Auditing


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 ( www.aicpa.org/members/div/auditstd/index.htm ).

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.

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.