News

FASB issued a new Accounting Standard Update (ASU) intended to improve transparency in reporting contributed nonfinancial assets.

CPA firm peer reviews can continue to be held remotely without prior approval of the administering entity for system reviews commencing before June 30, 2021, as a result of a vote Thursday by the AICPA Peer Review Board (PRB) that extended the off-site waiver.

During the pandemic, challenges never before faced by auditors in performing audits are emerging. In response, auditors need to be more agile and creative in performing audits and complying with the auditing standards. The key is remembering that, while the auditing standards outline the performance requirements for obtaining reasonable assurance the financial statements are free from material misstatement, the auditing standards do not set specific requirements on how auditors might obtain that assurance. Now, more than ever, auditors might rely on technology in performing audit procedures.

The Auditing Standards Board (ASB) has issued auditing interpretation No. 5, “Communicating Critical Audit Matters When Reporting on Audits Conducted in Accordance With Auditing Standards Generally Accepted in the United States of America and the Standards of the PCAOB," to AU-C section 700A (AICPA, Professional Standards).

System and Organization Controls (SOC) examinations performed by CPAs can give companies assurance that outsource providers possess appropriate controls. And in an environment with increased outsourcing and rapidly changing risks, the growing need for these reports presents a business opportunity that CPA firms may wish to consider.

The FAF issued its 2018 Annual Report, “Standards That Work: Rising to Meet the Future.” It provides a glimpse of how the FASB and the GASB develop standards that work today and for the future—and how the FAF supports that process. For the FASB and the GASB, it includes robust research, implementation support, and an eye toward technical innovation. For the FAF, it includes appointing the right people to the Boards and implementing the right systems to support successful standard setting.

As you know, the idea that a partnership/multi-member LLC is not a taxpayer for federal income tax purposes changes radically as a result of provisions in the Bipartisan Budget Act of 2015, commonly known as the Federal Partnership Audit Rules.

What happens when a small business fails to comply with important regulations? In the classic movie It’s a Wonderful Life, a local building and loan association is in danger of failing its bank audit because of a major—but innocent—mistake by one of its officers. Are your clients in the same kind of danger as Bailey Building & Loan?

With this short video, you will learn how the AICPA is transforming data into tools they can use to improve their audits.

Accountants and business owners should watch for these common fraud red flags.