Auditing


The AICPA Auditing Standards Board issued an exposure draft of proposed Statement on Auditing Standards (SAS), Defining Professional Requirements in Statements on Auditing Standards, and proposed Statement on Standards for Attestation Engagements (SSAE), Defining Professional Requirements in Statements on Standards for Attestation Engagements (www.aicpa.org/members/div/auditstd/2005_02_28_prof_req.asp). The suggested guidance defines terminology describing auditors’ and practitioners’ degrees of responsibility during engagements. The terms must and is required denote a requirement, while the term should denotes a presumptive requirement. The auditor or practitioner is required to comply with a requirement in all cases in which the circumstances exist to which the requirement applies. In rare circumstances, an auditor or practitioner may depart from a presumptive requirement if he or she documents the justification for departure and how alternative procedures performed were sufficient to achieve the objective of the presumptive requirement. The proposed statements will apply to existing SASs and SSAEs. Comments on them are due May 15, 2005.

SPONSORED REPORT

How to make the most of a negotiation

Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

QUIZ

News quiz: Scam email plagues tax professionals—again

Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.