Ethics / Compilation & review

Two AICPA committees extended comment deadlines to Nov. 30 on recently proposed revisions to professional standards.

The proposed change to the ethics rules would require CPAs who prepare financial statements for attest clients to apply the general requirements of Interpretation No. 101-3, Nonattest Services, to maintain their independence.

Proposed changes to the Statements on Standards for Accounting and Review Services (SSARS) would require CPAs who are associated with unaudited financial statements that they have not compiled or reviewed to request that management include a label or notation that makes clear that the financial statements were not compiled, reviewed, or audited. Alternatively, CPAs can attach a disclaimer to the financial statements to indicate that they have not been compiled, reviewed, or audited.

To provide members additional time to consider and comment on the proposed changes, the AICPA Professional Ethics Executive Committee extended the comment deadline to Nov. 30 regarding its proposed revisions to Interpretation No. 101-3 that would make clear that the preparation of financial statements is a nonattest service subject to the interpretation’s requirements. The proposed revisions are available at

Likewise, the AICPA Accounting and Review Services Committee extended the comment deadline to Nov. 30 on proposed revisions to SSARS that would revise the objective of the compilation engagement and provide requirements and guidance when an accountant is associated with financial statements that were not subjected to a compilation, review, or audit engagement. See for the proposed revisions.

The comment period for both exposure drafts originally was scheduled to end Aug. 31.


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.