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.

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.