Professional Issues


PROFESSIONAL ISSUES
Illinois enacted mobility legislation that will make it easier for out-of-state CPAs to serve clients. The new law includes the following provisions:

Out-of-state CPAs holding a valid CPA license in another state will not need to obtain an Illinois license, registration or temporary practice permit to practice public accounting in Illinois or hold themselves out as a CPA in Illinois.

Out-of-state CPAs exercising the practice privilege above agree to comply with the Illinois Public Accounting Act and be subject to the disciplinary jurisdiction of the Illinois Department of Financial & Professional Regulation.

Any CPA firm that does not have an office in Illinois but performs audit services for an Illinois-based entity must hold a valid Illinois public accounting firm license.

The AICPA Accounting and Review Services Committee issued a proposed Statement on Standards for Accounting and Review Services titled Defining Professional Requirements in Statements on Standards for Accounting and Review Services.

The ARSC believes that by defining, in a fashion similar to SAS no. 102, the levels of responsibilities that accountants have in compilation and review engagements, standards for those engagements will be clarified and consistent with the standards for audit engagements.

The proposed SSARS defines two categories of professional requirements: unconditional requirements, indicated by the words “must” or “is required”; and presumptively mandatory requirements, indicated by the word “should.”

The proposed SSARS, if issued as a final standard, would be effective upon issuance. The proposal is available at www.aicpa.org/download/exposure/Defining_Prof_Req.pdf.

SPONSORED REPORT

2018 financial reporting survey: Challenges and trends

Learn the top reporting challenges that emerged in a survey of more than 800 finance, accounting, and compliance professionals across the world, and compare them with your organization's obstacles.

PODCAST

How the skill set for today’s CFO is changing

Scott Simmons, a search expert for large-company CFOs, gives advice for the next generation of finance leaders and more, including which universities are regularly producing future CEOs and CFOs.