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In one of the first steps of the new Enhancing Audit Quality (EAQ) initiative, a major effort to improve auditing of private entities, the AICPA has released a discussion paper seeking stakeholder perspectives. Through the two-phased initiative, the AICPA is coordinating resources to improve performance in audits of private entities,
Changes to peer review standards proposed last week by the AICPA Peer Review Board (PRB) are designed to remove inconsistencies and improve the transparency of reports for engagement reviews. The proposal, outlined in an exposure draft, would change the impact to an engagement review report when all of the following
For news from the AICPA and state societies, visit www.cpa2biz.com, which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. BANKING The FDIC reported that profits at commercial banks and savings institutions declined 3.4% from year-earlier levels in the second quarter of
Origin and Mission The GAO is part of the legislative branch of the federal government and thus is independent of the executive branch. Congress established the GAO in 1921 to investigate all matters relating to the receipt, disbursement and application of public funds. Since then, Congress has expanded the GAO’s
EXECUTIVE SUMMARY THE AICPA REVISED ITS STANDARDS for performing and reporting on peer reviews for firms that do not audit SEC registrants. The revised standards, effective for reviews commencing on or after January 1, 2005, will enhance the quality of peer reviews and increase the usefulness of peer review reports
Robert L. Bunting, CPA, became chairman of the AICPA board of directors in October 2004. His acceptance speech, delivered at the Institute’s annual meeting, appears in these pages. A JofA interview with him appeared in the November issue (see “ Managing Change ,” page 27). n preparation for the coming
At its spring 2004 meeting, the AICPA’s governing council approved a resolution in support of increased transparency in the peer review process. It also authorized a member awareness program to inform members about peer review and the related transparency issues and to assess their desire for greater transparency. Two principal
EXECUTIVE SUMMARY FOR ALL BUSINESSES, THE NUMBER of strategic relationships has been growing 25% per year since 1985. A FIRM'S FIRST STEP TOWARD a strategic alliance is to decide what capabilities it wants to add. Then it should decide what it wants to achieve: Does the firm wish to increase
After noting the inconsistencies between two articles in the JofA, Oct.00, “Paying the Piper: Some Tax Rules for Day Traders” (page 115) and “Being a Trader in Securities” (page 118), I read with interest the clarification “Day Trading and Self-Employment Taxes” ( JofA , Jan.01, page 80). While researching the
“ERISA Liability for CPAs” ( JofA , Dec.00, page 39) pointed out the delicate issues surrounding employee benefit plans. However, the article did not mention one potential problem area our firm has encountered in auditing such plans—companies’ use of third-party administrators (TPAs). TPAs handle the day-to-day transactions and final plan-year
The recently issued SAS no. 93, Omnibus Statement on Auditing Standards—2000 ( JofA , Jan.01, pages 14 and 116), specifies the auditor’s report should indicate which country’s accounting principles and auditing standards were used to prepare the financial statements and audit them. This reference to the country of origin will
I believe I can offer a very clear and concise method the courts could take in the day trading arena ( “Day Trading and Self-Employment Taxes” [ JofA , Jan.01, page 80] ). Since the primary question is what constitutes a trade or business, that determination could be made based
I believe fellow tax practitioners need to take a close look at their own practices and that all CPAs should take to heart “Tax Practice Reviews” ( JofA , Dec.00, page 88 ). The article pointed out some important benefits of the tax practice review but did not highlight the
EXECUTIVE SUMMARY THE AICPA ACCOUNTING AND REVIEW SERVICES committee concluded more than 20 years of debate by issuing Statement on Standards for Accounting and Review Services no. 8, Amendment to Statement on Standards for Accounting and Review Services No. 1, Compilation and Review of Financial Statements in October 2000. EFFECTIVE
EXECUTIVE SUMMARY THE AICPA REVISED ITS STANDARDS FOR PERFORMING and reporting on peer reviews for firms that do not audit SEC registrants. The new rules, which become effective January 1, 2001, are designed to improve the quality of financial reporting and to protect members of the public that use and
The AICPA is introducing Independence, a CD-ROM CPE course that reviews the Institute’s authoritative literature on independence standards, including newly issued SECPS requirements; SEC independence regulations; and Independence Standards Board standards. The six-hour interactive course features testing and review modules, an extensive reference section, a glossary of key terms, links
The SEC practice section peer review process task force has issued a report containing recommendations to strengthen the peer review process to help it keep pace with changes in the accounting profession. Mike Conway, chairman of the SECPS executive committee, which approved the task force’s proposals after they were made
The AICPA is introducing the certified information technology professional (CITP) designation, which recognizes CPAs who can provide skilled advice on using IT to implement business strategy. The Institute will begin accepting applications for CITP certification July 1, 2000. At its fall meeting, the AICPA governing council approved the designation, which
There are more than 130 associations of accounting firms, 30 of which are international. However, fewer than 1,000 U.S. firms belong to some kind of accounting association. David Albrecht, professor of accounting, Bowling Green State University, Bowling Green, Ohio. he world is our horizon! How can we—a midsize accounting firm
EXECUTIVE SUMMARY AICPA STANDARDS CLEARLY STATE procedures for confirmation of accounts receivable. Nevertheless, and despite an auditing procedure study, peer reviews continue to find that CPA firms have problems understanding the various processes. RECEIVABLE CONFIRMATIONS ARE NOT ALWAYS required if accounts receivable are immaterial, the use of confirmations would be
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