Auditing


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Federal bank and thrift regulators issue revised guidance, Interagency Policy Statement on the Internal Audit Function and Its Outsourcing, prohibiting both public companies and depository institutions with $500 million or more in assets from outsourcing internal audit functions to their external auditors. The new requirements ( www.fdic.gov/news/news/press/2003/pr2403.html ), issued by the Federal Deposit Insurance Corp., the Federal Reserve Board, the Office of the Comptroller of the Currency and the Office of Thrift Supervision, reflect auditor independence provisions of the Sarbanes-Oxley Act of 2002. The statement also encourages compliance by nonpublic institutions not subject to federal audit and reporting requirements.

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6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

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How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.