AICPA Committee and Task Force Updates Available
The Financial Reporting Center updates you on the activities of various technical committees and task forces though a quarterly newsletter supplement. The update summarizes the major achievements and issues deliberated by each group.
Updated activity reports available in this quarterly supplement include the following committees and task forces:
Auditing Standards Board
Statement on Auditing Standards No. 128, Using The Work Of Internal Auditors
Proposed Statement on Auditing Standards (SAS) Amendment to Statement on Auditing Standards No. 122, Statements on Auditing Standards: Clarification and Recodification, section 920, “Letters for Underwriters and Certain Other Requesting Parties,” as Amended
Attestation Clarity Project Update
Employee Benefit Plan Expert Panel
- New Chair and Incoming Members
- Advocacy Efforts with the FASB
Technical Issues Committee Alert, April 2014
The AICPA Technical Issues Committee is a committee of CPA practitioner volunteers working to represent the views of local firms and their clients in the standards-setting process. The committee releases a quarterly newsletter informing interested parties of their activities and of items of concern for local firms and their clients.
TIC has released its April 2014 newsletter covering their work on, and highlights of, issues such as:
Read more in the April 2014 edition.
- Practical Resources Address Restructuring of AICPA Ethics Code
TIC Concerns Addressed in PCC Release
AICPA Expert Panel Resources for New GASB Pension Standards
SOC 2SM Report with the Criteria in the Cloud Security Alliance (CSA) Cloud Controls Matrix (CCM)
The AICPA has developed an illustrative Type 2 SOC 2SM report to assist CPAs in reporting on the suitability of the design and operating effectiveness of a service organization’s controls relevant to security and availability based on the criteria for security and availability in TSP Section 100A, Trust Services Principles, Criteria, and Illustrations for Security, Availability, Processing Integrity, Confidentiality, and Privacy (AICPA, Technical Practice Aids) and, the suitability of the design and operating effectiveness of its controls in meeting the criteria in the Cloud Security Alliance Cloud Controls Matrix.
Access the report on the Service Organization Control home on the Financial Reporting Center.
AICPA Releases Three New TIS Sections Related to Private Company Council Accounting Alternatives
The FASB recently issued Accounting Standards Update Nos. 2014-02 and 2014-03 to amend the Accounting Standards Codification® to allow for some accounting alternatives for private entities that are not classified as public business entities, as defined in ASU No. 2013-12. AICPA Technical Questions and Answers (TPAs) 9150.32–.33 and 9160.29 (AICPA, Technical Practice Aids) have been issued to provide nonauthoritative guidance regarding the application of these ASUs and how application might affect a compilation, review, or audit engagement and related reports.