2022 in Review
We kick off 2023 with a look at the final standards that were issued by the FASB, GASB and AICPA throughout 2022. We’ll give an executive overview of what was issued and how it may impact financial reporting, auditing and ethics.
Proposed Changes to Peer Review Standards
The AICPA has issued proposed changes to the peer review standards. The proposal is filled with several technical corrections and wording changes with the intent to improve clarity of existing standards. Comments are due January 31, 2023.
Q3 2022 in Review
Quarter 3 of 2022 is in the books. We’ll review the accounting and auditing (and ethics) standards issued by standard setters this quarter.
AICPA Proposes Changes to CPA Exam Blueprint
The AICPA has provided more details about the upcoming transition for the CPA exam which is scheduled for January 2024. The new blueprint provides details on the types of skills expected of newly licensed CPAs as well as the design of the exam. Comments are due September 30th.
Q2 2022 In Review
The second quarter of 2022 is behind us and it was a very busy one for standard setters. The AICPA issued its suite of standards related to quality control. They also issued a SAS related to NOCLAR, which corresponds to changes recently made to the ethics requirements. GASB issued 3 final standards in Q3 and FASB issued 1 final standard.
Ethics Interpretation Proposal: Compliance Audits
The AICPA’s Professional Ethics Executive Committee (PEEC) has proposed some new independence rules related to compliance audits. The AICPA is aware that much of the new COVID-19 related funding is causing many entities who have no been subject to audit requirements or single audit requirements historically to now be subject to them. They add 2 definitions and revise the definition of financial statement attest client to help identify which independence rules apply to these engagements. Comments are due September 1, 2022.