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

SPONSORED REPORT

The technology assessment engagement

Are you working with the best technology? Do you know how to help your clients determine if their technology stack measures up? In this free report, J. Carlton Collins, CPA, explains how to answer those questions via a technology assessment engagement.

FEATURE

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.