Keeping Up With Accounting and Auditing Issues

    Keeping Up With Accounting and Auditing Standards 

    Finding the time to stay on top of new standards can be difficult. The PCPS team works to provide you with quick access to new standards relevant to your firm, along with materials to assist you in their implementation and communication.

    Advocacy: The PCPS Technical Issues Committee works diligently to provide the small-medium size firm perspective in the standard-setting process. If you have questions, local firm advocacy issues or suggestions for TIC, let us hear your voice and email us. 

    PCPS Technical Toolkits

    PCPS Technical Toolkits
    These toolkits were developed as resources to support you in the implementation of newer standards and the communication of these standards within your firm and to your clients.

    Private Company Financial Reporting

    New SSARS 21 Issued
    Have you heard about the new standards for reviews, compilations and engagements to prepare financial statements? Find out about the significant developments in this area designed to account for changes in the CPA practice environment.

    Statement on Updates to Audit Response

    Exhibit “Statement on Updates to Audit Response Letters” Added Into AU-C Section 501
    Requests for updates to lawyers’ audit response letters have become more frequent in recent years.  Exhibit C, “Statement on Updates to Audit Response Letters” in AU-C section 501, Audit Evidence – Specific Considerations for Selected Items (AICPA, Professional Standards), has been added to include the Statement that the Audit Responses Committee of the American Bar Association published in the Spring 2015 edition of The Business Lawyer. With the intent of enhancing the ability of lawyers to respond efficiently to update requests by auditors—thereby facilitating the audit process and contributing to audit quality—the Statement provides a framework under which a lawyer may furnish an update letter to the auditor, and is helpful in obtaining an update response from a lawyer when considered necessary by the auditor.

     Illustrative Yellow Book

    Insights into the Group Audit Standard (AU-C 600)
    The clarity project resulted in substantial changes to the group audits standard. This article provides insights into the importance of good communication in compliance, communication, and effectiveness matters associated with the group audits standard. 

    Mandatory Firm Rotation

    Mandatory Firm Rotation
    Mandatory Firm Rotation (MFR) proposals may seem like an issue only for firms that audit public companies; however, firms of all sizes may be impacted as governmental agencies, non-profits and private company boards consider implementing MFR policies. Check out these resources to help address concerns about MFR.

    Technical & Advocacy Resources 

    Technical & Advocacy Resources 

    PCPS Technical Issues Committee (TIC) Advocacy
    TIC monitors technical developments that could significantly affect private companies and the firms that serve them. When standards are written, TIC submits informed comments and recommendations in support of small-medium size firms.

    One central location to access the standards and statements that the AICPA develops, issues and enforces including (but not limited to) Audit and Attest Standards, Code of Professional Conduct, Compilation and Review Standards. 

    Other Helpful Resources 

    Compilation and Review Services
    The resources and information in the this area will be helpful tools in providing compilation and review services and will help you understand and stay informed of new developments.

    Recently Issued Technical Questions and Answers
    Recently issued technical staff questions and answers can be found here.

    AICPA Technical Hotline
    If you’re looking for a place to turn when it comes to matters involving professional judgment, then contact the Technical Hotline where a team of experts will help answer your questions by phone. From accounting and financial reporting issues, audit and attest engagements, and everything in between, the team answers thousands of calls each year. 

    Other Helpful Resources


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