The AICPA Center for Public Company Audit Firms (CPCAF) issued a report on the Public Company Accounting Oversight Board’s findings from its inspections of eight PCAOB-registered firms that audit more than 100 public companies ( ). An earlier analysis focused on PCAOB deficiency reports for firms with 100 or fewer SEC-registered audit clients ( ). The CPCAF addressed only the deficiencies reported in the public portions of the PCAOB inspection reports and did not include cited criticisms of a firm’s quality control system. Large firms’ most common deficiencies related to confirmation procedures, estimates, substantive/analytical procedures, documentation, risk assessment vs. tests, GAAP applicability, materiality, third-party service organizations, sample sizes and arrangements or side agreements. For smaller firms, the most common deficiencies involved revenue, expenses, accounts receivable, inventory, allowances for loan losses, accrued expenses, business combinations or acquisitions, going concern issues, investments and equity transactions.


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.


Tips for first-year auditors

For a new auditor, the first busy season can be an exciting time and a fantastic opportunity for professional growth. Here are suggestions for new auditors and those who nurture their development.