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

Keeping client information safe in an age of scams and security threats

A look at the Dirty Dozen tax scams and ways to protect taxpayer information.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: IRS enforcement, a hot job, and audit value

The IRS’s 2016 Data Book, a “hot job” of particular interest at this time of year, and insight into how executive and audit committees view the insights from financial statement audits received attention recently. See how much you know with this short quiz.