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AICPA

AICPA Releases Cybersecurity Risk Management Reporting Fact Sheet for CPAs Without a Key Recommendation

The American Institute of CPAs (AICPA), has released a risk management reporting framework that is intended to “establish a common, underlying language for Cybersecurity risk management reporting—almost akin to US GAAP or...more

Data Privacy + Cybersecurity Insider - June 2017

by Robinson & Cole LLP on

The American Institute of CPAs (AICPA), has released a risk management reporting framework intended to "establish a common, underlying language for Cybersecurity risk management reporting — almost akin to US GAAP or IFRS...more

ERISA Advisory Council Issues 2016 Report on Benefit Plan Cybersecurity

by McGuireWoods LLP on

“Cyber threats cannot be eliminated but they can be managed. Cyber experts say that it is not a question of if you will have a cyber-attack, rather it is a question of when. The next question is what you are going to do about...more

Regulators Discuss Accounting and Auditing Developments at 2016 AICPA Conference

by WilmerHale on

This year’s American Institute of Certified Public Accountants Conference on SEC and PCAOB Developments, held on December 5-7, echoed several themes from prior AICPA conferences regarding regulatory priorities of interest to...more

Blog: SEC Chief Accountant and staff speak at AICPA National Conference

by Cooley LLP on

Earlier this month, at the 2016 AICPA conference on current developments, the SEC’s Chief Accountant and several staff members of his office shared their insights on a variety of key accounting topics, among them the...more

Accountants M&A Alert: New AICPA Guidance on Transfer of Client Files

by Wilson Elser on

If you are selling or acquiring an accounting practice, you need to read the AICPA’s new guidance “Transfer of Files and Return of Client Records in Sale, Transfer, Discontinuance or Acquisition of a Practice,” which...more

Five on Friday – Five Recent Developments that We’ve Been Watching Closely: July 2016 #2

It’s Friday and time for another overview of developments in the field of business and human rights that we’ve been monitoring. This week’s post includes: the release of the third, and likely final, draft of the World...more

Three Tips to Verify the Security of Your E-Discovery Software

by Zapproved LLC on

SOC 2® Type 2 Certification and Zapproved–Building Trust and Confidence that Your Data is Secure - Today in e-discovery, it should be no surprise that cyber security is a rising concern among corporate leaders and that...more

Blog: Taking On “Management Review Controls”

by Cooley LLP on

In a speech at the end of 2015 to the AICPA National Conference on Current SEC and PCAOB Developments, SEC Chair Mary Jo White emphasized that “it is hard to think of an area more important than ICFR [internal control over...more

Blog: Is It Just A Brush-Back Pitch Or Will The SEC Take Steps To Rein In The Use Of Non-GAAP Financial Measures?

by Cooley LLP on

Reporting on an industry conference sponsored by the U.S. Chamber of Commerce, the WSJ advises that SEC Chair Mary Jo White is considering whether to restrict the use of non-GAAP financial measures. In a speech to the...more

The SEC is focusing its enforcement and investigation efforts on preparers and auditors of financial statements, Mary Jo White...

In a recent address, SEC Chair Mary Jo White stated that the SEC had focused its reinvigorated investigation and enforcement efforts on holding preparers and auditors accountable for their work on financial statements. She...more

SEC Wants to Know Where You Are at on Revenue Recognition

Members of the SEC and staff gave various presentations at the 2015 AICPA Conference on Current SEC and PCAOB Developments. Much of it contains practical guidance. Speaking to the new accounting standard on revenue...more

Blog: SEC Chair And Staff Presentations At AICPA National Conference

by Cooley LLP on

SEC Chair Mary Jo White and a cast of thousands from the SEC’s Office of the Chief Accountant delivered remarks Wednesday before the 2015 AICPA National Conference on Current SEC and PCAOB Developments. ...more

A Small Point for Your Proxy Statement – This Year or Next

Part of the required audit committee report, set forth in Item 407(d)(3)(i)(B), has a tortured history. As currently written, it requires the audit committee to state whether “The audit committee has discussed with the...more

Following the Wisdom of the Crowd? A Look at the SEC’s Final Crowdfunding Rules

by Morrison & Foerster LLP on

In this alert, we provide a detailed overview of the final rules, Regulation Crowdfunding, which will be applicable to crowdfunding offerings conducted in reliance on Section 4(a)(6) of the Securities Act of 1933 as amended...more

Senate Legislation Seeks To Protect Taxpayer Data In Response To IRS Data Breach

by King & Spalding on

On September 11, 2015, Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) introduced a bill aimed at combating identity theft and tax rebate fraud. The legislation comes as the Internal...more

The Advantages of Independent State Tax Tribunals

The following is an edited transcript of a discussion at a May 8 meeting of the American Bar Association Section of Taxation’s State and Local Taxes Committee in Washington. Bruce Ely, a partner at Bradley Arant Boult...more

PCAOB Issues Quarterly Standard-Setting Agenda, Adopts Auditing Standard Reorganization

by WilmerHale on

The Public Company Accounting Oversight Board issued its quarterly standard-setting agenda on March 31. The current agenda items, some of which have been pending for some time....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

by Cooley LLP on

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

by BakerHostetler on

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

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

by Morgan Lewis on

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

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

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Cybersecurity

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