Keeping Up With Accounting and Auditing Issues

    Keeping Up With Accounting and Auditing Standards 


    Standards
    :
    Finding the time to stay on top of new standards can be difficult. The PCPS team works to provide you with quick access to new standards relevant to your firm, along with materials to assist you in their implementation and communication.

    Advocacy: The PCPS Technical Issues Committee works diligently to provide the small-medium size firm perspective in the standard-setting process. If you have questions, local firm advocacy issues or suggestions for TIC, let us hear your voice and email us. 


    PCPS Technical Toolkits

    PCPS Technical Toolkits
    These toolkits were developed as resources to support you in the implementation of newer standards and the communication of these standards within your firm and to your clients.

     Illustrative Yellow Book

    NEW!  SAS No. 129 Relating to Comfort Letters
    The AICPA Auditing Standards Board has issued Statement on Auditing Standards No. 129, Amendment to SAS No. 122 Section 920, Letters for Underwriters and Certain Other Requesting Parties, as Amended, to address implementation issues and avoid unintended changes to previous practice. The SAS becomes effective for comfort letters issued on or after Dec. 15, 2014 (early implementation is encouraged), and contains additional amendments to further clarify AU-C section 920. 

    Private Company Financial Reporting

    Allocating materiality to components in a group audit
    The Clarified Auditing Standards introduced AU-C Section 600, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors). Although the standards were effective Dec. 15, 2012, firms still have questions about group audits. This article examines one of those key questions: how to allocate materiality to components in a group audit.

    Mandatory Firm Rotation

    Mandatory Firm Rotation
    Mandatory Firm Rotation (MFR) proposals may seem like an issue only for firms that audit public companies; however, firms of all sizes may be impacted as governmental agencies, non-profits and private company boards consider implementing MFR policies. Check out these resources to help address concerns about MFR.

    Technical & Advocacy Resources 

    Technical & Advocacy Resources 



    PCPS Technical Issues Committee (TIC) Advocacy
    TIC monitors technical developments that could significantly affect private companies and the firms that serve them. When standards are written, TIC submits informed comments and recommendations in support of small-medium size firms.

    Standards 
    One central location to access the standards and statements that the AICPA develops, issues and enforces including (but not limited to) Audit and Attest Standards, Code of Professional Conduct, Compilation and Review Standards. 

    Other Helpful Resources 

    Compilation and Review Services
    The resources and information in the this area will be helpful tools in providing compilation and review services and will help you understand and stay informed of new developments.

    Recently Issued Technical Questions and Answers
    Recently issued technical staff questions and answers can be found here.

    AICPA Technical Hotline
    If you’re looking for a place to turn when it comes to matters involving professional judgment, then contact the Technical Hotline where a team of experts will help answer your questions by phone. From accounting and financial reporting issues, audit and attest engagements, and everything in between, the team answers thousands of calls each year. 

    Other Helpful Resources

     

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