The AICPA Auditing Standards Board issued a new standard designed to help auditors determine the areas that pose the greatest risks of material misstatement in an audit engagement and spend more of their time performing procedures in those areas.
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PCAOB issues staff guidance on audit evidence from other sources
Advances in technology have resulted in the availability of volumes of new information to companies and their auditors. PCAOB staff guidance discusses the implications of this new information for the audit.
Private equity’s push into accounting
TowerBrook Capital Partners’ purchase of an ownership stake in EisnerAmper marked the first private-equity deal with a top 20 accounting firm. In a Q&A with the JofA, accounting firm consultant and M&A broker Allan D. Koltin discusses the mechanics of such a deal and the likelihood that there will be more PE forays into large accounting firms in the future.
Revisions proposed to AICPA ethics code address certain SEC rule changes
The AICPA Professional Ethics Executive Committee issued a proposal Tuesday that addresses provisions in the recently amended SEC independence rules.
CPAs continue to lead with trust, competence, and integrity
This is the first in an occasional series featuring Sue Coffey, CEO–Public Accounting for AICPA & CIMA, discussing trends affecting the profession.
PCAOB moves to strengthen lead auditor’s oversight of other auditors
The PCAOB issued a second supplementary request for comment on a proposal designed to enhance the lead auditor’s role in overseeing other auditors outside the firm that issues the auditor’s report.
Final regulations establish a user fee for estate tax closing letters
The letters, which the IRS provides as a courtesy to executors and other authorized estate representatives, will now cost $67.
Final regs. issued on qualified improvement property under FDII, GILTI
Final regulations clarify the treatment of qualified improvement property in FDII and GILTI, and foreign tax credit transition rules address post-2017 NOL carrybacks to pre-2018 tax years.
Places and job candidates don’t always match in government finance
Remote work grows in popularity for these public-sector finance jobs.
Ethics proposals address unpaid fees, standards implementation services
The AICPA Professional Ethics Executive Committee published two exposure drafts on the issues of unpaid fees and accounting standards implementation services for attest clients.
Peer review proposal changes, clarifies standards
The proposal is designed to clarify peer review standards and make them easier for practitioners to read, understand, and apply
How to use COSO to implement and scale AI projects
The COSO enterprise risk management framework can help leaders manage risks associated with their AI strategies.
Early Black-owned CPA firms spurred diversity efforts
Built by Black CPAs who succeeded despite adversity, these firms continue to play an important role in the profession’s recruitment and advancement initiatives, and with the clients they serve.
FASB proposal addresses fair value and equity security sale restrictions
A new FASB proposal intends to clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the security and therefore is not considered in measuring fair value.
Transcript Delivery System down for some Form 941 transcripts
The IRS reports that its Transcript Delivery System is down for business taxpayers who reported information related to COVID-19 employment tax relief on Form 941, Employer’s Quarterly Federal Tax Return.
How climate risks are reflected in current financial statements
The Center for Audit Quality has published a resource that describes management and auditors’ responsibilities related to climate-related risk reporting.
Ways and Means releases list of tax provisions for budget bill
The proposal would raise tax rates for corporations and individuals and make many other changes to the Internal Revenue Code.
SBA quadruples COVID-19 EIDL limit to $2 million
The SBA unveiled a menu of COVID-19 EIDL program modifications designed to make it easier for restaurants and other businesses particularly hard hit by the pandemic to take out EIDL loans.
Lease accounting: Private companies on the clock after delay
Following a pandemic-related delay, the new standard takes effect for entities within the “all other entities” category for fiscal years starting after Dec. 15, 2021, and for interim periods within fiscal years beginning after Dec. 15, 2022.
Guidance issued on 2021 qualified sick and family leave wage reporting
Information reporting on Form W-2 or a separate statement allows self-employed taxpayers to claim qualified sick leave and qualified family leave equivalent credits.
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