Post-implementation analysis begins for PCAOB engagement quality review standard
The analysis will evaluate whether the PCAOB’s standard for engagement quality reviews helps firms identify significant deficiencies before they issue an audit report.
APRIL 2016 NEWS
Taxpayers can now pay federal tax at participating retail stores
A new program allows individuals who owe federal income taxes to pay in cash at 7-Eleven stores in 34 states.
ASB addresses reporting on audits conducted in accordance with GAAS and ISAs
The AICPA Auditing Standards Board addresses the implications for the auditor’s report when an audit is conducted in accordance with both GAAS and ISAs.
IRS’s inversion rules include earnings-stripping provisions
These new rules aim to curtail an inverted company’s ability to access foreign subsidiaries’ earnings without paying U.S. tax.
Inspections show high compliance with PCAOB audit committee communication rules
PCAOB inspectors found that 93% of audits inspected in 2014 showed no failure to comply with the board’s standard on communications with the audit committee.
Issuance of attestation standards completes clarity project
SSAE No. 18 is designed to make attestation standards easier to read, understand and apply.
Panama papers leak provides road map for tax investigations
Tax authorities in various countries announced the launch of investigations after 11.5 million documents were leaked from a Panamanian law firm that specializes in setting up offshore entities.
What will be tested on the next CPA exam
The next CPA exam, which will debut in April 2017, will have an increased emphasis on higher-order analysis and evaluation skills, the AICPA announced.
IRS issues 2016 and revised 2015 vehicle depreciation limits
The IRS issued guidance providing the depreciation limits for automobiles for 2016 and revised limits for 2015 reflecting the retroactive increase in the amount of bonus depreciation permitted under recent legislation.
