The Clarified Professional Standards Addressing Some Common Misconceptions
As practitioners are in the midst of performing attest engagements for entities with periods ended December 2014, we wanted to address some common misconceptions about the clarified professional standards
Published on April 22, 2015
GASB Pension Accounting Standards New Auditing Interpretations Issued
In June 2014, the AICPA Auditing Standards Board (ASB) issued two auditing interpretations that are designed to help governmental pension plans, participating employers, and their auditors as they implement new GASB standards
Published on July 08, 2014
ASU 2014-09 [FASB ASC 606] New Revenue Recognition Standard Issued Revenue from Contracts with Customers
The FASB issued Accounting Standards Update [ASU] 2014-09, Revenue from Contracts with Customers. ASU 2014-09 creates FASB Accounting Standards Codification [FASB ASC] Topic 606, Revenue from Contracts with Customers, which will “co...
Published on May 28, 2014
PCAOB Adopts Auditing Standard No. 16
The PCAOB voted unanimously to adopt Auditing Standard No. 16
Published on August 16, 2012
SAS No. 114 Redrafted Clarifying Governance Communications
The Auditing Standards Board [ASB] has finished work on the first of the clarified auditing standards in work related to the overall clarity project. In efforts to converge the U.S. auditing...
Published on November 26, 2008
AU-C SECTION 920 Amendment Letters for Underwriters and Certain Other Requesting Parties
The Auditing Standards Board [ASB] voted to issue a final standard that amends AU-C section 920, Letters for Underwriters and Certain Other Requesting Parties. The amendment is a result of requests...
Published on May 19, 2014
The CPEA Revenue Recognition Series Fortune Favors the Prepared
The effective date of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, may still be a few years away. However, we feel that the magnitude of the changes in financial reporting and...
Published on August 20, 2014
Auditing Financial Statements of NFP Entities Some Clarified Auditing Standards Requirements
Since it is not uncommon for not-for-profit [NFP] entities to have September 30 fiscal year-ends, many auditors now are planning to implement the clarified auditing standards in NFP entity audits for the first time
Published on June 19, 2013
SAS No. 127 2013 Omnibus Statement on Auditing Standards
In January 2013, the Auditing Standards Board [ASB] issued SAS No. 127 The guidance in SAS No. 127 amends the auditing technical literature in AU-C section 600 and AU-C section 800
Published on February 27, 2013
Examing Internal Control in an Integrated Audit
In September 2008, the Auditing Standards Board [ASB] issued two “companion” documents, where the first of those documents provides guidance related to communicating significant deficiencies and material weaknesses noted in performing financial statement audits. The...
Published on November 12, 2008