The Senate parliamentarian’s office determined that a provision aimed at folding the PCAOB into the SEC doesn’t qualify for the budget reconciliation process.
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Audit & assurance
A&A Focus recap: Auditing Standards Board chair; a new COSO framework; stablecoin criteria
The June webcast featured updates from the Auditing Standards Board, discussion of a new corporate governance framework from COSO, and an overview of a new AICPA exposure draft on control criteria for stablecoin operations.
AICPA proposes controls framework for stablecoin issuers
The Assurance Services Executive Committee is seeking public comments on an exposure draft designed to ensure an effective system of controls is in place in connection with recently issued reporting guidelines focused on stablecoins.
A&A Focus recap: AICPA CEO, revenue recognition step 5, and quality management
The May webcast featured AICPA CEO Mark Koziel providing his view of the A&A landscape, a deep dive into step 5 of the five-step revenue recognition process outlined in FASB ASC Topic 606, as well as more discussion of quality management.
State of Play: How firms are helping smooth sustainability reporting
The latest data from research by the International Federation of Accountants, the AICPA, and CIMA reveals that nearly three-fourths of the largest global companies obtained assurance of sustainability disclosures in 2023, with the majority depending on audit firms. U.S. companies rank ahead of the pack when it comes to obtaining assurance but behind the pack when it comes to depending on audit firms.
AICPA monitoring proposed changes to public company auditing oversight
Changes have been proposed by the House Financial Services Committee related to PCAOB inspection and enforcement activities involving firms that audit public companies. In a statement, the AICPA said it believes that healthy oversight of accounting firms performing audits of public companies “protects the public interest.”
A&A Focus recap: PCC credit loss relief, federal funding freeze impact, and EBP audit updates
The April A&A Focus webcast featured a deep dive into step 4 of the five-step revenue recognition process outlined in FASB ASC Topic 606, as well as news on new auditing standards exposure drafts.
Tax legislation, audit oversight, and other AICPA advocacy focus areas
An AICPA executive vice president details points of emphasis related to advocacy in Washington and offers advice to members on managing legislative and regulatory uncertainty. Listen to the episode or read the Q&A with Mark Peterson.
A&A Focus recap: Rev rec, AICPA standard setting update, and stablecoins
The March A&A Focus webcast featured a deep dive into step 4 of the five-step revenue recognition process outlined in FASB ASC Topic 606, as well as news on new auditing standards exposure drafts.
AICPA Auditing Standards Board names Creps as chair
Catherine “Halie” Creps, CPA, a current ASB member and a partner at KPMG, will replace Sara Lord in May, when seven new board members begin their tenures.
PCAOB offers reporting guidance on a number of fronts
The board offers advice to public company auditors about Form AP, upcoming standards on quality control and confirmation, and in the form of free PCAOB-led forums.
Auditing Standards Board releases consultation paper on its forward strategy
The ASB seeks input on the draft of its 2026–2030 strategic plan. The comment deadline is June 13.
AICPA auditing board approves two exposure drafts for public comment
The AICPA Auditing Standards Board voted Thursday to separately expose for public comment proposed changes related to attestation review engagements and external confirmations in the AICPA Professional Standards.
Lessons learned from the first year of SAS 145
Implementing SAS 145, the new audit standard, has changed one firm’s documentation and brought about efficiencies.
A&A Focus recap: FASB and ASB chair recap and preview activities
The February webcast included one-on-one discussions with the chairs of the accounting and auditing standard setters.
PCAOB withdraws proposed rules requiring extensive firm and engagement metrics
The AICPA had urged the SEC to refrain from approving the rules, warning they would “pose significant challenges” to small and midsize firms. An AICPA statement said that the “PCAOB’s decision not to move forward with the rules is the right one.”
A&A Focus recap: Quality Management FAQs and a 2024 ASU rundown
The January webcast also included a deep dive into step 3 of the five-step revenue recognition process outlined in FASB ASC 606.
Prop. regs. address expanded annual compensation deduction limitation
The regulations provide guidance on determining who is one of the “five highest compensated employees” under Sec. 162(m)(3)(C).
Update: Digital assets practice aid addresses new FASB standards
The AICPA resource features new guidance and terminology for financial statement preparers and auditors.
A&A Focus recap: Updates on CECL and artificial intelligence
The December webcast also included updates on the AICPA Accounting Standards Review Committee’s preparation standards exposure draft and on recent FASB news.
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