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TOPICS / AUDIT & ASSURANCE

Compilation

U.K. regulator considering mandatory audit firm rotation

A much awaited summary of provisional findings of the U.K. Competition Commission (CC) stated that companies are reluctant to change auditors because they have difficulty comparing alternatives with their existing auditor, prefer continuity, and face significant costs in switching auditors. In addition, the provisional findings, released Friday, stated that instead

AICPA committee withdraws compilation, association ED

The AICPA Accounting and Review Services Committee (ARSC) has voted to withdraw its compilation and association exposure draft in response to comment letters from stakeholders. The compilation proposal would have revised the applicability of the compilation standard but would have retained the compilation service as an attest service. The association

ARSC seeks comment on SSARS proposals

The AICPA Accounting and Review Services Committee (ARSC) has exposed for public comment proposed Statements on Standards for Accounting and Review Services (SSARS) as part of its clarity project. ARSC has separated the proposals in an attempt to make the clarified standards easier to use, understand, and implement. The proposed

Ethics / Compilation & review

Two AICPA committees extended comment deadlines to Nov. 30 on recently proposed revisions to professional standards. The proposed change to the ethics rules would require CPAs who prepare financial statements for attest clients to apply the general requirements of Interpretation No. 101-3, Nonattest Services, to maintain their independence. Proposed changes

Comment deadlines extended on proposed professional standard revisions

Two AICPA committees are extending comment deadlines to Nov. 30 on recently proposed revisions to professional standards. The proposed change to the ethics rules would require CPAs who prepare financial statements for attest clients to apply the general requirements of Interpretation No. 101-3, Nonattest Services, to maintain their independence. The

Auditing / Compilation and review

The AICPA issued technical guidance on emphasis paragraphs in the auditor’s reports and on independence impairment in compilation reports. Technical Inquiry and Reply (TPA) 9160.28 regards combining going-concern emphasis with another emphasis-of-matter paragraph. This TPA explains that although AU Section 508, Reports on Audited Financial Statements (AICPA, Professional Standards), does

Proposed revisions clarify responsibilities for preparers

In accordance with recently proposed revisions to professional standards, CPAs who prepare financial statements for clients would consider that a nonattest bookkeeping service and would no longer be required to perform a compilation service with respect to those financial statements unless engaged to do so. The changes, proposed in June

TPAs provide guidance on issues in auditor’s reports, compilation reports

The AICPA has issued technical guidance on emphasis paragraphs in the auditor’s reports and on independence impairment in compilation reports. Technical Inquiry and Reply (TPA) 9160.28 regards combining going-concern emphasis with another emphasis-of-matter paragraph. This TPA explains that although AU Section 508, Reports on Audited Financial Statements (AICPA, Professional Standards),

PCAOB Round Table to Address Auditor’s Reporting Model

The PCAOB said it will host a public round table on Thursday, Sept. 15, to discuss its concept release on possible changes to the auditor’s reporting model. The board issued a discussion paper for the meeting. The board said in a press release that the purpose of the meeting is

Compilation and Review

The AICPA Audit and Attest Standards Team has provided guidance, available on aicpa.org, regarding how an accountant should report when comparative financial statements are presented and the prior-year compilation or review was not performed in accordance with Statement on Standards for Accounting and Review Services no. 19, Compilation and Review

Accounting / Review Services

The Accounting and Review Services Committee is seeking comments on the exposure draft for Proposed Statement on Standards for Accounting and Review Services, The Use of the Accountant’s Name in a Document or Communication Containing Unaudited Financial Statements That Have Not Been Compiled or Reviewed. The proposal amends SSARS no.

Deadline Nearing for Comments on Proposed SSARS

The Accounting and Review Services Committee is seeking comments on the exposure draft Proposed Statement on Standards for Accounting and Review Services, The Use of the Accountant’s Name in a Document or Communication Containing Unaudited Financial Statements That Have Not Been Compiled or Reviewed. The proposal amends SSARS no. 19,

Exhibit Issued for AICPA Audit Guide Compilation and Review Engagements

The AICPA issued an exhibit to help answer questions regarding the impact of Statement on Standards for Accounting and Review Services (SSARS) no. 19, Compilation and Review Engagements, on compilations and reviews of personal financial statements. The Accounting and Review Services Committee issued SSARS no. 19 in December 2009, making

Changes on Tap for Compilation and Review Standards

Significant changes to the standards for compilation and review engagements will soon take effect. The AICPA’s Accounting and Review Services Committee (ARSC) issued Statement on Standards for Accounting and Review Services no. 19, Compilation and Review Engagements, in December. The standard’s effective date is for compilations and reviews of financial

AICPA Issues Guidance on Subsequent Events

New guidance is available on the effect of FASB’s Accounting Standards Codification Topic 855, Subsequent Events, in compilation and review engagements. The AICPA’s Audit and Attest Standards Team issued a new Technical Inquiry and Reply (TPA) 9150.26, “The Accountant’s Responsibilities for Subsequent Events in Compilation and Review Engagements.” According to

New SSARS to Usher in Big Changes for Compilation and Review Engagements

The AICPA issued SSARS no. 19, Compilation and Review Engagements. Significant improvements brought about by the standard include:   The introduction of the term review evidence. This change to the review literature clarifies that a review requires the accumulation of review evidence to provide a reasonable basis for obtaining limited

Highlights

The AICPA issued SSARS no. 19, Compilation and Review Engagements. Significant improvements brought about by the standard include:   The introduction of the term review evidence. This change to the review literature clarifies that a review requires the accumulation of review evidence to provide a reasonable basis for obtaining limited

Auditing

  The PCAOB on July 28 passed an auditing standard, Engagement Quality Review (EQR), requiring an independent reviewer to perform EQRs and superseding the existing concurring partner review requirement. If approved by the SEC, the standard will take effect for EQRs of audits and interim reviews for fiscal years that

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