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Expert Panel - Investment Companies

About the Expert Panel The Investment Companies Expert Panel serves the needs of AICPA members on financial and business reporting and audit and attest matters. The expert panel protects the public interest by bringing together knowledgeable parties in the investment companies industry to deliberate and come to agreement on key investment companies issues.
Expert Panel Projects
To support practitioners who are issuing reports for periods ending on or after December 15, 2012, the AICPA Investment Companies Expert Panel has produced an illustrative auditor’s report on the financial statements of a nonregistered investment company. The illustrative report reflects revisions required by the ASB Clarity Project. Industry News and Resources The Office of Compliance Inspections and Examinations announced the National Examination Program’s 2013 examination priorities for investment advisers and investment companies, broker-dealers, clearing and transfer agents, and market oversight.	The following excerpts from the guide are available: Taxation of a RIC's Taxable Income and Net Capital Gains Consolidation of Investment Companies The following excerpt from the alert is available: Achieving Common Fair Value Measurements and Disclosure Requirements
Additional Guidance Available Illustrative Auditor’s Report on the Financial Statements of a Nonregistered Investment Company—Unmodified Opinion (revised to conform with the clarified SASs) “Illustrative Report of Independent Accountant on Examinations of Securities Pursuant to Rule 206(4)-2 of the Investment Advisers Act of 1940” (REVISED February 2012) Illustrative Report of Independent Registered Public Accounting Firm on Management’s Assertion Regarding Controls at a Custodian Pursuant to Rule 206(4)-2 and Release No. IA-2969 Under the Investment Advisers Act of 1940 Frequently Asked Questions Regarding the SEC’s Revised Custody Rule and Guidance for Accountants SEC Final Rule IA-2968, Custody of Funds or Securities of Clients by Investment Advisers TIS Section 6910.34, "Application of the Notion of Value Maximization for Measuring Fair Value of Debt and Controlling Equity Positions" TIS Section 6910.35, "Assessing Control When Measuring Fair Value"

Past Meeting Highlights December 12, 2012 November 8, 2012 October 11, 2012 September 13, 2012 May 23, 2012 March 29, 2012 March 1, 2012 February 2, 2012 Archived Meeting Highlights	Members of the Expert Panel Robert Fabio (Chair), Deloitte & Touche LLP Amy Edwards, BlackRock John T. Hague , McGladrey LLP John Hildebrand, PricewaterhouseCoopers LLP Adeel Jivraj, Ernst & Young LLP Robert Kaufman, Kaufman, Rossin & Co, P.A. Quintin I. Kevin, Adams Street Partners LLC Joseph O'Donnell , Moore Capital Management, LP Brent Oswald, KPMG LLP Paul Ricci, State Street Corporation Paul Roselli, Fidelity Jessica Seidlitz, Icon Advisors, Inc. John Stomper, Grant Thornton LLP Brian Wixted, Oppenheimer Funds Inc. Learn more about the Expert Panel members by reading their biographies.

Staff Contact Irina Portnoy, Technical Manager

Past Meeting Highlights

Archived Meeting Highlights

Members of the Expert Panel

Robert Fabio (Chair), Deloitte & Touche LLP

Amy Edwards, BlackRock

John T. Hague , McGladrey LLP

John Hildebrand, PricewaterhouseCoopers LLP

Adeel Jivraj, Ernst & Young LLP

Robert Kaufman, Kaufman, Rossin & Co, P.A.

Quintin I. Kevin, Adams Street Partners LLC

Joseph O'Donnell , Moore Capital Management, LP

Brent Oswald, KPMG LLP

Paul Ricci, State Street Corporation

Paul Roselli, Fidelity

Jessica Seidlitz, Icon Advisors, Inc.

John Stomper, Grant Thornton LLP

Brian Wixted, Oppenheimer Funds Inc.

Learn more about the Expert Panel members by reading their biographies.

Staff Contact

Irina Portnoy, Technical Manager


Expert Panel Recommended Guidance
Publications AICPA Audit and Accounting Guide Investment Companies AICPA Audit Risk Alert Investment Companies Industry Developments Other Publications	CPE and Conferences Continuing Professional Education


News	Training & Development