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An Auditor’s Wish List

I often speak at our firm’s annual CPE event to give clients an update on changes in the accounting industry. I also use the opportunity to go over what I call my “auditor’s wish list.” This is my list of items that clients...more

AICPA Provides Guidance on Conflict Minerals Representation Letters

A standard part of every financial statement audit is providing the auditor a representation letter reaffirming certain assertions that are implicit in preparation of financial statements in accordance with GAAP. The AICPA...more

Blog: AICPA Suggests Management Representations For Auditors To Seek In Connection With Conflict Minerals Reporting

The AICPA has issued an FAQ that identifies, for auditors conducting Independent Private Sector Audits for inclusion in Conflict Mineral Reports, the types of management representations that auditors should consider seeking...more

Still Waiting For Guidance on Material Participation

In March 2014, I commented on the US Tax Court decision in the Frank Aragona Trust case. In that case, the tax court disagreed with the Internal Revenue Service’s arguments that a trust was incapable of providing “personal...more

Department Of Labor And AICPA Comment On Deficient Employee Benefit Plan Audits

At a recent American Institute of Certified Public Accountants (”AICPA”) conference, the Deputy Assistant Secretary of the Department of Labor Employee Benefits Security Administration reportedly commented that the ERISA...more

DOL’s New Audit Focus? Health Plan Claims and Appeals and Hard to Value Assets

In recent talks and appearances, representatives of the U.S. Department of Labor have issued a warning about new areas of focus of DOL audits and enforcement actions. While there are a number of different enforcement...more

Full Tank of GAAS: Changes to standards will impact smaller firms.

Do you remember memorizing the 10 Generally Accepted Auditing Standards for the CPA Exam? Well, that’s gone. Four years ago the Auditing Standards Board announced a major project to simplify and clarify GAAS and to converge...more

SAS 125 Alert: Guidance Regarding Auditor’s Written Communication

In 2011 the AICPA’s Auditing Standards Board published Statement on Auditing Standards (SAS) No. 122, Statements on Auditing Standards: Clarification and Recodification—fondly known as the Super SAS as it was a newly codified...more

New Changes to Engagement Letters Preclude Company Intervention in Portions of Audits Performed by Company Personnel

A recent auditing standard issued by the AICPA’s Auditing Standards Board may result in the inclusion of a new provision in auditors’ engagement letters related to external auditors’ use of the work of internal auditors and...more

Demystifying the SOC Reports: What are they, what do they cover, and which one(s) do you need?

If you are an IT sourcing professional or an attorney negotiating IT agreements, you have probably encountered the terms AT 101, SSAE No. 16, SOC, SOC1SM, SOC2SM and SOC3SM. These are terms that are well understood by...more

AICPA Describes Audit Procedures For Conflict Minerals Audit

The AICPA has issued additional guidance regarding the independent private-sector audit, or IPSA, which is required in some circumstances under the conflicts minerals rules. (Note that AICPA’s guidance is only applicable to...more

Comptroller Curry Makes Presentation Supporting FASB’s Proposed Change to its Asset Impairment Measurement Standard

Comptroller of the Currency Thomas J. Curry made a presentation at the American Institute of Certified Public Accountants (AICPA) Banking Conference on September 16, 2013 in which he expressed his support for the Financial...more

AICPA Addresses Independence On Conflict Minerals Audits

The AICPA has issued non-authoritative guidance which provides that auditing an SEC issuer’s financial statements and performing an independent private sector audit of a conflict minerals report would not be inconsistent with...more

JAMS Global Construction Solutions -- Spring 2013

In This Issue: An Arbitrator’s Guide to Successfully Resolving eDiscovery Disputes; Ethics in International Arbitration; The 2012 International Arbitration Survey; and Notices & Events. Excerpt from An...more

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