The AICPA’s Audit and Attest Standards staff has issued Technical Practice Aid (TPA) 9110.16, Example Reports on Federal Deposit Insurance Corporation Loss Sharing Purchase and Assumption Transactions, to provide guidance to independent auditors on the type of report they might have to give to the FDIC regarding a loss-sharing purchase and assumption agreement. The TPA provides illustrations of auditor reports for three possible outcomes for which the independent auditor might report. The guidance is available at


  The AICPA-affiliated Center for Audit Quality issued a comment letter in March regarding the PCAOB’s Proposed Auditing Standards Related to the Auditor’s Assessment of and Response to Risk. In the letter, the CAQ said it appreciates the board’s consideration of the feedback from stakeholders on its original proposal and believes that the reproposed standards are significantly improved in a number of areas.


“Identifying, assessing and responding to risks are integral to the audit process and fundamental to the conduct of highquality audits. We concur with the board that risk assessment should underlie the entire audit process and result in appropriate audit procedures that are tailored to a company’s facts and circumstances, including its size and complexity,” CAQ Executive Director Cindy Fornelli wrote. “We are supportive of efforts to improve auditors’ assessment of and response to risks.”


However, the comment letter noted a number of areas where the CAQ believes the proposal could be enhanced and suggested improvements to the transparency of the PCAOB’s standard-setting process.


The comment letter is available on the CAQ’s Web site at



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.