Auditing / Financial reporting


New Technical Questions and Answers (TPAs) have been issued and are available on the AICPA website to provide nonauthoritative guidance.

TPAs 6931.18–.30 address the effect of FASB Accounting Standards Update No. 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting, on the accounting for primarily single-employer, defined benefit pension and defined contribution retirement plans. The guidance was developed by the AICPA Employee Benefit Plans Expert Panel, and readers are encouraged to review these TPAs as a collective set of guidance.

TPA 8900.11, “Management Representations Regarding Prior Periods Presented That Were Audited by Predecessor Auditor,” addresses situations when the prior-period statements were audited by a predecessor auditor whose report on the prior period’s financial statements is not reissued.

Under these circumstances, the auditor is not required to obtain a representation letter covering the prior-period financial statements because he or she is not opining on the prior year when referring to the prior period that was audited by a predecessor auditor. The TPA also discusses when additional representations may be necessary in the current year’s letter.

The TPAs are available at tinyurl.com/6kj2uku.

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.