AICPA issues technical auditing Q&As on 9160.31-31: Other reporting issues
AICPA recently issued new Technical Questions and Answers related to other reporting issues.
American Institute of Certified Public Accountants (AICPA)
The AICPA develops standards for audits of private companies and other services, provides educational guidance materials to members, develops the Uniform CPA Examination, and enforces compliance with the profession’s technical and ethical standards.
Website: www.aicpa.org
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.
Select news releases
AICPA issues FAQs on Financial Reporting Framework for SMEs
This page contains frequently asked questions about the FRF for SMEs accounting framework.
AICPA Professional Ethics Division updates FAQs on general ethics
The FAQs are not rules, regulations, or statements of the Professional Ethics Executive Committee and, therefore, are not authoritative guidance.
AICPA issues new technical questions and answers related to internal controls
AICPA recently issued new Technical Questions and Answers related to internal controls.
AICPA publishes cybersecurity risk management reporting framework
The AICPA has introduced a market-driven, flexible and voluntary cybersecurity risk management reporting framework to help businesses meet the growing challenge surrounding cybersecurity attacks.
AICPA updates FAQs document on nonattest services related to cybersecurity
The answers to these FAQs are based on guidance the AICPA Professional Ethics Division staff provided to members.
AICPA Comments on Enhanced Cyber Risk Management Standards Joint Advance Notice of Proposed Rule
The AICPA shared its comments on the advance notice of proposed rulemaking (ANPR) regarding enhanced cyber risk management standards for large and interconnected entities and their service providers.
AICPA Competency Framework: Assurance Services
This is designed to help CPAs understand the knowledge and skills necessary to perform high-quality audit, attestation, review, compilation and preparation engagements.
AICPA issues SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services - 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.
Exposure drafts
Proposed revision of description criteria for a description of a service organization's system in a SOC 2® report
The AICPA seeks comments on proposed revisions to AICPA Guide Reporting on an Examination of Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality, or Privacy (SOC 2®). Comments are due September 7, 2017.
AICPA proposes revisions to independence rules for state and local government entities
The PEEC seeks comments on "State and Local Government Entities" and revision to "The Plan is an Attest Client or is Sponsored by an Attest Client" interpretation. Comments are due Oct. 16, 2017.
AICPA issues exposure draft on forming an opinion and reporting on financial statements of employee benefit plans subject to ERISA
This proposed SAS is specific to audits of financial statements of employee benefit plans (EBPs) subject to the Employee Retirement Income Security Act of 1974 (ERISA) and would be codified as AU-C section 703 in AICPA Professional Standards.
Proposed Interpretations: Responding to Non-Compliance With Laws And Regulations
The Professional Ethics Division seeks comments on proposed interpretations for responding to non-compliance with laws and regulations (NOCLAR). Comments are due May 12, 2017.
Proposed revised and new interpretations applicable to members in business
The AICPA Professional Ethics Executive Committee is exposing for comment, revisions to the “Knowing Misrepresentations in the Preparation of Financial Statements or Records” interpretation (ET sec 2.130.010) under the “Integrity and Objectivity Rule” (ET sec. 2.100.001), applicable to members in business. Comments are due April 17, 2017.
AICPA proposes revised definitions of client and attest client as well as related definitions, interpretations and other guidance
The Professional Ethics Executive Committee is exposing for comment revisions to the definitions of “Client” (ET sec. 0.400.07) All ET sections can be found in AICPA, Professional Standards. and “Attest Client” (ET sec. 0.400.03), including the relocation of the government provision from the definition of “Client” to the “Simultaneous Employment or Association With an Attest Client” interpretation (ET sec. 1.275.005) under the Independence Rule (ET sec. 1.200.001). Comments are due May 15, 2017.
PwC comment letters
PwC comments on ASEC’s proposed description criteria for cybersecurity
PwC believes flexibility is necessary to increase reporting on cybersecurity and demand for attestation engagements.
PwC comments on ASEC’s proposed revision of its trust services criteria
PwC supports efforts to align ASEC’s trust services criteria with COSO and address cybersecurity risks.
PwC comments on ASB’s proposal on auditor involvement with exempt offering documents
PwC supports clarifying what is expected of auditors related to exempt offering documents.
PwC comments on AICPA's proposed standard on going concern
PwC supports the proposed standard to clarify the auditor’s responsibility when assessing going concern.
PwC comments on the AICPA's proposed amendment to AU-C 700
PwC supports requiring the PCAOB report layout and wording when referring to both PCAOB and AICPA standards.
Beth Paul
Pat Durbin
David Schmid
