Auditing


The AICPA auditing standards board issues three standards. The first, Statement on Auditing Standards (SAS) no. 98, Omnibus 2002, contains amendments to SAS nos. 1, 8, 25, 29, 47, 52, 58 and 95. SAS no. 98 also amends SAS no. 70 by rescinding Interpretation no. 6, incorporating its guidance into that statement. Two other standards, SSAE no. 12, Amendment to SSAE No. 10, Attestation Standards, and Statement on Quality Control Standards (SQCS) no. 6, Amendment to SQCS No. 2, System of Quality Control for a CPA Firm’s Accounting and Auditing Practice, clarify that, although an effective quality control system is conducive to compliance with GAAS or the attestation standards, deficiencies in, or noncompliance with, a firm’s quality control system do not, in and of themselves, indicate a failure to perform an engagement in accordance with the applicable professional standards. All three standards appear in Official Releases, page 112, and are also available from the AICPA order department at 888-777-7077.

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Providing payroll services that comply with ever-changing regulations and meet evolving employee and employer demands is no easy task. Paychex's Tom Hammond discusses common payroll considerations for CPA firms.