Professional Issues


Less than two weeks before its self-imposed March 31 termination, the Public Oversight Board publishes a white paper, The Road to Reform, ( www.publicoversightboard.org/White_Pa.pdf ) proposing the creation—through federal legislation—of an independent organization that would assume the board’s responsibility for voluntary private-sector regulation of the profession. Among other things, the POB recommends the new body oversee and fund FASB—by means of fees imposed on public corporations—and also have the power to set and interpret auditing and independence standards, perform comprehensive annual reviews of firms auditing more than 100 public companies each year and investigate public firms’ wrongdoing, with the authority to compel testimony and obtain documents by subpoena. To protect small businesses and their audit firms from any unintended consequences of these proposals, the paper recommends making these organizations exempt from limits on the provision of nonaudit services to audit clients.

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.