AICPA News Update - December 7, 2012 

    Provide Input on AICPA's Development of New Financial Reporting Framework for SMEs 
    Published December 07, 2012

    AICPA
           
     

    AICPA

    AICPA News Update
    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession
     
           
     
      In This Update: December 7, 2012 - Volume 15 No. 50  
     
    Provide Input on AICPA’s Development of New Financial Reporting Framework for SMEs
    Continuous Auditing, Control Monitoring Opportunities Broaden
    Technical Questions and Answers Issued Regarding Audits of Group Financial Statements
    Ethics Pays: For the Business and For Your Career
    Free Client-Oriented Webinar on “Fiscal Cliff”
    Catch up on AICPA Insights®
            
     
    Provide Input on AICPA’s Development of New Financial Reporting Framework for SMEs
     

    Millions of private companies do not need to use GAAP-based financial statements but want an accounting system that is reliable and principles-based, has undergone professional scrutiny, and is consistently applied. To address this marketplace need, the AICPA has exposed for public comment a self-contained financial reporting framework for small- and medium-sized entities. The AICPA also is interested in members’ feedback regarding familiarity with OCBOA, technical issues concerning the proposed framework, implementation guidance needed and resources to educate users of private company financial statements. CPAs who are involved in the private company environment are asked to respond to a brief online survey on these topics by Dec. 15.

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    Continuous Auditing, Control Monitoring Opportunities Broaden
     

    The AICPA Assurance Services Executive Committee’s Emerging Assurance Technologies Task Force has drafted two whitepapers exploring the applications of continuous auditing and continuous control monitoring: The Current State of Continuous Auditing and Continuous Monitoring and Evolution of Auditing: From the Traditional Approach to the Future Audit (members only). For more information, visit the AICPA’s Assurance and Advisory Services webpage.      

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    Technical Questions and Answers Issued Regarding Audits of Group Financial Statements
     

    Twenty-three Technical Questions and Answers have been included in new TIS section 8800, “Audits of Group Financial Statements and Work of Others” (AICPA, Technical Practice Aids), to provide nonauthoritative guidance regarding the implementation of AU-C section 600, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) (AICPA, Professional Standards). The TPAs are based on the questions and answers included in the Audit Risk Alert “Understanding the Responsibilities of Auditors for Audits of Group Financial Statements—2012.”

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    Ethics Pays: For the Business and For Your Career
     

    If your boss asked you to do something that made you uncomfortable, would you be able to positively influence the situation and its outcome? Test yourself by viewing this six-minute video about business ethics. Your ability to assess the ethical context of every situation is part of your professional commitment. Visit CGMA.org for a host of additional reports, tools and videos on this critical subject.

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    Free Client-Oriented Webinar on “Fiscal Cliff”
     

    It is imperative your clients have the best strategies in place for maximizing their tax savings and protecting their net worth, and that they understand the economic outlook and long-term outcomes of the “fiscal cliff.”  Invite your clients to this free webinar to be held 1 to 2 p.m. ET on Dec. 18. Leading financial planners will walk your clients through a plain English discussion of the fiscal cliff’s ramifications. Register today.

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    Catch up on AICPA Insights®
     

    The AICPA’s official blog, AICPA Insights, offers timely posts on the CPA profession and trends that are impacting it. Catch up on these posts you might have missed. Be sure to see every post by signing up for AICPA Insights’ RSS feed or email subscription.

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