit plan audits.

The Public Company Accounting Oversight Board (PCAOB) issued a question and answer (Q&A) on implementing Auditing Standard no. 2, An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements, supplementing those it published in 2004 ( www.pcaobus.org/standards/staff_questions_and_answers/index.asp ). The Q&A provides guidance on the documentation completion date. Concurrently the Securities and Exchange Commission’s (SEC) Division of Corporation Finance released a series of Q&As representing the SEC staff’s views on exemptions from commission rules on the filing of management’s report on internal control over financial reporting and the related auditor report ( www.sec.gov/divisions/corpfin/faq012105.htm ).

The AICPA published a collection of all PCAOB professional standards and associated rulings through December 1, 2004. The paperback PCAOB Standards and Related Rules (# 057195JA) can be ordered online at www.cpa2biz.com or by phone at 888-777-7077 (members, $84; nonmembers, $105).

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