AICPA releases Q&A on required supplementary information

By Ken Tysiac

The AICPA has issued a Q&A to provide nonauthoritative guidance to auditors regarding independence requirements with respect to required supplementary information.

Question and Answer (Q&A) Section 9180.01 addresses the situation when required supplementary information accompanies financial statements subject to an audit, and that required supplementary information extends to historical prior periods (back periods) in which the auditor did not perform an engagement that required independence.

The Q&A states that the auditor is not required, for the purposes of complying with AU-C Section 730, Required Supplementary Information, to be independent of the entity in back periods as long as the auditor’s opinion does not cover required supplementary information.

Ken Tysiac (ktysiac@aicpa.org) is a JofA editorial director.

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Will the Affordable Care Act be repealed?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.