ASB addresses exempt securities

Requirements are proposed for when an auditor is involved with an exempt securities offering.

The AICPA Auditing Standards Board issued an exposure draft that proposes specific performance requirements when an auditor is involved with an offering of securities that are exempt from registration under the Securities Act of 1933, as amended, or a franchise offering regulated by the Federal Trade Commission.

Exempt offerings include, but are not limited to, private placement offerings, exempt public offerings, municipal securities offerings, and franchise offerings.

The proposal, Proposed Statement on Auditing Standards, Auditor Involvement With Exempt Offering Documents, would take effect for offering documents with which the auditor is involved that are initially distributed, circulated, or submitted on or after June 15, 2018.

Comments can be made by Oct. 13 to Sherry Hazel at shazel@aicpa.org.

SPONSORED REPORT

How to make the most of a negotiation

Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

QUIZ

News quiz: Scam email plagues tax professionals—again

Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.