Deficiencies in a relatively new area of reporting — critical audit matters — contribute to the increase, but the board also sheds light on several good practices.
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NEWS
PCAOB report analyzes reporting of critical audit matters
The PCAOB finds that progress is being made related to the reporting of critical audit matters but reminds auditors of the board’s expectations.
CAS practices report growth, optimism for the future
Client advisory services (CAS) practices reported a median growth rate of 16% over the previous year and projected 15% growth in the current year, according to a survey conducted by CPA.com and AICPA & CIMA.
Inflation drives pessimism and fuels potential challenges
More CPA decision-makers are pessimistic about the state of the U.S. and global economies, according to the quarterly Business and Industry Economic Outlook Survey.
Clean energy project prevailing wage rate and apprenticeship requirements issued
The IRS releases guidance on wage and apprenticeship requirements for enhanced tax benefits under clean energy provisions of the Inflation Reduction Act.
FASB proposes update to leases guidance
FASB is seeking comments on a proposed Accounting Standards Update intended to improve accounting guidance on related-party arrangements between entities under common control.
SEC accepting Professional Accounting Fellow applications
The SEC’s Office of the Chief Accountant is accepting applications for Professional Accounting Fellow positions that will begin in the summer of 2023.
Audit committee disclosures increase, right along with workload
A Center for Audit Quality report reveals an increase in public company audit committee disclosures, particularly related to cybersecurity, while an accompanying report aims to help audit committees manage their growing list of responsibilities.
AICPA recommends changes to IRS draft revisions for Schedule UTP
The AICPA said the current draft of Schedule UTP places a “significant burden” on both taxpayers and practitioners.
The ins and outs of IRA-to-HSA rollovers
Savers often are surprised to learn they can roll funds from an IRA into their HSA. While this lesser-known rollover rule has limitations, it can produce tax savings.
How to develop and implement a powerful employer brand
These four steps can help CPA firms distinguish themselves and boost recruitment and retention.
4 steps to building a successful CAS practice in a traditional CPA firm
Integrating client advisory services can be challenging for a traditional CPA firm. Here are four steps to do it successfully.
SEC publishes 5-year strategic plan
Plan calls for a focus on protecting the public against fraud, implementing robust regulations, and supporting a skilled and diverse workforce.
TIGTA: Taxpayers would benefit if IRS used digital communications tools appropriately
An audit report from TIGTA says taxpayers would benefit if the IRS used digital communications tools appropriately. The IRS challenged much of the audit report, including saying that TIGTA didn’t understand some of the agency’s objectives for its digital communications program.
FASB seeks input on proposed new chapter of its Conceptual Framework
FASB is seeking comments on a proposed new chapter of its Conceptual Framework related to recognition and derecognition criteria and guidance for items’ addition to and removal from financial statements.
New year, new challenges: Preparing for sustainability disclosures
Those on the front line of the sustainability reporting landscape share what’s to come in 2023 and what accounting professionals need to know to prepare.
Proposed regulations provide guidance on foreign tax credit rules
Proposed foreign tax credit regulations provide guidance on the reattribution asset rule for purposes of allocating and apportioning foreign taxes, the cost recovery requirement, and the application of the source-based attribution requirement to withholding tax on royalty payments.
FAF publishes new strategic plan
The Financial Accounting Foundation released its new strategic plan, which outlines the strategic goals that the organization will address over the next several years.
PCAOB proposes new quality control standards
Public comments sought on quality control standards that incorporate standards established by the AICPA and the IAASB.
Congressional report criticizes contractor used by IRS during pandemic
The statement says ID.me inflated the amount of work it could provide and the amount of federal dollars lost to pandemic fraud, the latter in an effort to increase demand for its services. In his response, the CEO says he would not use such a crisis to help his company.
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