Guidance for Dealing With Electronic Confirmations

The AICPA’s Auditing Standards Board has revised Auditing Interpretation no. 1, Use of Electronic Confirmations, of SAS no. 67, The Confirmation Process (AU section 330). The interpretation has been revised to provide guidance on the use of electronic confirmations and their reliability in the confirmation process.


Auditors are likely to work more with electronic confirmations as the financial sector shifts away from accepting paper confirmation requests. One example of the shift came Oct. 1 when Bank of America stopped responding to paper confirmation requests. BofA will only respond to confirmation requests submitted electronically via a designated third-party service provider.


The AICPA’s audit and attest and technical hotline staffs created a question and answer document regarding electronic confirmations and how the Bank of America decision and others like it may affect audits. The Q&A is available here.


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.