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AICPA Suggests Changes to COSO Internal Control Framework Proposal |
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In a letter to the Committee of Sponsoring Organizations of the Treadway Commission (COSO), the AICPA expressed overall support for the proposed updates to the internal control framework but asked COSO to, among other things, tie together concepts such as reasonable assurance; range of acceptability; and reducing risk of not achieving an objective to an acceptable level; and provide examples of those concepts. The AICPA recommended a few changes in specific principles in the updated framework, including a request that a principle focusing on fraud be extended to include potential errors, bias and abuses. Failing that, the AICPA requested that an additional principle be created to address those areas. Read this JournalofAccountancy.com article for more information. The Center for Audit Quality, which is affiliated with the AICPA, also submitted a comment letter asking COSO to provide users with more transition guidance for implementing COSO’s updated internal control framework.
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Bi-partisan JOBS Act Signed by President |
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President Obama signed the Jumpstart Our Business Startups Act (JOBS Act) on April 5 which is intended to promote capital creation and be an impetus for job creation by making it easier for a company to go public. The JOBS Act creates a new class of public companies called "emerging growth companies.” These companies are given an "on ramp" to becoming a public company by having a delay in complying with a number of statutory and regulatory requirements that include an extension to no more than five years of the existing two year regulatory delay in having to undergo a Sarbanes Oxley section 404(b) audit of management’s assertions regarding internal controls over financial reporting. The Act also delays the use of newly adopted accounting standards and delays the use of new audit standards by the emerging growth company's auditor. The AICPA appreciates Congress' effort to promote capital creation for small business through the focused approach of the IPO on ramp legislation More information on the JOBS Act can be found on AICPA.org.
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GAQC Resources for Understanding the 2011 Yellow Book |
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The Governmental Audit Quality Center (GAQC) has launched a new section of its website, Yellow Book Practice Aids and Tools, that is a resource for those wishing to learn more about the 2011 revision to Government Auditing Standards (2011 Yellow Book). The 2011 Yellow Book is effective for financial audits and attestation engagements for periods ending on or after December 15, 2012. While early implementation is not permitted, the new independence rules in the 2011 Yellow Book may become effective earlier if an auditor is considering the performance of nonaudit services. Resources that can be accessed include the 2011 Yellow Book Independence—Nonaudit Services Documentation Practice Aid (available for free to all AICPA members), archived GAQC news alerts and an archive of a webinar on the 2011 Yellow Book. Visitors to this page will also find information on the currently effective 2007 revision to Government Auditing Standards, including an archived webinar and access to illustrative auditors’ reports.
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Forensic CPAs May Be Required to Hold a Private Investigator’s License in Some States |
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In response to certain state legislation requiring someone performing the activities of a private investigator to obtain a state Private Investigator's License, the Forensic and Valuation Services Section has put together a reference matrix for FVS Section members. The matrix provides illustrative information on current legislative bills, state statutes and websites to help CPAs determine if their practice activities warrant the requirement to obtain a Private Investigator's License within the different states of the U.S. The AICPA continues to work on this critical issue involving state exemptions for CPAs conducting forensic accounting engagements. There are 36 states which do not have a CPA license exemption or have a limited exemption.
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Start Here, Go Places. Project Innovation Winners Announced |
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Students from Hoover High School in Hoover, Alabama, are the winners of Project Innovation: The Start Here, Go Places. Competition of Creative Excellence, which called upon high school students to submit ideas for a new feature on the CPA student recruitment website, Start Here, Go Places. The team received a $3,000 scholarship to be split among team members, as well as a $3,000 educational grant to their school. The second place team, also from Hoover High School, was awarded a $2,000 scholarship to be split among team members and a $2,000 educational grant for their school. Students from Caddo Mills High School in Caddo Mills, Texas, claimed third place and were awarded a $1,000 scholarship and a $1,000 grant for their school. More information on the finalists and their submissions can be found on the Start Here, Go Places. website.
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AICPA TV Gets Revamped |
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The AICPA TV section of AICPA.org has new features, including improved search, social media sharing, enhanced commenting, mobile-friendly player and a more appealing look and user experience. Visit AICPA TV and see the difference.
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