Editor’s note: This is a Web-exclusive sidebar to “A Fresh Approach for Compilation and Review.” At the time that the AICPA Reliability Task Force communicated its recommendations to ARSC, ARSC was undergoing a major project to recodify the standards for compilation and review engagements. ARSC had determined that, if
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Audit & assurance
Government
GASB released a statement that incorporates accounting and financial reporting guidance, which was previously only contained in the AICPA’s auditing literature, into GASB’s financial reporting literature for state and local governments. Statement no. 56, Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards,
A Fresh Approach for Compilation and Review
The AICPA’s Accounting and Review Services Committee (ARSC) has proposed the most significant changes to the professional literature for compilation and review engagements since the December 1978 issuance of SSARS no. 1, Compilation and Review of Financial Statements. The proposed Statements on Standards for Accounting and Review Services (SSARSs), issued
Highlights
The PCAOB issued Staff Audit Practice Alert no. 4 to describe potential implications of three FASB Staff Positions on reviews of interim financial information and annual audits. The FSPs relate to fair value measurement and other-than-temporary impairment. They are: FSP FAS 157-4, Determining Fair Value When the Volume and
Compilation and Review Engagements: Why Tackle This Project Now?
Editor’s note: This article is a sidebar to “A Fresh Approach for Compilation and Review.” Based on concerns expressed by stakeholders in compilation and review engagements, the Accounting and Review Services Committee (ARSC) turned to the AICPA’s Private Companies Practice Section (PCPS) for help in its consideration of how to
Auditing
The AICPA’s Auditing Standards Board issued Proposed Statement on Auditing Standards, Subsequent Events and Subsequently Discovered Facts. The proposal would supersede AU sections 530, Dating of the Independent Auditor’s Report, 560, Subsequent Events, 561, Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report, and paragraphs .71–.73 of
PCAOB Chairman Resigns
Mark Olson on Monday announced his resignation as chairman of the PCAOB, effective July 31. In his letter of resignation, Olson indicated “the decision is entirely personal” and reflects his desire “at this time of life to establish new priorities,” according to a PCAOB press release. He has no immediate
ARSC Issues Proposals in Response to Reliability Task Force Recommendations
The AICPA’s Accounting and Review Services Committee (ARSC) issued an exposure draft that would revise the standards for compilation and review engagements. The changes would affect the interplay between the standards and independence rules, permitting an accountant to issue a review report on financial statements when the accountant’s independence is
Introducing the New Principles-Based Peer Review Standards
Editor’s note: G. William Graham is the AICPA Peer Review Board chair. The effects of the newly revised AICPA Standards on Performing and Reporting on Peer Reviews (Standards) will be far-reaching. They directly impact more than 30,000 firms enrolled in the AICPA’s practice-monitoring program. In addition, the revised standards
Concerns From an Auditor’s Standpoint
Editor’s note: This is a sidebar to “Valuations for Financial Reporting in Today’s Market,” May 09. Having never done a valuation, I have an alternative view from the valuation panel participants since I am from the audit and accounting side. I have been working with Dixon Hughes PLLC’s valuation
Auditing
The AICPA’s Auditing Standards Board released a proposal redrafting Statement on Auditing Standards (SAS) no. 39, Audit Sampling (AICPA, Professional Standards, vol. 1, AU sec. 350), according to the board’s clarity drafting conventions and to converge with International Standard on Auditing (ISA) no. 530 (Redrafted), Audit Sampling. While the proposal
ASB Issues Proposed Standard on Subsequent Events
The Auditing Standards Board has issued Proposed Statement on Auditing Standards, Subsequent Events and Subsequently Discovered Facts. The proposal would supersede AU sections 530, Dating of the Independent Auditor’s Report, 560, Subsequent Events, 561, Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report, and paragraphs .71–.73 of
IFAC President: U.S. Needs SEC Commitment to Global Standards
The time is now to implement global accounting and auditing standards, said International Federation of Accountants (IFAC) President Robert L. Bunting, CPA, in a speech last week at the World Bank in Washington. In a JofA interview, Bunting, a partner in Seattle-based Moss Adams LLP and a former chairman of
IFAC Publishes Guide to Quality Control For Small- and Medium-Sized Practices
IFAC has published a Guide to Quality Control for Small- and Medium-Sized Practices. This nonauthoritative implementation guide is intended to help SMPs understand and efficiently apply International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related
GASB, CAQ Offer Research Grants
GASB and the Center for Audit Quality (CAQ) are each reaching out to the academic community with grant proposals. GASB is offering a $5,000 research grant to encourage academic support for its standard-setting activities, while the CAQ separately plans to give out a combined $200,000 in grants for multiple research
Guidance Released on Registration of Auditors of Nonpublic Broker-Dealers
The PCAOB and SEC issued guidance on the registration of auditors of nonpublic broker-dealers. Until recently, auditors of nonpublic broker-dealers were not required to register with the PCAOB as a result of a series of SEC exemptions dating back to 2003. The latest SEC order, issued in December 2006, extended
Auditing
To help auditors, management and others involved with gauging the effects of the economic crisis on an entity’s viability and whether these effects should be described in the financial statements, the International Auditing and Assurance Standards Board (IAASB) released the practice alert Audit Considerations in Respect of Going Concern
Burzenski, Shelton Join PCFRC
John R. Burzenski, president and managing officer of Burzenski & Co. PC, in East Haven, Conn., and Steven A. Shelton, president and managing partner at Way, Ray, Shelton and Co. PC, in Tuscaloosa, Ala., were named to the Private Company Financial Reporting Committee. The PCFRC is a FASB committee that
Madoff Auditor Charged with Securities Fraud
Federal officials filed criminal and civil charges against Bernard Madoff’s auditor on Wednesday, and the AICPA expelled him from the Institute after concluding its own ethics investigation. In a civil complaint filed in federal court in Manhattan, the SEC alleges that from 1991 through 2008, David G. Friehling and
Effort to Simplify International Audit Standards Completed
The International Auditing and Assurance Standards Board (IAASB) has completed its clarity project, an initiative to update and reposition auditing standards in a form that is easier to understand, implement and translate. The clarified standards are effective for audits of financial statements for periods beginning on or after Dec. 15,
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