Auditing


The AICPA SEC practice section issues guidance titled Assessing the Effect on a Firm’s System of Quality Control Due to a Significant Increase in New Clients and/or Experienced Personnel ( www.aicpa.org/download/secps/020508_practaid.pdf ). Drawing from existing AICPA professional literature, the SECPS created this practice aid to help audit firms identify and resolve internal deficiencies that could arise when client rosters and new personnel rapidly increase, overburdening existing quality control systems. Areas in which such problems might appear include auditor independence, personnel management (including audit partner rotation and concurring partner review) acceptance and continuance of clients and engagements, engagement performance and quality-control monitoring.

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.