Conflict minerals audit guidance available


With the May 31 deadline approaching for companies to file their first conflict minerals reports with the SEC, new guidance is available to practitioners as they perform the required independent private-sector audits of these reports.

Examples of practitioners’ reports are illustrated in new questions and answers developed by the AICPA Conflict Minerals Task Force. The nonauthoritative guidance in the questions and answers is available on the AICPA website and addresses:

  • Whether the practitioner may report either directly on the subject matter or on management’s assertion for each of the two audit objectives.
  • The form of a practitioner’s report, with three illustrations that serve as examples.
  • How a practitioner would communicate findings that are required to be communicated by Generally Accepted Government Auditing Standards.


The AICPA Conflict Minerals Resources webpage includes background, previously issued Q&As, and other useful information about conflict minerals.

Where to find December’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Get Clients Ready for Tax Season

This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.