Recently Issued Technical Questions and Answers 


    The following are recent technical staff questions and answers issued since July 2013 and may have been revised since original issuance. The questions and answers in this section are not sources of established authoritative principles. This material is based on selected practice matters identified by the staff of the AICPA's Technical Hotline and various other bodies within the AICPA and has not been approved, disapproved, or otherwise acted upon by any senior committee of the AICPA. Consult Technical Practice Aids for all technical staff questions and answers issued by the AICPA.

    If you have specific questions about information contained in a TIS section, contact the AICPA's Technical Hotline.

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    TIS Section Title Issue Date
    8100.03 Using Current Auditing Standards for Audits of Prior Periods December 2013
    9150.32 Modification to the Accountant's Compilation or Review Report When a Client Adopts a Private Company Council Accounting Alternative
    March 2014
    9150.33 Compilation or Review Report in Which Management Refuses to Include Disclosure Related to Adoption of a PCC Accounting Alternative
    March 2014
    9160.29 Modification to the Auditor's Report When a Client Adopts a PCC Accounting Alternative
    March 2014

    Technical Practice Aids

    Accounting Questions and Answers

    TIS Section 8100.03, "Using Current Auditing Standards for Audits of Prior Periods" (Issue Date: December 2013)

    Inquiry — An auditor is engaged to perform an audit of financial statements that are as of or for a period that ended prior to the effective date of the clarified auditing standards. May an auditor use the clarified auditing standards that are currently effective at the time the audit is performed even though the standards were not effective for that prior period?

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    TIS Section 9150.32, "Modification to the Accountant's Compilation or Review Report When a Client Adopts a Private Company Council Accounting Alternative" (Issue Date: March 2014)

    Inquiry — A private company client has adopted one or more of the Private Company Council (PCC) accounting alternatives in the current year and disclosed the change in accounting principle, which is material to the financial statements. Is the accountant required to add an emphasis-of-matter (EOM) paragraph to the compilation or review report for this change in accounting principle?

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    TIS Section 9150.33, "Compilation or Review Report in Which Management Refuses to Include Disclosure Related to Adoption of a PCC Accounting Alternative" (Issue Date: March 2014)

    Inquiry — When management has adopted one or more of the PCC accounting alternatives but does not disclose this change in accounting principle, which is material to the financial statements, how should the accountant’s compilation or review report be modified?

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    TIS Section 9160.29, "Modification to the Auditor's Report When a Client Adopts a PCC Accounting Alternative" (Issue Date: March 2014)

    Inquiry — A private company audit client has adopted one or more of the PCC accounting alternatives in the current year and disclosed the change in accounting principle, which is material to the financial statements. Is the auditor required to add an emphasis-of-matter (EOM) paragraph to the auditor’s report for this change in accounting principle?

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