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The AlCPA's Revised Statements on Standards for Tax Services: An Exposure Draft and Invitation to Comment, released in August 2022, addressed potential approaches to effectively introduce quality management. The invitation [...]

The regulatory weaknesses that led to fraud events in the early 2000s at Enron, Halliburton, and WorldCom have in some cases been remedied. But with a new era come new [...]

March 1, 2024 RELATED February 6, 2024 AICPA member insurer clarifies coverage for BOI work by accountants February 1, 2024 Tax ethics and use of generative AI systems January 1, [...]

February 1, 2024 New Year's Day, 2024, was a momentous date for tax educators, when the revised AICPA Statements on Standards for Tax Services (SSTSs) and new CPA Exam content [...]

The AICPA's Statements on Standards for Tax Services (SSTSs) are enforceable standards that apply to all AICPA members providing tax services. Certain states also incorporate the SSTSs as part of [...]

Academic integrity is the cornerstone on which a college's or university's reputation and the value of its degrees rest. With coordination and effort, faculty and the schools at which they [...]

Before accepting an engagement, an AICPA member needs to do more than evaluate threats to independence that may exist as a result of financial interests in or relationships with the [...]

Standards are the foundation of a profession. The AICPA has established general standards for all CPAs in the AICPA Code of Professional Conduct (the Code). The Code applies to all [...]

Globalization isn't a fad. Accounting firms are increasingly serving clients that are transitioning operations to foreign markets. As a result, firms of all sizes are increasingly providing assurance services and, [...]

Client requests for confidentiality agreements or nondisclosure agreements (NDAs) are becoming common in the accounting profession. CPAs receive NDA requests in connection with both exploratory discussions about future business relationships [...]

Independence is a critical concern for CPAs and is the very foundation of attest services. Independence is a state of mind that permits CPAs to perform without being affected by [...]

As part of its overall strategy to strengthen audit quality, in 2014 the AICPA issued the discussion paper Enhancing Audit Quality: Plans and Perspectives for the U.S. CPA Profession, which [...]

A newly proposed CPA licensure model developed by the National Association of State Boards of Accountancy (NASBA) and the AICPA is designed to help newly licensed CPAs learn the skills [...]

Accountants in public practice who prepare financial statements for clients will find significant changes in new standards for accounting and review services that were issued in October. Statement on Standards [...]

Enhancing Audit Quality Plans and Perspectives for the U.S. CPA Profession A discussion paper seeking input from all stakeholders in the audit process of private entities. Executive Summary CPAs take [...]

THE ET1IICAL STANDARDS TO BE FOLLOWED by CPAs in tax practice require them to know about applicable rules of the AICPA and the IRS and other statutory and regulatory rules [...]

Imagine you are the director of finance for a manufacturing company based in New York. Your company's major customer stops by one morning and drops off two tickets to Friday [...]

Catchpoint reported the availability of its Service Organization Control (SOC) 2, Type II report. According to a media release, compiled by Trustnet, the report documents how Catchpoint's information security practices, [...]

Whether small or large, accounting firms should strive to see beyond the simple compliance achieved through effective quality control (QC). AICPA Statement on Quality Control Standards (SQCS) 7 (recently clarified [...]

The AICPA's Auditing Standards Board recently issued Statements on Auditing Standards (SAS) 118-120 to provide auditors with guidance related to additional information that is included in a document containing audited [...]

The American Institute of Certified Public Accountants (AICPA) has revised its standards for compilation and review services. The 'Statement on Standards for Accounting and Review Services, Compilation and Review Engagements (SSARS 19) would require those in the real estate industry to give additional evidence and documentation to CPAs. Details of SSARS 19 are also discussed.

I. Introduction A. General Overview As we know, certain unincorporated organizations, including certain partnerships and LLCs, are treated as entities ("tax partnerships") for tax return reporting purposes, but the tax [...]

2. Potential Fiduciary Duty of the Pass through Entity Itself to the Member Regarding Tax Return Preparation Does ABC itself owe a fiduciary duty to A with respect to the [...]

