The following 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. These toolkits are not meant to replace the guidance and direction outlined in the actual standards but instead provide a foundation of education and communication of which to build upon with more in depth technical guidance.
2013 COSO Framework Update Toolkit
The COSO Framework has recently been updated to address changes in the business environment in the 20 years since the original framework was released. The PCPS toolkit provides resources to introduce you to changes in the framework, how your clients and your firm will be impacted and takes a look at services you may want to offer your clients to help strengthen their internal control systems.
FRF for SMEs Toolkit
The Financial Reporting Framework for Small and Medium Entities (FRF for SMEs) provides an opportunity for your firm to showcase your role as the trusted business advisor to Main Street businesses. Use the resources in the FRF for SMEs Toolkit to learn about this reporting framework that meets the unique reporting needs of owner-managed private companies that don’t require GAAP financial statements.
Clarified Auditing Standards Toolkit
SAS Nos. 122-125 are referred to as the Clarified Auditing Standards and are effective for engagements to audit financial statements for periods ending on or after December 15, 2012. These standards will impact engagements at all phases and this toolkit will guide you through the implementation process. You can use the toolkit resources to learn about the changes, train your staff and communicate with clients to give them a heads up on some of the changes they’ll see.
SSARS No. 19 Toolkit
SSARS No. 19 impacts compilations and review of financial statements for fiscal periods ending on or after December 15, 2010. This toolkit will give you an overview and tools to assist you in implementation of the statement and communicating the impact of SSARS No. 19 with your firm team members and clients. Toolkit components include 1)Implementation Checklist; 2)Client Brochure – Comparative Overview of Compilation, Review and Audit; 3)Frequently Asked Questions 4)Template Client Website/Newsletter Communication.
PCPS Independence Toolkit
CPAs must be ever so vigilant to understand the meaning of true independence. As a refresher or a tool for training, elements of this toolkit can help you and your team members apply the latest independence rules to everyday practice. Further, should an unintentional violation of independence occur, utilize the Inadvertent Independence Violations Practice Tool to assess the impact and determine appropriate next steps.
SAS No. 115 Toolkit
SAS No. 115 impacts financial statement audits over fiscal periods through December 14, 2012. This toolkit will give you an overview and tools to assist you in implementation of the standard and communicating the impact of SAS No. 115. Note: The Clarified Auditing Standards apply for audits of financial statements for periods ending on or after December 15, 2012
SAS Nos. 104 – 111 Toolkit
SAS Nos. 104-111 impacts financial statement audits over fiscal periods through December 14, 2012. This toolkit will give you an overview and tools to assist you in implementation of the standards and communicating the impact of SAS Nos. 104-111. Note: The Clarified Auditing Standards apply for audits of financial statements for periods ending on or after December 15, 2012