ASB interpretations address GASB pension issues

The AICPA Auditing Standards Board (ASB) issued three auditing interpretations to help address some of the numerous accounting and auditing issues that are facing governmental cost-sharing multiple-employer pension plans and the government employers that participate in them.

The interpretations are intended to help auditors of governmental cost-sharing plans and participating employers in their audits of entities that are implementing the new pension standards created by GASB that will substantially change the accounting and financial reporting of public employee pension plans and the state and local governments that participate in such plans.

Interpretations were issued to the following sections of Statement on Auditing Standards No. 122, Statements on Auditing Standards: Clarification and Recodification, as amended:

  • Section 500, Audit Evidence.
  • Section 600, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors).
  • Section 805, Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement

The interpretations are available on the GASB Matters section of the AICPA Governmental Audit Quality Center website along with recent white papers issued by the AICPA State and Local Governments Expert Panel related to cost-sharing plans.


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.