The International Federation of Accountants (IFAC) issued an invitation to comment on a proposed revision of its constitution ( ). If approved, the proposal also would create bylaws and a policies and procedures manual. Comments are due February 1, 2006.

IFAC’s International Auditing and Assurance Standards Board (IAASB) issued five EDs in a new style whose conventions it will use to improve clarity when it drafts international standards on auditing (ISAs) and other subjects ( ). Four of the EDs are redrafts of previously issued Standard nos. 240, The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements; 300, Planning an Audit of Financial Statements; 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement and 330, The Auditor’s Procedures in Response to Assessed Risks. The fifth is Proposed Amendments to the Preface to the International Standards on Quality Control, Auditing, Assurance and Related Services. Comments are due February 28, 2006.

Meanwhile, the IAASB deferred the effective date of recently amended requirements to ISAs 200, Objective and General Principles Governing an Audit of Financial Statements, and 210, Terms of Audit Engagements ( ), which relate to the auditor’s consideration of whether the financial reporting framework that is applied in preparing the financial statements would be acceptable.

The International Accounting Standards Board (IASB) published a discussion paper, “Management Commentary,” that assesses the role the board could play in improving the quality of such observations accompanying the financial statements in companies’ annual reports ( ). Comments are due April 28, 2006.


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.