AICPA News Update - June 15, 2012 

    Ethics Approves Revisions to Nonattest Services and Other Changes 
    Published June 15, 2012

    AICPA

    AICPA News Update
    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession
    In This Update: June 15, 2012 - Volume 15 No. 25

    OMB Releases Draft 2012 Compliance Supplement for Audit Planning

    Ethics Approves Revisions to Nonattest Services and Other Changes

    Importance of Strengthening Ethical Culture Stressed in New CGMA Report

    TPA Issued Regarding Combining Going Concern Emphasis with Another Emphasis-of-Matter Paragraph

    Reporting on a PMA or an EPA for Electronically Prescribing Controlled Substances

    Inspiring Video on CPA Profession Spans Ancient Times to Today

     

      

     



    OMB Releases Draft 2012 Compliance Supplement for Audit Planning



    The Office of Management and Budget has provided a final draft of the 2012 OMB Circular A-133 Compliance Supplement to the AICPA Governmental Audit Quality Center for the GAQC to make it publicly available so auditors can use it to begin planning their 2012 single audits. This step was taken by OMB in light of delays in its final clearance process of the Supplement. OMB reminds auditors that the draft supplement is still subject to change and should only be used to assist with audit planning, although OMB does not expect any significant changes as the Supplement has been thoroughly vetted. Read GAQC Alert #195 for a summary of key changes. It is hoped that the final Supplement will be issued in the next several weeks.



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    Ethics Approves Revisions to Nonattest Services and Other Changes



    The Professional Ethics Division approved revisions to Interpretation No. 101-3, “Nonattest Services,” two new interpretations addressing misleading firm names (Interpretation 505-4 Misleading Firm Names and Interpretation 505-5 Common Network Brand in Firm Name) and the deletion of an ethics ruling (Ethics Ruling No. 134 Association of Accountants Not Partners). These revisions will be effective on Aug. 31, 2012. The full text of the release is available on AICPA.org.



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    Importance of Strengthening Ethical Culture Stressed in New CGMA Report



    CGMAs report a weakened “tone from the top” and more pressure to act unethically—especially in emerging economies—that makes managing business ethics increasingly important in today’s business world. The AICPA and CIMA have released a new report, Managing Responsible Business, detailing views on business ethics, behaviors and controls within the organizations of nearly 2,000 CGMAs from 80 countries. In addition, AICPA and CIMA have released a new set of ethics based tools and resources to help CGMAs strengthen the culture of ethics at their organizations. Find an ethical management checklist, case study and video at CGMA.org.



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    TPA Issued Regarding Combining Going Concern Emphasis with Another Emphasis-of-Matter Paragraph



    Technical Inquiry and Reply 9160.28 has been issued to describe that although AU section 508, Reports on Audited Financial Statements (AICPA, Professional Standards), does not preclude an auditor from combining matters either required to be emphasized, or added at the auditor’s discretion, in the auditor’s report, it may be prudent for the auditor to emphasize each matter separately in separate paragraphs to make it clear that there is more than one matter of emphasis in the auditor’s report. Whether the auditor decides to combine more than one matter in the same paragraph is a matter of professional judgment.



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    Reporting on a PMA or an EPA for Electronically Prescribing Controlled Substances



    The AICPA has developed illustrative reports to assist CPAs in reporting on whether a pharmacy management application or an electronic prescription application used for electronically prescribing controlled substances meets the criteria established by the U.S. Drug Enforcement Administration and whether an entity’s controls over the processing integrity and security of the PMA or EPA were operating effectively during the period covered by the report to meet the criteria for processing integrity and security included in TSP section 100.



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    Inspiring Video on CPA Profession Spans Ancient Times to Today



    In just six minutes, you can see how the CPA profession has evolved from 8,000 years ago to today. Learn the history of the profession and its impact on business in the U.S. through this video produced to celebrate the AICPA’s 125th anniversary. Explore other 125th anniversary resources on AICPA.org.



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    “Every birthday the AICPA celebrates builds strength and unity in protecting the public and providing accurate, reliable information to stakeholders.  It's a great day to be a CPA!”
    Erin T. Borgmann, CPA, CGMA







     

     










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