New Statement on Quality Control Standards Effective as of Jan. 1

Statement on Quality Control Standards (SQCS) no. 7, A Firm’s System of Quality Control, applies as of Jan. 1, 2009, to a CPA firm’s system of quality control for its accounting and auditing practice. The statement describes elements of quality control and other matters essential to the effective design and implementation of the system.


Issued in October 2007 by the Auditing Standards Board, the statement supersedes all previously issued SQCSs and establishes standards and provides guidance for a CPA firm’s responsibilities for its quality control system for its accounting and auditing practice.


SQCS no. 7 requires that a CPA firm must establish a quality control system designed to provide it with reasonable assurance that the firm and its personnel comply with professional standards and applicable regulatory and legal requirements, and reports issued are appropriate in the circumstances. A quality control system consists of policies designed to achieve these objectives and the procedures necessary to implement and monitor compliance with the policies.



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.