American Institute of Certified Public Accountants (AICPA)


The AICPA represents the CPA profession nationally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the profession’s technical and ethical standards.

Recent Developments – Past 90 days

PwC resources

Industry update – Highlights From AICPA’s Conference On Regulatory Developments
PwC Partner Beth Paul discusses internal control over financial reporting, the need for adequate talent in the accounting profession, and other themes from the 2016 AICPA National Conference on current SEC & PCAOB developments.

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Select News Releases

AICPA issues SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services - 2016
AICPA - 10/26/2016
SSARS No. 23 amends and clarifies AR-C section 60, General Principles for Engagements Performed in Accordance With Statements on Standards for Accounting and Review Services, AR-C section 70, Preparation of Financial Statements, AR-C section 80, Compilation Engagements, and AR-C section 90, Review of Financial Statements.

AICPA issues practice aid: Establishing and maintaining a system of quality control for a CPA firm’s accounting and auditing practice
AICPA - 09/07/2016
This AICPA Audit and Accounting Practice Aid updates Establishing and Maintaining a System of Quality Control for a CPA Firm’s Accounting and Auditing Practice, which was issued in 2011. It is designed to help small- and medium-sized firms better understand and apply Statement on Quality Control Standards (SQCS) No. 8, A Firm’s System of Quality Control (Redrafted) (AICPA, Professional Standards, QC sec. 10).

AICPA updates learning and implementation plan for new revenue recognition standard
AICPA - 09/07/2016
This document focuses on the guidance in ASU No. 2014-09; the AICPA Financial Reporting Brief: Roadmap to Understanding the New Revenue Recognition Standard highlights the differences between the standards issued by FASB and the IASB.

AICPA updates financial reporting brief: Roadmap to understanding the new revenue recognition standards
AICPA - 09/07/2016
The Financial Reporting Brief reorganizes the guidance contained in FASB ASC 606 (revenue recognition standard), to follow the five step revenue recognition model along with other guidance impacted by this standard. Additionally, it highlights differences between FASB ASC 606 and IFRS 15, and provides reference to applicable examples in the implementation guidance.

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Exposure Drafts

AICPA proposes new description criteria for managment's description of an entity's cybersecurity risk management program
AICPA - 09/15/2016
The AICPA is developing a new engagement that CPAs can use to assist boards of directors, senior management, and other pertinent stakeholders as they evaluate the effectiveness of an entity’s cybersecurity risk management program. This exposure draft details this engagement.

Comments are due December 5, 2016. 

AICPA proposes revision of trust services criteria for security, availability, processing integrity, confidentiality and privacy
AICPA - 09/15/2016
ASEC is reorganizing and revising the extant trust services criteria to more closely align with the 17 principles in Internal Control—Integrated Framework, in the COSO 2013 framework. This exposure draft illustrates those changes.

Comments are due December 5, 2016. 

AICPA proposes changes to Standards for Performing and Reporting on Peer Reviews
AICPA - 08/17/2016
The AICPA is seeking comment on proposed changes to the AICPA Standards for Performing and Reporting on Peer Reviews. The proposed changes (1) modify the illustrative peer review reports for System Reviews to specifically state that a single audit was selected and reviewed in the scope of a peer review, if applicable and (2) modify the firm representation letter to identify the performance of must-select engagement(s) by the firm and the selection and review of such must-select engagements in the scope of the peer review.

Comments on the expsure draft are requested by September 30.

ARSC proposes technical correction of review of financial statements
AICPA – 07/06/2016
The AICPA Accounting and Review Services Committee (ARSC) issued an exposure draft, Proposed Statement on Standards for Accounting and Review Services (SSARS), Amendment to Statement on Standards for Accounting and Review Services No. 21 Section 90, Review of Financial Statements. The proposed SSARS reflects a technical correction of AR-C section 90. AR-C section 90 includes requirements and guidance when supplementary information accompanies reviewed financial statements and the accountant’s review report thereon. ARSC determined that certain revisions were necessary to correct the requirements and guidance related to reporting on supplementary information.

Comments on the exposure draft are requested by September 2.

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PwC comment letters

PwC comments on AICPA’s proposed standard on going concern
AICPA - 09/02/2016
PwC supports the proposed standard to clarify the auditor’s responsibility when assessing going concern.

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