ASB Comment Letter to the IAASB on Invitation to Comment Improving the Auditors Report

Comment Letter:  This comment letter from the ASB to the IAASB discusses the Invitation to Comment: Improving the Auditor’s Report
Published on March 01, 2013

AICPA Comments on IAASBs Proposals to Improve Auditor Reporting

Newsletter:  ...supported a broad-based approach to improving the transparency and relevance of financial reporting that involves financial reporting standard setters, management, and those charged with governance, as well as auditors
Published on October 17, 2012

Section 404(b) of Sarbanes-Oxley Act of 2002

Article:  ...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 believes that all investors in public companies
Published on April 03, 2013

John P. Crowley v. Doris June Chait

Legal Brief:  ...of the Institute's historical role particularly in formulating standards relating to audits, reviews, and compilations, and the reports issued thereon, the AICPA has maintained a strong interest in the scope and bases of civil liability sought to be imposed upon auditors pursuant to those standards. The Institute has no
Published on April 09, 2010

Grant Thornton LLP v. Prospect High Income Fund

Legal Brief:  Because of their (1) extensive understanding of the accounting profession and, in particular, the role of an independent auditor, and (2) commitment to the public interest, the Texas Society of CPAs and the American Institute of CPAs are deeply concerned about the court of appeals' decision in this...
Published on April 14, 2010

Audit, Attest, and Quality Control ASB Comment Letters

Comment Letter:  ASB comment letter to other organizations.
Published on May 20, 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

Jury Verdict Against KPMG for Negligent Misrepresentations in Audit Report

Article:  Failure to detect misstatements in financial statements result in a $38.8M jury verdict in the Cast Art Industries, LLC vs. KPMG LLP case.
Published on May 03, 2013

Cast Art Industries, LLC Scott Sherman Gary Barsellotti and Frank Colapinto vs. KPMG LLP John Quinn John Shaw Ed Lazor F...

Legal Brief:  ...was brought in the Superior Court of New Jersey, Middlesex County. Plaintiffs, which included Cast Art Industries, LLC (“Cast Art”) and its shareholders, brought suit against KPMG, as an auditor, for failing to detect fraudulent misstatements
Published on October 04, 2010

AICPA Supports New Private Company Council Developing Framework for SMEs

Newsletter:  The CPA Advocate: June, 2012.  AICPA supports FAF's planned creation of Private Company Council and is developing an OCBOA financial reporting framework for privately held small- and medium-sized enterprises.
Published on February 06, 2013

AICPA Monitoring PCAOB Forums for Auditors of Smaller Broker-Dealers

Newsletter:  The CPA Advocate: August, 2012. The AICPA continues to advocate for a final PCAOB rule requiring inspections of auditors of clearing, carrying and custodial broker-dealers because these broker-dealers directly handle investor funds
Published on September 19, 2012

Whistleblower Rules under Dodd Frank Act

Article:  Dodd-Frank Act Sections 922 and 748 require the Securities and Exchange Commission and Commodities Futures Trading Commission to implement rules to pay cash awards of up to 30% in settlements over $1 million to whistleblowers who voluntarily provide original information about violations of the Securities laws and Commodity Exchange Act,
Published on February 05, 2013

FinREC and TIC Respond to FASBs Proposed ASU on Liquidity and Interest Rate Risk Disclosures

Newsletter:  The CPA Advocate: October, 2012.  The AICPA does not believe the proposal will achieve its intended objective and that costs will outweigh benefits for users of private company financial statements.
Published on October 18, 2012

State and Local Advocacy

Article:  This section contains legislative issues and comments regarding state and local taxation.
Published on May 20, 2013

Overview of State Issues Related to the Sarbanes-Oxley Act

Article:  An overview of state issues related to the Sarbanes-Oxley Act
Published on April 11, 2012