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The PCAOB identified 11 areas in which auditing or quality control deficiencies were observed during inspections of U.S. firms that audited 100 or fewer public companies.

The findings were based on inspections conducted between 2004 and 2006. The PCAOB released a report on the deficiencies to help firms continue to improve quality control and comply with standards.

Areas in which deficiencies were observed were:


Related-party transactions

Equity transactions

Business combinations and impairment of assets

Going-concern considerations

Loans and accounts receivable (including allowance accounts)

Service organizations

Use of other auditors

Use of the work of specialists

Independence, including prohibited non-audit services, indemnification and firm independence policies and procedures and independence confirmation with audit committees

Concurring partner review

The report is available at

Current Issues in Auditing, the auditing section of the American Accounting Association’s new journal, is now online. Published papers are available free of charge at The AAA’s new manuscript management system is at The site will serve as the portal for submissions, reviews, and decision letters.

CIIA has accepted papers including The Sarbanes-Oxley Act of 2002—Restoring Investor Confidence, by former U.S. Rep. Michael G. Oxley, R-Ohio, and Top-Ten Wish List for Audit Research, by Edward Nusbaum, CEO of Grant Thornton LLP.

CIIA’s co-editors are Dana R. Hermanson, of Kennesaw State University, and D. Scott Showalter, of KPMG LLP.


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.