International


The International Federation of Accountants (IFAC) publishes a proposed set of reforms ( www.ifac.org/Downloads/ReformProposals.doc ) to harmonize international auditing standards, strengthen the processes used to set them and ensure the international accounting profession serves the public interest. The proposal would establish a public interest oversight board to monitor IFAC’s standard-setting activities and open them to public commentary. Pending approval by IFAC’s council and anticipated support from regulators, the reforms will take effect this year.

IFAC also issues an exposure draft (ED) of a revision to its code of ethics for professional accountants ( www.ifac.org/Guidance/EXD-Details.php?EDID=0027 ) to clarify its November 2001 update of section 8, “Independence Requirements for Assurance Engagements.” The ED proposes language specifying that an individual who has completed a predefined period in the role of lead engagement partner for an audit of a listed entity should not participate in the assurance engagement until more time—normally two years—has passed. Comments are due February 15.

The international auditing and assurance standards board, an IFAC body, releases guidance to help auditors apply international standards on auditing to small entities. It is included in an updated version of International Auditing Practice Statement (IAPS) 1005, The Special Considerations in the Audit of Small Entities ( www.ifac.org/Store/Details.tmpl?SID=1067472421224231 ).

SPONSORED REPORT

Get your clients ready for tax season

Upon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.