Jan 16, 2020 | Auditing, Genuine Learning, Government, Non-Profit
In December, the AICPA Auditing Standards Board proposed amendments to conform sections of its codification to standards issued earlier in the year on auditor reporting (SAS 134) and the auditor’s responsibilities relating to other information included in annual reports (SAS 137). The ASB also proposed amending certain AU-C sections (particularly AU-C Section 935 – Compliance Audits) to address practice issues that have arisen since they were revised. This proposal represents a continuation of the efforts to improve transparency into the basis for the auditor’s opinion and to further clarify the responsibilities of both management and auditors. Comments are due February 10th.
Jan 9, 2020 | Genuine Learning
Happy New Year AND New Decade (although some are debating that fact!). In honor of the new decade, we decided to kick off our first blog in 2020 on changes coming to the CPA profession. We start with a look at a proposal to change the CPA exam. NASBA and the AICPA have proposed a model similar to engineers to incorporate a core exam and then a specialty while everyone would receive the same CPA license. We then turn our attention to the Dynamic Audit Solution that the AICPA and its Major Firms Group are creating to disrupt the audit profession. We close with a look at the CGMA Competency Framework for those in industry on the skills needed to be successful and the changes coming to the future of finance. This decade will be filled with disruption, innovation and progress. We wish you a decade filled with learning, development, and growth!
Dec 5, 2019 | Auditing, Genuine Learning
The AICPA’s Auditing Standards Board has issued their Proposed strategy and work plan. Their goal is get feedback on their mission, work plan and strategic initiatives. The proposal includes their plan for the next two years. Comments are due January 31, 2020.
Nov 21, 2019 | Ethics, Genuine Learning
The AICPA’s Professional Ethics Executive Committee (PEEC) is asking for feedback on future standard setting items. They have identified potential issues and practice areas where either updated standards are needed or additional member education. They are looking for your input to determine whether they are on the right track. Did they miss anything? Anything on there not really necessary? It’s your opportunity to help set the agenda for the committee that writes the Code of Professional Conduct. Comments are due by February 28, 2020.
Oct 30, 2019 | Auditing
Happy Halloween! This short blog will address a new Technical Q&A that the AICPA issued regarding the proper reporting for comparative financial statements in the year of adoption of SAS 134. The effective date and the fact that you can’t early adopt, created some questions as to what the proper format would be in the year of adoption. The TQA offers two methods of presentation for auditors to choose between.
