Management-Use Only Compilations Specific Engagement Issues
Accountants have been preparing and presenting financial statements that are not intended to be used by third parties for years. Accountants preparing these financial statements are required to follow the compilation performance requirements in AR section 80, but are afforded a nonreporting option in paragraphs 22-24.
Published on May 21, 2014
Lender Comfort Letters Confirmation of Client Information
Since no-documentation and low-documentation loans continue in popularity within the lending community, especially when loans are being made to self-employed persons, it is not uncommon for practitioners to receive requests from their clients, lenders, or loan brokers to confirm client information related to the pending loan application.
Published on August 15, 2012
Comfort Letters & Other Verification Documents Risks & Professional Requirements
It is not uncommon for practitioners to receive request from clients, lenders, loan brokers, health insurance providers, adoption agencies, regulators, and a variety of other agencies to confirm client information.
Published on May 08, 2013
Employee Benefit Plan Audit Update DOL Developments and New Reporting and Disclosure Recommendations
Recently, the Employee Benefits Plan Security Administration has performed an assessment of firm quality based on firm size and provided their findings and suggestions. In addition, the Financial Reporting Executive Committee of the AICPA released an overhaul of the Employee Benefit Plan Accounting and Auditing Guide that includes several financial
Published on July 16, 2014
Service Organization Control (SOC) Reporting Focusing On Some Engagement Issues
In 2011, to provide the framework for practitioners to examine controls and to help management understand the related risks, the AICPA established three Service Organization Control® [SOC] reporting options [SOC 1, SOC 2 and SOC 3 reports].
Published on January 15, 2014
Error Corrections Accounting and Reporting Issues
This report covers both the accounting and reporting issues when dealing with error corrections in a compilation, review, or audit engagement
Published on September 17, 2014
AU-C Section 450 Evaluation of Misstatements Identified
In implementing the clarified auditing technical literature guidance, auditors will notice some modifications associated with requirements that need to be addressed when understanding how misstatements identified during audit engagements need to be evaluated
Published on September 26, 2012
Restricted Use Reporting Common Practice Issues and Examples
This report discusses considerations when accountants determine they need to restrict use of their compilation, review, or audit reports.
Published on November 19, 2014
OMB Circular A-133 Audits Common Findings and Deficiencies
Recently, the AICPA Ethics Division compiled a list of deficiencies frequently identified in investigations of the Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments and Non-Profit Organizations audits over the last 2 years. The focus of this report will be on the more common findings
Published on August 20, 2014