Professional Issues


The AICPA professional issues task force issues Practice Alert 2003-3, Acceptance and Continuance of Clients and Engagements, to give practitioners and their firms guidance on establishing policies and procedures for deciding whether to accept or continue a client relationship and whether to perform a specific engagement for that client ( www.aicpa.org/download/secps/pralert_03_03.pdf ). The alert discusses the following elements of an effective client acceptance program: availability of competent personnel; communication with predecessor accountants, including auditors; assessment of management’s commitment to the appropriate application of GAAP and implementing and maintaining effective internal controls; assessment of the entity’s financial viability; auditor independence and objectivity; inquiries of third parties and background investigations. The task force encourages AICPA member firms to incorporate the alert’s guidance as soon as practicable.

SPONSORED REPORT

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.