About the Expert Panel
The Investment Companies Expert Panel serves the needs of AICPA members on financial and business reporting and audit and attest matters. The expert panel protects the public interest by bringing together knowledgeable parties in the investment companies industry to deliberate and come to agreement on key investment companies issues.
Expert Panel Projects
October 2016 Investment Companies Technical Questions and Answers, now available in the AICPA publication AICPA Technical Questions and Answers
August 17, 2015, comment letter on the Securities and Exchange Commission‟s (SEC or Commission) proposed rules Investment Company Reporting Modernization (IC proposal) and Amendments to Form ADV and Investment Advisers Act Rules (IA proposal)
To support practitioners who are issuing reports for periods ending on or after December 15, 2012, the AICPA Investment Companies Expert Panel has produced an illustrative auditor’s report on the financial statements of a nonregistered investment company. The illustrative report reflects revisions required by the ASB Clarity Project.
Industry News and Resources
The SEC Office of Compliance Inspections and Examinations announced its 2017 examination priorities for investment advisers and investment companies, broker-dealers, transfer agents, clearing agencies, private fund advisers, national securities exchanges, and municipal advisors.
On July 23, 2014, the SEC issued final rules that will require the use of a floating net asset value (NAV) for institutional prime money market funds. These rules also allow boards to impose liquidity fees and implement redemption gates for all non-government money market funds during periods of stress. Under normal circumstances, money market funds with floating NAV will continue to be designated as “cash equivalents” under these rules. For more information, please visit http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370542347679.
Additional Guidance Available
- FASB Accounting Standards Update No. 2013-08
- Illustrative Auditor’s Report on the Financial Statements of a Nonregistered Investment Company—Unmodified Opinion (revised to conform with the clarified SASs)
- “Illustrative Report of Independent Accountant on Examinations of Securities Pursuant to Rule 206(4)-2 of the Investment Advisers Act of 1940” (Revised October 26, 2017)
- Illustrative Report of Independent Registered Public Accounting Firm on Management’s Assertion Regarding Controls at a Custodian Pursuant to Rule 206(4)-2 and Release No. IA-2969 Under the Investment Advisers Act of 1940 (Revised October 10, 2017)
- Frequently Asked Questions Regarding the SEC’s Revised Custody Rule and Guidance for Accountants
- SEC Final Rule IA-2968, Custody of Funds or Securities of Clients by Investment Advisers
Members of the Expert Panel
Michael Charles Barkman, Chair, Ernst & Young LLP
Christopher Brabham, PricewaterHouseCoopers LLP
Craig S. Brown, Fidelity
James V. Carey, Grant Thornton LLP
Rajan D. Chari, Deloitte & Touche LLP
Toai P. Chin, Vanguard Group Inc.
Martin Davidson, TPG Capital LP
Nir Messafi, Broadfin Capital, LLC
Brent David Oswald, KPMG LLP
Brian Harold Oswald, Prospect Capital Corporation
Charles Pulsfort, BlackRock Inc.
Jason A. Sibley, RSM US LLP
Robert J. Sidoti, Guggenheim Partners
Dale K. Thompson, BDO USA, LLP
Learn more about the Expert Panel members via their biographies.
Expert Panel Recommended Guidance
- AICPA Audit Risk Alert Investment Companies Industry Developments: “SEC Staff Comments and Observations” from 2008/2009 through 2013/2014
- AICPA Audit and Accounting Guide Investment Companies
- Other Publications
CPE and Conferences