Peer review

Changes proposed to peer review standards

Proposed changes to the AICPA’s standards for performing and reporting on peer reviews are designed to help audit firms increase focus on their quality-control systems.

Changes proposed to peer review standards

Changes proposed by the AICPA Peer Review Board are designed to help audit firms increase their focus on the proper design and operating effectiveness of their quality-control systems.

A 6-point plan to improve audit quality

A new six-point plan released by the AICPA provides a road map for enhanced performance on audits of private companies, employee benefit plans, and governmental entities.

Learn from data to improve audits

Data collected by the AICPA Peer Review team can drive better audits by helping audit firms focus remedies on areas that frequently have been associated with accounting and auditing deficiencies.

AICPA seeks feedback on private-entity audit quality initiative

In one of the first steps of the new Enhancing Audit Quality (EAQ) initiative, a major effort to improve auditing of private entities, the AICPA has released a discussion paper seeking stakeholder perspectives. Through the two-phased initiative, the AICPA is coordinating resources to improve performance in audits of private entities,

Proposed peer review change would remove inconsistencies for engagement reviews

Changes to peer review standards proposed last week by the AICPA Peer Review Board (PRB) are designed to remove inconsistencies and improve the transparency of reports for engagement reviews. The proposal, outlined in an exposure draft, would change the impact to an engagement review report when all of the following

Banking

For news from the AICPA and state societies, visit www.cpa2biz.com, which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. BANKING The FDIC reported that profits at commercial banks and savings institutions declined 3.4% from year-earlier levels in the second quarter of

Enhancing Public Confidence: The GAO’s Peer Review Experience

Origin and Mission The GAO is part of the legislative branch of the federal government and thus is independent of the executive branch. Congress established the GAO in 1921 to investigate all matters relating to the receipt, disbursement and application of public funds. Since then, Congress has expanded the GAO’s

Peer Review Is Stronger and Better Now

EXECUTIVE SUMMARY THE AICPA REVISED ITS STANDARDS for performing and reporting on peer reviews for firms that do not audit SEC registrants. The revised standards, effective for reviews commencing on or after January 1, 2005, will enhance the quality of peer reviews and increase the usefulness of peer review reports

Renewing a Great Profession

Robert L. Bunting, CPA, became chairman of the AICPA board of directors in October 2004. His acceptance speech, delivered at the Institute’s annual meeting, appears in these pages. A JofA interview with him appeared in the November issue (see “ Managing Change ,” page 27). n preparation for the coming

Increasing Transparency in Peer Review: Members Speak Out

At its spring 2004 meeting, the AICPA’s governing council approved a resolution in support of increased transparency in the peer review process. It also authorized a member awareness program to inform members about peer review and the related transparency issues and to assess their desire for greater transparency. Two principal

Make Strategic Relationships a Success

EXECUTIVE SUMMARY FOR ALL BUSINESSES, THE NUMBER of strategic relationships has been growing 25% per year since 1985. A FIRM'S FIRST STEP TOWARD a strategic alliance is to decide what capabilities it wants to add. Then it should decide what it wants to achieve: Does the firm wish to increase

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

CHECKLIST

Being responsive to clients

CPAs and their firms have daily pressures and hectic schedules, but being responsive is crucial to client satisfaction. Leaders in the profession offer advice for CPA firms that want to be responsive to clients.

QUIZ

Test yourself on these often confused words

The spelling checker on your word processing program can do only so much to flag problems. Your best insurance is to learn the troublesome words that trip up writers and use them correctly by the standards of formal, written English.