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),
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Audit & assurance
Leaders from large accounting firms bullish but monitoring regulation, complexity, human capital
Complexity and competition in the public accounting profession will rise as businesses demand more, better, faster, and cheaper. Working in teams and harnessing data will become more critical. Services in areas of assurance, audit, tax, and advisory work will remain the core, while emerging international markets will open up risk
Going concern evaluations, auditor’s reporting model on the week’s agenda
Auditors’ going concern evaluations and the auditor’s reporting model project will be among the topics discussed Thursday at a meeting of the PCAOB’s Standing Advisory Group (SAG). Established in 2003 to advise the PCAOB on the development of standards, the SAG includes auditors, investors, public company executives, and others. The
Auditing transition
With audit busy season ending, it’s time to start preparing for the transition to the clarified standards, which are effective for calendar year 2012 audits. A smooth transition requires information, education, and training. Take these steps to prepare for the clarified standards and minimize the transition’s effect on your firm
More on auditors’ reporting duties to the SEC
We are writing in response to the JofA’s February 2012 article, “What’s your fraud IQ?” (page 36). The article discusses the Foreign Corrupt Practices Act (FCPA) and includes a 10-question quiz on the FCPA. The JofA’s coverage of this topic is to be commended as it is important for CPAs
COSO postpones release of internal control framework until 1Q 2013
After receiving extensive feedback, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced Monday that it expects to delay the release of its updated internal control framework until the first quarter of 2013. That’s a slightly later debut than COSO predicted for the framework in December, when it
PCAOB teams with German audit regulator
The PCAOB has added an audit regulator from a prominent member of the European Union to its cooperative arrangement list. On Friday, the PCAOB announced that it has entered an arrangement with the German Auditor Oversight Commission (AOC) to oversee audit firms subject to the regulatory jurisdictions of both regulators.
AICPA seeks some changes to COSO’s updated framework proposal
The AICPA is suggesting changes to the proposed, updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In a comment letter, the AICPA wrote that the framework will be a valuable resource for practitioners. But the AICPA also described concerns, some of which are
CAQ seeks more transition guidance in updated internal control framework
The Center for Audit Quality (CAQ) would like the Committee of Sponsoring Organizations of the Treadway Commission (COSO) to provide more transition guidance for users implementing COSO’s updated internal control framework. COSO is updating its 20-year-old internal control framework to provide a fresh, modern approach with explicit advice and implementation
Audit rotation debated in House subcommittee hearing
Members of Congress asked pointed questions of PCAOB Chairman James Doty on Wednesday as the hot topic of mandatory audit firm rotation was debated during a wide-ranging discussion of accounting and auditing issues in front of a House subcommittee. Rep. Scott Garrett, R-N.J., the chairman of the House Subcommittee on
Auditor’s reporting model proposal scheduled for third quarter
The PCAOB’s proposed changes to the auditor’s reporting model are on track to be issued for public comment in the third quarter of 2012, according to a standard-setting agenda the board released Monday. PCAOB Chairman James Doty said in December that he thought the proposal would be out by the
PCAOB panelists say mandatory firm rotation could be harmful, helpful
Panelists voiced opposing views of mandatory audit firm rotation Wednesday during the first of two days of PCAOB hearings on the concept. Critics of mandatory rotation said it would be costly with questionable benefits, while proponents said rotation would increase auditors’ objectivity. Many panelists proposed strategies other than rotation that
PCAOB reopens comment period on audit firm rotation concept release
The PCAOB has reopened its comment period regarding a debated concept release on auditor independence and audit firm rotation. The original comment period closed Dec. 14. The new deadline is April 22, the PCAOB said Wednesday. The board extended the deadline to incorporate comments following a March 21–22 public meeting
PCAOB outlines related parties proposal, other amendments
The PCAOB on Tuesday issued for public comment a proposed auditing standard on related parties and proposed amendments on significant unusual transactions. The board said the proposals are designed to improve auditors’ focus on certain areas of risk. In addition, the PCAOB proposed amendments to its rules and forms to
Auditing
The AICPA’s Auditing Standards Board (ASB) issued Proposed Statement on Auditing Standards (SAS), The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern (Redrafted), resulting from its Clarity Project, to supersede SAS no. 59, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern,
COSO Chair says updated framework is a ‘refresh’
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued an exposure draft seeking comments on an updated internal control framework designed to help organizations perform with efficiency and confidence. COSO Chairman David Landsittel and the JofA discussed the updated framework, which keeps the same definitions, objectives and five
Management of “risk appetite” a necessity, paper says
In order to balance risks and opportunities, organizations must develop, communicate, monitor and update their “risk appetites,” according to a white paper released Friday by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Authored by University of Wisconsin-Madison accounting professor Larry Rittenberg and Frank Martens, a director in the
Guidance available on Early Retirement Reinsurance Program payments
The AICPA issued Technical Practice Aids (TPAs) 6931.13–.17 to provide nonauthoritative guidance on health and welfare plan accounting and reporting for reimbursements received under the Patient Protection and Affordable Care Act’s (PPACA) Early Retirement Reinsurance Program (ERRP). The TPAs describe the ERRP and cover matters such as how to report
Technical Practice Aids issued on SOC reports
The AICPA issued Technical Practice Aids (TPAs) 9520.12–.26 to provide nonauthoritative guidance regarding Statement on Standards for Attestation Engagements (SSAE) no. 16, Reporting on Controls at a Service Organization (AICPA, Professional Standards, AT sec. 801). The TPAs provide guidance for service auditors reporting on controls at a service organization relevant
ASB issues clarified SAS
The AICPA’s Auditing Standards Board issued Statement on Auditing Standards (SAS) no. 125, Alert That Restricts the Use of the Auditor’s Written Communication. The SAS, which is part of its Clarity Project, supersedes SAS no. 87, Restricting the Use of an Auditor’s Report (AICPA, Professional Standards, AU sec. 532 and
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