AICPA News Update Vol. 14 No. 53 

    AICPA Outlines Concerns About Audit Firm Rotation 
    Published December 16, 2011

    AICPA

    AICPA News Update

    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession

    In This Update:

    December 16, 2011 - Volume 14 No. 53

    AICPA Outlines Concerns About Audit Firm Rotation
    AICPA Comments to Congress on Estate Tax Suggestions
    Peer Review Mentor Program Launched
    AICPA Annual Report for 2010-11 Now Available
    Announcing New Firm Resources to Build and Maintain a Thriving Practice
    Download 2 Free Year-End Tax and Financial Planning Resources from AICPA PFP Section
    AICPA Outlines Concerns About Audit Firm Rotation

    Mandatory audit firm rotation would be costly and could hinder audit quality rather than enhance it, the AICPA told the Public Company Accounting Oversight Board (PCAOB) in a comment letter December 14. The letter responds to a PCAOB concept release that said proponents of audit rotation contend that capping terms could limit client pressure on auditors. Read this JournalofAccountancy.com article for more information.

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    AICPA Comments to Congress on Estate Tax Suggestions

    The AICPA recently submitted to Congress suggestions for making permanent estate tax and generation-skipping transfer (GST) tax provisions. The AICPA urged prompt action to enact permanent gift, estate and GST tax provisions, and thus provide needed certainty to taxpayers in planning their affairs. In addition, the AICPA requested that when Congress makes these provisions permanent, other needed technical changes be included to permit administrative relief for certain late or defective lifetime qualified terminable interest property elections, and for late elections by certain qualified revocable trusts to be treated as part of a decedent's estate. 

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    Peer Review Mentor Program Launched

    On November 1, the AICPA Peer Review team launched the Mentor Program, a new option for initial team captain qualification. The Mentor Program allows a potential team captain (Mentee) to forego the second day of the restructured “How to” course in favor of significant participation as a team member in a system review. Significant participation is obtained when an approved and qualified team captain (Mentor) oversees a Mentee while they perform virtually all team captain responsibilities. Qualified team captains may now submit requests for pre-approval by completing the Mentor Approval Request. The AICPA encourages highly-qualified team captains with proficient knowledge and expertise in the Peer Review Standards and Interpretations to apply. For more information, visit the Mentor Program page on AICPA.org.

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    AICPA Annual Report for 2010-11 Now Available

    The AICPA's annual report for the fiscal year August 1, 2010, through July 31, 2011, including financial statements, has been posted to our website. "Change. Vision. Opportunity.” describes how the AICPA is embracing change and positioning members for future success. The report also discusses the year's important initiatives, including efforts to establish an independent board for private company financial reporting, legislative and regulatory successes, creation of the Chartered Global Management Accountant and the CPA Horizons 2025 project. Download the annual report now or view the digital book version

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    Announcing New Firm Resources to Build and Maintain a Thriving Practice

    The new Practice Growth and Client Service Center was developed by the Private Companies Practice Section to help firms grow their practices. Choose from social media strategies, proposal ideas and hands-on business development tools to complement your current firm growth strategies.

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    Download 2 Free Year-End Tax and Financial Planning Resources from AICPA PFP Section

    Volumes 1-4 of The CPA’s Guide to Financial and Estate Planning are now available exclusively to Personal Financial Planning Section members, inclusive of Personal Financial Specialist credential holders. This comprehensive 1000-page, 4-volume, downloadable publication provides guidance to CPAs advising individuals in estate, tax, retirement, investment and risk management matters. If you are not a PFP member, download a free excerpt of the guide, Chapter 33, Year-End and New Year Tax Planning. Also, download and personalize a free client alert from Forefield Advisor, Year-End Tax Planning: 10 Things to Keep in Mind, to distribute to your clients and prospects to highlight year-end tax planning issues and opportunities.

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