AICPA Auditing Standards Board Proposes Standard to Improve Group Audit Quality
The AICPA Auditing Standards Board is proposing a new Statement on Auditing Standards intended to enhance the quality of group audits.
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SEC Accepts 2022 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
The FASB recently announced that the SEC has accepted the 2022 GAAP Financial Reporting Taxonomy and the 2022 SEC Reporting Taxonomy. The FASB also finalized the 2022 DQC Rules Taxonomy.
View MoreAICPA Provides Guidance on Peer Reviews of Firms That Perform SEC-Registered Broker-Dealer Audits
For peer reviews commencing on or after July 1, 2021, audits and the related compliance and exemption engagements for SEC-registered broker-dealers are no longer included in the scope of peer review; however, there is still an impact on peer reviews of firms that perform these types of engagements.
View MoreUpdate of Peer Review Program Manual Expected in April
The AICPA stated that the next update of its Peer Review Program Manual is expected by late April 2022.
View MoreAICPA GAQC Releases New Provider Relief Fund Practice Aids and Single Audit Tools
The AICPA Governmental Audit Quality Center recently released several Provider Relief Fund practice aids and single audit tools for auditors and auditees new to single audits.
View MoreReport Shows Decrease in Quality of IRS Employee Benefit Plan Exams
The Treasury Inspector General for Tax Administration recently released a report stating that the IRS unit that checks employee benefit plans for compliance with IRS qualification, reporting and disclosure requirements, and with excise and income tax matters, scored 23 percent lower overall on its quality reviews in fiscal years 2018 through 2020.
View MoreAICPA Peer Review Board Approves Clarified Peer Review Standards
The AICPA Peer Review Board recently approved Clarified AICPA Standards for Performing and Reporting on Peer Reviews, effective for peer reviews beginning on or after May 1, 2022.
View MoreOMB Releases Second Addendum to 2021 Compliance Supplement
The Office of Management and Budget recently released 2021 Compliance Supplement Addendum 2, which addresses single audit requirements for seven government programs.
View MorePCAOB to Form Two New Advisory Groups
The Public Company Accounting Oversight Board recently announced the creation of two new advisory groups, the Investor Advisory Group and the Standards and Emerging Issues Advisory Group.
View MoreIRS Updates List of Automatic Accounting Method Changes
The IRS recently issued Rev. Proc. 2022-14, updating the list of accounting method changes that are available automatically.
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