Disclosing Client Information In Connection With a Quality Review
The Professional Ethics Executive Committee (PEEC) of the AICPA has issued a proposed interpretation regarding threats to the client confidentiality rules for tax professionals who undergo quality reviews. The AICPA is updating the rule to explicitly permit quality reviews for tax professionals which are voluntary so long as certain safeguards are used.
Enhancing Audit Quality: 2018 Mid-Year Progress Report
The AICPA has issued a mid-year update on their Enhancing Audit Quality Initiative. The update includes insights into improvements made over the past years as well as areas for continued improvement. The update is data driven and includes information regarding the AICPA’s outreach efforts and plans for the remainder of 2018.
COSO ERM: Compendium of Examples
COSO has issued guidance to accompany its 2017 COSO Enterprise Risk Management Framework. The Compendium of Examples is meant to demonstrate how entities have leveraged the principles based ERM framework including case studies and outcomes from real world companies. The Compendium allows companies to see how they can apply the theory of ERM in a practical way.
Criteria for Evaluating the Integrity of a Set of Data
https://youtu.be/eRR_MCAdwK8 The AICPA has issued an exposure draft regarding data integrity. With the growth of data analytics and big data, it is important that users of data understand the quality of the data. The AICPA has proposed a set of criteria that would be...
2018 Compliance Supplement
The 2018 Compliance Supplement has been released. This year it’s a “mini” supplement, in that it does not completely replace last year’s version. This blog will explain the major changes and updates and also walk you through how the new supplement works with last year’s 2017 supplement. The 2018 Supplement is effective for fiscal years ending June 30, 2018 and beyond.
AICPA Accounting and Valuation Guide: Valuation of Portfolio Company Investments
This week the AICPA recent issued a working draft guide designed to help entities work through some of the more complicated areas related to valuation for portfolio company investments. This guide is full of practical guidance and examples to help preparers, auditors and valuation specialists when dealing with fair value for private entities. Comments are due on August 15, 2018.
Proposed ASU Collaborative Arrangements
Due to the implementation deadlines for Topic 606, FASB has issues a proposed ASU that will help companies decide whether a collaborative arrangement should be in the scope of Topic 606. This will help address diversity in practice and leverages the concepts of customer and distinct goods and services already found in Topic 606.
Behind the Scenes at GLS
During this slow week in accounting news, Melisa provides a brief look behind the scenes at Galasso Learning Solutions. We went live with a new website and introduced an exciting new webinar offering available directly to you.
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.
