New conflict minerals guidance available

Conflict minerals reporting and auditing is a newly emerging practice, as May 31 is the submission date required by the SEC for the first reports of issuers’ efforts to track the gold, tantalum, tin, and tungsten in their supply chains.

The AICPA Conflict Minerals Task Force has developed new nonauthoritative guidance to address the attributes of a conflict minerals report that will facilitate an independent private-sector audit. The guidance also describes the use of various section headings and subheadings within the two sections that are expected to appear in a conflict minerals report based on the instructions to the SEC’s Form SD.

A new Question and Answer (.13) includes the guidance. The Q&A also links to a depiction of a conflict minerals report that illustrates other headings that might also be included.

Previously issued Q&As .01 to .12 are available on the AICPA’s conflict minerals resources webpage along with background and other useful information about the new conflict minerals requirements, as well as an expanded “Other Useful Links” section.


News quiz: College debt, stolen identities, and retirement planning

See how much you know about these developments and others in the Journal of Accountancy news quiz.


Preventing and detecting fraud at not-for-profits

Organizations in all industries must deal with the potential for fraud to occur, and design controls to prevent and detect it. Environment, policies, and controls can help organizations steer clear of problems.


The dangers of dabbling

To meet evolving marketplace needs, CPAs often look to diversify their service offerings. Firms can mitigate the risk of experiencing competency-related professional liability claims by implementing these basic steps.