AICPA

News & Analysis as of

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

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

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

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

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

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

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

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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