1. Join the IRS VITA Program and Provide Tax Assistance
to Those in Need
As part of the AICPA's 360 Degrees of Financial Literacy
effort, the AICPA is helping CPAs join the IRS Volunteer
Income Tax Assistance (VITA) program. VITA provides free
tax assistance to low-to-moderate income individuals who
require help in preparing their tax returns or cannot afford
the services of a paid professional. If you are interested,
sign up through the financial literacy volunteer database
at https://volunteers.aicpa.org/financialliteracy/. In the
Skills section, click on low-income taxpayer assistance
and specify your interest in taxpayer preparation or taxpayer
review. An AICPA staff member will contact you to discuss
the opportunity further.
2. AICPA Launches Online Resource for CPA Financial
Planners and Consumers
The AICPA launched a new online resource for CPA financial
planners and consumers. The resource provides a comprehensive
library of tools and educational materials on financial
planning - from disaster recovery and investment planning
to ethics and fiduciary responsibility and more. The site
includes hundreds of articles, checklists and calculators,
as well as resources on practice management topics and members'
responsibilities to the public. There is also a calendar
of AICPA conferences and webcasts, state CPA society events
for AICPA members and important links to additional resources.
The website also provides significant content for consumers
seeking information about financial planning, as well as
a "Find a PFS" searchable database. To learn more
about the new resource, visit
www.aicpa.org/PFP.
3. AICPA Applauds Appointment of Tax Reform Panel
by President Bush
The AICPA applauded President Bush for appointing a bipartisan
tax reform panel charged with making recommendations about
how to simplify and remodel the US tax code. "We've
been pushing the federal government to short circuit tax
complexity for more than a decade," Barry C. Melancon,
AICPA President and CEO said. "President Bush today
took a milestone step in the struggle to make it easier
for Americans to comply with the tax laws. The appointment
of this panel is great news."
4. Exposure Draft: Proposed Statement on Auditing
Standards Audit Documentation
The AICPA's Auditing Standards Board has issued an exposure
draft of a proposed Statement on Auditing Standards (SAS)
entitled Audit Documentation. The proposed Statement will
supersede SAS No. 96 of the same name and amend SAS No.
1, Dating of the Independent Auditor's Report and SAS No.
95, Generally Accepted Auditing Standards. This proposed
SAS establishes standards and provides guidance to an auditor
of a nonissuer on audit documentation for audits of financial
statements or other financial information being reported
on. Copies of the exposure draft and executive summary are
available at http://www.aicpa.org/members/div/auditstd/drafts.htm.
The comment period ends May 15, 2005.
5. AICPA Partners with U.S. DOL on Free Health Benefit
Law Seminar
The AICPA and the Missouri Society of Certified Public Accountants
are partnering with the U. S. Department of Labor to host
a free seminar on "HIPAA and Other Health Benefit Laws:
Compliance Assistance Seminar." CPAs and their small business
clients are urged to attend a free DOL seminar being held
in St. Louis on February 16-17, 2005, at the Radisson Hotel
& Suites St. Louis Downtown (800-333-3333). This seminar
is part of a nationwide campaign by the DOL to help workers
and employers, especially small businesses understand their
rights and obligations under various health benefit laws
and Part 7 of the Employee Retirement Income Security Act
(ERISA). For more information on compliance, visit www.dol.gov/compliance.
6. CFA Institute and NIRI Release Initial Guidelines
for Analyst-Corporate Issuer Relations
A joint Chartered Financial Analyst (CFA) Institute and
National Investor Relations Institute (NIRI) task force
released final best practice guidelines governing the relationship
between securities analysts and the companies they cover.
The guidelines are ethical principles aimed at assisting
companies in their efforts to support the independence and
objectivity of analysts, and to advance a mutually beneficial
relationship that is in keeping with the best interests
of investors. The final guidelines state that both issuers
and analysts must aim to minimize the potential conflicts
inherent in issuer-paid research by maximizing transparency
and full disclosure. For more information, visit http://www.cfainstitute.org/pressroom/04releases/20041208_01.html
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