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.

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.

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Maximizing the higher education tax credits

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