The limited assurance obtained by a practitioner in a review engagement is clarified in a standard issued by the AICPA Auditing Standards Board.
Advertisement
NEWS
Several tax provisions set to expire at end of 2020
Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.
FASB to seek input on its standard-setting agenda
FASB will undergo a comprehensive project starting this month to determine its future standard-setting priorities, FASB Chair Richard Jones said at the AICPA Conference on Current SEC and PCAOB Developments.
IRS finalizes qualified plan loan rollover rules
The IRS finalized proposed regulations on the qualified plan loan rollover rules amended by the law known as the Tax Cuts and Jobs Act with just one change in response to a comment.
New Form W-4 slow to gain traction with taxpayers
Only 26% of taxpayers have changed their withholding since Form W-4 was revised in 2019, an AICPA survey found.
Why the best critical audit matter disclosures use entity-specific info
Critical audit matters have more value when they provide entity-specific language and avoid boilerplate, experts say.
PCAOB changes 2021 inspection focus areas as a result of COVID-19
PCAOB inspectors will focus more in 2021 on industries and audit areas that have experienced disruption as a result of the coronavirus pandemic. Inspectors also will try to become more unpredictable in the audits and areas they examine.
Internal control focus critical as a result of pandemic changes
The coronavirus pandemic has led to changes in operations that require increased attention to internal controls, Securities and Exchange Commission staff said at the AICPA Conference on Current SEC and PCAOB Developments.
Emergence through fresh-start reporting
As an entity moves through the bankruptcy process, it must meet certain criteria to qualify, upon emergence, for fresh-start reporting under FASB ASC Topic 852, Reorganizations.
Answering clients’ estate planning questions this December
This article offers answers to questions from clients who are concerned about protecting their estate from tax changes that might happen in 2021.
AICPA and trade associations ask Congress to fix PPP loan deductibility
In a letter to Congress, dated Dec. 3, hundreds of national trade associations and their state and regional affiliates asked that legislation be enacted before the end of 2020 reversing the IRS’s position that amounts forgiven in loans under the PPP be nondeductible business expenses.
Threats to licensing remain a concern for CPAs amid pandemic
The economic fallout from the coronavirus pandemic is posing new challenges to state professional licensing statutes. CPAs have a role to play in advocating for responsible licensing regulation.
Expenses used for PPP loan forgiveness: Deductible or not?
Two experts look at the issue of the deductibility of expenses paid with PPP loan funds and conclude that they should be deductible.
Practitioners provide new transparency through critical audit matters
New PCAOB requirements for communicating critical audit matters give practitioners an opportunity to provide additional transparency to financial statement users. A Center for Audit Quality study shows how auditors are delivering this information.
IP PINs to be available to all individuals in 2021
The IRS announced that it would begin allowing all individual taxpayers to opt in to receive an identity protection personal identification number (IP PIN), beginning in mid-January 2021.
Auditing fraud risk during a pandemic
Fraud risk in the financial statements has been elevated amid the coronavirus pandemic. Here’s what practitioners need to know as they audit the risks of fraud during their engagements.
Succession issues surge at accounting firms
According to the 2020 Succession Planning Survey, more than half of multi-owner firms (55%) said they are currently experiencing succession challenges, up from 26% in 2016.
New report highlights digital transformation during COVID-19 and beyond
Get some insights on how CPAs and finance professionals are using technology solutions to change their businesses in the era of COVID-19. A new report will guide a long-term, strategic approach to drive digital success, manage risk and streamline costs.
AICPA urges SBA and OMB to reconsider PPP Loan Necessity Questionnaires
An AICPA letter suggests that the need for certain borrowers to complete a new form and provide extensive documentation supporting their request for relief funds be reconsidered and that other approaches be evaluated in assessing a borrower’s good faith certification.
Low demand leads to shrinking energy industry valuations
The coronavirus pandemic and other factors have resulted in shrinking valuations in the energy industry, according to experts at the AICPA/PDI Oil & Gas Online Conference.
Features
FROM THIS MONTH'S ISSUE
Clean data faster using Excel’s REGEX functions
Excel’s REGEX functions provide a simpler, flexible solution to text-cleaning tasks, reducing the need to combine multiple functions when cleaning imported data. This JofA Technology Q&A article shows the way with step-by-step instructions and a video walkthrough.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
