The AICPA governing council authorized the Institute’s board of directors to work with the public company auditing profession and others to implement a new approach to better address public policy issues affecting the public interest for U.S. audit firms registered with the PCAOB. The Institute will implement a framework for the project in the spring.

The AICPA Accounting and Review Services Committee asked members, their clients and other users of compiled financial statements to complete a survey of their views on the need for independence when performing compilation engagements ( ).

Among other questions, the survey asks—since a compilation does not express any assurance—whether a practitioner should be independent when performing compilation services and, when independence has been impaired, whether the practitioner should be allowed to describe the impairment’s cause. Responses are due May 19, 2006, at which time the committee will decide whether to undertake a project to amend current independence requirements.


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.


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.