Quality Management Proposal: Part 3
The final blog in our QM series addresses the proposed audit standard. The audit standard assists the engagement team to understand their responsibilities on applying the system of quality management to an individual audit engagement. Comments are due June 11, 2021.
Quality Management Proposal: Part 2
This week’s blog continues with the discussion of the AICPA’s proposed changes to Quality Management. SQMS 2 addresses the role and responsibilities of the engagement quality reviewer. We’ll look at the proposal including the proposed cooling off period and qualifications to give you an overview of the proposed standard.
Quality Management Proposal: Part 1
The AICPA has issued three new proposals related to quality management. The new SQM Standards will replace the extant quality control (SQCS) and provide a more scalable and risk based QM methodology. This is the first of three blogs which will dive into the details of each proposal. This blog addresses A Firm’s System of Quality Management and the components of a system of quality management.
PEEC 2021 Temporary Enforcement Policy
The AICPA’s Professional Ethics Executive Committee (PEEC) has issued a Temporary Policy Statement regarding the recent changes by the SEC to their independence rules. Because the rules do not align with the AICPA Code, while PEEC evaluates whether any changes are needed, PEEC has provided a temporary enforcement permitting auditors who follow both to be compliant if they adopt the new SEC rules. The policy is effective until rescinded.
The Future of Jobs Report
The World Economic Forum has released its 2020 Future of Jobs Report which looks at the impact of technology on the job market. The report addresses the impact of COVID, a rise in online learning, and the need for reskilling. The jobs of tomorrow continue to require a different set of skills that we need to prepare workers for. This blog provides a high-level overview of some of the key takeaways from the report.
Professional Ethics: Strategy and Work Plan for 2021-2023
In 2019, the AICPA issued a consultation paper for feedback on the projects PEEC should address. After evaluating feedback, PEEC has issued their Strategy and Work Plan for 2021-2023 which includes standard setting and member enrichment projects. This week’s blog addresses what projects made the cut and when the projects will be kicking off.
Goodwill Impairment Proposal
FASB has issued a proposal to adjust the timing for when private entities and nonprofits would be required to identify triggering events for goodwill impairment. After initially identified by the AICPA’s Technical Issues Committee (TIC), it was determined that the cost and complexity associated with an interim consideration for an annual reporting outweighed the benefit. Comments are due January 20.
2020 Year in Review
We’re kicking off the year with our annual year in review. This week’s blog focuses on the standards issued in 2020 by the AICPA, FASB and GASB. We’ll give a quick executive summary of what was finalized in 2020 for each standard setter as we kick off a new year of standard setting.
Disclaimer: The information contained within this blog is provided for informational purposes only. Viewing this material does not qualify for CPE credit. Additionally, this general knowledge is not intended to substitute for obtaining accounting, legal, or financial advice from a professional accountant with specific knowledge of your organization. Finally, watching this blog and/or subscribing to the newsletter do not create an accountant-client relationship.
