The AICPA has issued a proposal to make updates to the Peer Review standards. The changes are primarily formatting to make the standards more user friendly. There are a handful of substantive changes as well. Comments are due by December 15, 2021.
This week’s GLS blog addresses the final standards that were issued by the AICPA, FASB and GASB in the third quarter of 2021. While it was a light quarter from a standard setting perspective, some of the issued standards address implementation issues which are always helpful. As we expect some big standards to issue in Q4, a light quarter is likely a good thing as all standard setters have big projects on their plate as well!
The AICPA has provided a Fraud Risk Frameworks document to help CPAs and their clients visual the types of fraud in 3 major sectors. The one pagers help put the most common types of fraud in a visual that can be used to generate discussion. The Frameworks were developed by the AICPA Forensic and Litigation Services (FLS) Fraud Task Force.
It’s time to wrap up the second quarter of 2021. The quarter was pretty slow for issuances of final standards. In this blog, we’ll give an executive overview of the standards issued in the second quarter by FASB, GASB and the AICPA. This will keep you up to date with the changes in financial reporting and auditing.
President Biden has issued an executive order requiring federal agencies to look at financial risk related to climate change including potentially requiring public entities to disclose certain items. ESG disclosures are a growing area for disclosures and entities like the SASB and GRI have been providing best practices.
The AICPA has extended the comment period for the trio of Quality Management proposals from June 11, 2021 to August 31, 2021; likely due to the extended tax season and lots of other exciting happenings. They have also provided a few glossary documents that provide executive summaries about the proposals and a sample comment letter template for those who may not be comfortable with writing feedback from scratch. They are also hosting a series of round tables in May and June that are open to the public that will feature a summary of the proposed statements followed by a live Q&A. Each roundtable will offer up to 1.5 hours of CPE and be limited to no more than 50 participants.