Service Organization Control (SOC) Reporting Focusing On Some Engagement Issues
In 2011, to provide the framework for practitioners to examine controls and to help management understand the related risks, the AICPA established three Service Organization Control® [SOC] reporting options [SOC 1, SOC 2 and SOC 3 reports].
Published on January 15, 2014
AU-C Section 230 Audit Documentation Requirements
In implementing the clarified auditing technical literature guidance, auditors will notice some minor modifications, especially in terms of where the authoritative literature is placed, related to general documentation requirements in audit engagements.
Published on June 06, 2012
Revisions to the Code of Professional Conduct
On October 7, 2011, the AICPA Professional Ethics Executive Committee [PEEC] released some revisions to the AICPA Code of Professional Conduct.
Published on December 07, 2011
Code of Professional Conduct Big Changes on the Horizon
In June, the AICPA released the revised Code of Professional Conduct [AICPA Code]. PEEC has restructured the AICPA Code so that members and other users can apply the rules and reach correct conclusions more easily and intuitively.
Published on June 18, 2014
Employee Benefit Plan Audit Update DOL Developments and New Reporting and Disclosure Recommendations
Recently, the Employee Benefits Plan Security Administration has performed an assessment of firm quality based on firm size and provided their findings and suggestions. In addition, the Financial Reporting Executive Committee of the AICPA released an overhaul of the Employee Benefit Plan Accounting and Auditing Guide that includes several financial
Published on July 16, 2014
SFAS No. 157 Some Implementation Guidance
As reporting entities [and practitioners associated with those entities] begin considering the “how tos” associated with implementing SFAS No. 157, it is important to consider some recently-issued FASB Staff Position [FSP] guidance associated with this technical literature.
Published on March 05, 2008
AU-C Section 250 Illegal Acts Issues in Financial Statement Audits
In implementing the clarified auditing technical literature guidance, auditors will notice some modifications associated with requirements that need to be addressed when considering the potential for reporting entity noncompliance with laws and regulations, and how identified instances of noncompliance might impact audit procedures, audit documentation, and auditor communications.
Published on June 20, 2012
SSAE No. 16 Some Implementation Questions & Answers
Since the guidance in SSAE No. 16 can be early-implemented, several questions associated with the guidance have been asked, and many of those questions are addressed in these materials.
Published on June 09, 2010
SAS 123 Omnibus Statement on Auditing Standards 2011
On October 5, 2011, simultaneously with the issuance of the “Super SAS” that serves to clarify and converge U.S. generally accepted auditing standards with International Standards on Auditing [ISAs] as issued by the International Auditing and Assurance Standards Board [IAASB], the Auditing Standards Board [ASB] issued SAS No. 123.
Published on November 23, 2011
Special Issues Related to Commitments and Contingencies
FASB ASC 440 provides an overall accounting and disclosure model for unconditional purchase obligations, as well as reference to other types of commitments. FASB ASC 450 addresses accounting for contingencies.
Published on May 25, 2014