Section 404(b) of Sarbanes-Oxley Act of 2002
Article:
The Sarbanes Oxley Act requires that the management of public companies assess the effectiveness of the internal control of issuers for financial reporting. Section 404(b) requires a publicly-held company’s auditor to attest to, and report on, management’s assessment of its internal controls. AICPA...
Published on April 03, 2013
House Financial Services Panel Looks at Dodd-Frank Whistleblowing Rules
Newsletter:
...Advocate: May, 2011. Deloitte Deputy CEO and Vice-Chairman Robert Kueppers testified at House hearing that accounting profession is cocnerned Dodd-Frank Act does not take into account SOX internal reporting requirements
Published on September 02, 2011
Federal Legislative and Regulatory Issues
Federal Law:
This page highlights the advocacy issues in which the Congressional & Political Affairs Team is advocating on behalf of the profession, and also those issues that the team has recently followed.
Published on March 29, 2013
Employee Benefits Tax Advocacy
Overview:
This section contains AICPA comment letters pertaining to legislative matters in employee benefits taxation.
Published on March 14, 2013
Financial Regulatory Reform
Article:
Responding to the 2007-2009 financial crisis, Congress debated comprehensive financial regulatory legislation that would address systemic risks, provide U.S. regulators with new resolution authorities and create a new consumer financial protection bureau. Listed in this article are specific provisions in the pending legislation, and potential amendments that concern the accounting
Published on February 04, 2013
AICPA Letter Helps Persuade COSO to Postpone Release of Internal Control Framework
Newsletter:
...June, 2012. AICPA told COSO its updated framework will be valuable to practitioners, but recommended additional guidance on how to consider weaknesses or absences of a principle when evaluating internal control effectiveness
Published on June 12, 2012
Audit, Attest, and Quality Control ASB Comment Letters
Comment Letter:
ASB comment letter to other organizations.
Published on May 21, 2013
Using Family Partnerships and Refuting IRS Challenges
Article:
This is an article highlighting the AICPA's position concerning the legitimate use of family partnerships. In particular, the AICPA takes exception with the IRS's refusal to recognize for transfer tax purposes the validity of many family partnership's under examination.
Published on September 19, 2012
Taxpayers Need Relief from Steep Automatic Penalty, AICPA Tells IRS, Treasury
Newsletter:
The CPA Advocate: April, 2013. The automatic $10,000 penalty imposed on companies with interests in overseas corporations that file a late information return (Form 5471) is especially burdensome for smaller companies, the AICPA told the IRS.
Published on April 29, 2013
State Tax Tribunals
Issue Brief:
This is the AICPA paper on state tax tribunals. It was developed as a resource to state CPA societies as the various states consider this issue.
Published on June 06, 2013
Audits of Federal Funds (Single Audits)
Article:
Entities that receive federal funds including states, local governments, and not-for-profit organizations (NPOs), are subject to audit requirements commonly referred to as “single audits” under the Single Audit Act of 1984, as amended in 1996. The Single Audit Act was enacted to standardize the requirements for auditing federal programs.
Published on March 28, 2013
Insurance Company Audits
Article:
ISSUE: How the profession should respond to legislation that requires insurers to have annual audited statutory financial reports of insurance companies. BACKGROUND: All states require domiciled insurance enterprises to submit to the state insuran
Published on March 18, 2011