Beginning with the 1986 merger of KMG Main Hurdman with Peat Marwick and ending with the collapse of Arthur Andersen in 2002, the former Big Eight have become the Big [...]

Valuation standards have been around for decades. IRS Revenue Ruling 59-60, issued in 1959, is considered the seminal work on the valuation of ownership interests in closely held businesses. Despite [...]

Abstract The American Institute of CPAs issued 10 new standards for external auditors. The standards address both documentation requirements for the audit and terminology used in professional mandates. Eight of [...]

After nearly five years of arduous work, the AICPA has issued its much anticipated business valuation standard--Statement on Standards for Valuation Services No. 1 (SSVS 1). Because of the AICPA's [...]

The AICPA's 2002 release of Statement on Auditing Standards (SAS) 99, Consideration of Fraud in a Financial Statement Audit, has led auditors to adopt new, innovative approaches to analyzing accounting [...]

Statement on Auditing Standard No. 70 (SAS 70) is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA) in 1992. This article offers an [...]

In a February 7, 2005, SEC staff letter to the AICPA's Center for Public Company Audit Firms (CPCAF), then-SEC Chief Accountant Donald Nicolaisen provided clarity on the application of three [...]

The decision of an auditor to issue a going-concern opinion follows standards set by the American Institute of Certified Public Accountants (AICPA). Since this standard has not changed since 1988, [...]

A study analyzing why any proposal to expand professional jurisdictional boundaries, as attempted recently by the American Institute of Certified Public Accountants, is bound to fail. The said institute tried to establish a global consulting credential recently, covering professions like information technology, accountancy, and business law. Such proposal for organizational change was highly debated.

Heightened concerns about fraud require that financial executives proactively identify risks of material misstatement due to fraud. Even without the materiality threshold, most enterprises aggressively seek to minimize the occurrence [...]

The Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) issued Statement of Auditing Standards (SAS) No. 100, Interim Financial Reporting (SAS-100), which supersedes SAS No. [...]

INTRODUCTION New certification requirements arrived at the corporate suite in the summer of 2002 in the form of a one-time SEC Order and the watershed Sarbanes-Oxley Act (SOA). CEOs and [...]

Revisions to Bylaws and Council Resolutions At its spring 2003 meeting, the Council of the American Institute of Certified Public Accountants authorized a member referendum with respect to changes to [...]

Recently, the Accounting Standards Executive Committee (AcSEC) of the American Institute of Certified Public Accountants (AICPA) issued an exposure draft of a proposed Statement of Position (SOP), 'Allowance for Credit [...]

This study is a post-SAS No. 82 replication of Zimbelman (1997) (hereafter Z97), which examined the effect of a separate and explicit fraud-risk assessment as later required by SAS No. 82. Z97 found weak evidence that this requirement would impact auditors' planning judgments. However, because Z97 was conducted before SAS No. 82 was issued, that study was unable to capture the full effect of SAS No. 82 on the audit environment (e.g., related guidance and training, audit policy, and implementation experience). In this study, we compare pre- and post-SAS No. 82 planning judgments and find that post-SAS No. 82 judgments are more sensitive to fraud risk factors. Specifically, we find that post-SAS No. 82 participants are more aware of the need to modify audit plans and are more likely to increase the extent of their audit tests in response to increased fraud risk when compared with the pre-SAS No. 82 participants in Z97. However, we do not find evidence that auditors modify the nature of their planned tests in response to fraud risk either before or after SAS No. 82. Keywords: audit planning; fraud detection; risk assessment. Data Availability: Contact the authors., INTRODUCTION Prior to issuing SAS No. 82, the AICPA noted that some auditors failed to take responsibility to detect financial statement fraud (hereafter fraud). (l) A primary objective of issuing [...]

Auditors have been on the defensive since Arthur Andersen LLP was shut down in the wake of the Enron scandal. But by this point, with the massive accounting fraud revealed [...]

AAA Financial Accounting Standards Committee INTRODUCTION The June 28, 2002 Financial Accounting Standards Board Exposure Draft (ED), Proposed Interpretation: Consolidation of Certain Special-Purpose Entities--an interpretation of ARB No. 51, addresses [...]