Auditing


The PCAOB published staff questions and answers about references to authoritative accounting guidance in PCAOB standards.

 

The series of Q&As serves as a reminder that auditors should look to the FASB Accounting Standards Codification and SEC rules for authoritative U.S. GAAP guidance for SEC registrants, even though PCAOB standards may contain descriptions of and references to U.S. GAAP, according to a statement by the PCAOB. The Q&A series also provides guidance on the auditor’s responsibilities regarding the codification, including situations where the auditor believes an item in the financial statements should be accounted for differently under the codification than under pre-Codification U.S. GAAP, as well as considerations auditors should give to U.S. GAAP references in the standards of the PCAOB when auditing the financial statements of a foreign private issuer prepared in conformity with IFRS, as issued by the International Accounting Standards Board.

 

The statements contained in the Q&A are not rules of the board, however. They are available at tinyurl.com/msk6d2.

 

SPONSORED REPORT

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

8 sentences to help you master subject-verb agreement

When professionals prepare written material for readers inside their organization or outside, they should make sure that no errors distract from the message they need to convey. Take this short quiz for practice in subject-verb agreement.