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Third Party Assessments

March 23, 2021

The AICPA has issued a Technical Q&A to address common questions regarding what qualifies as a third party assessment and which standards including independence should be applied by the third party. The TQA provides guidance on what qualifies at a TQA, which independence rules apply and which standards can be used by CPAs.

Call to Action: Which standards do you use when performing or requesting a third party assessment?

Link: https://www.aicpa.org/content/dam/aicpa/interestareas/frc/downloadabledocuments/tqa-sections/tqa-section-9550-01-02.pdf

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Proposed NOCLAR Ethics Interpretation

March 17, 2021

The AICPA's Professional Ethics Executive Committee (PEEC) has issued an updated proposal around reporting noncompliance with laws and regulations (NOCLAR). Originally issued in 2017, PEEC has been trying to converge with the international standards while addressing unique US issues. The proposal includes separating the requirements for those in public practice between those providing attest services and those providing services that are not attest services. It also provides other clarifications in response to the comment letters received in the first proposal. Comments are due June 30.

Call to Action: Do you agree with the proposed changes to the ethics code?

Link: https://www.aicpa.org/content/dam/aicpa/interestareas/professionalethics/community/exposuredrafts/downloadabledocuments/2021/2021-Feb-NOCLAR-ED.pdf

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Proposed NOCLAR SAS

March 5, 2021

The AICPA has issued a very narrow proposal to add a new requirement for successor auditors to discuss suspected fraud and NOCLAR with predecessor auditors if granted permission by management as part of the client acceptance process. This is the first of two blogs addressing new requirements regarding NOCLAR.

Call to Action: How would this proposal impact your client acceptance process?


Link: https://www.aicpa.org/content/dam/aicpa/research/exposuredrafts/accountingandauditing/downloadabledocuments/20210225a/20210225a-noclar-ed.pdf

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Quality Management Proposal: Part 2

February 26, 2021

This week's blog continues with the discussion of the AICPA's proposed changes to Quality Management. SQMS 2 addresses the role and responsibilities of the engagement quality reviewer. We'll look at the proposal including the proposed cooling off period and qualifications to give you an overview of the proposed standard.

Call to Action: What impact will this proposal have on your current system of quality?

Link: https://www.aicpa.org/content/dam/aicpa/research/exposuredrafts/accountingandauditing/downloadabledocuments/20210204a/20210204a-quality-mgmt-ed.pdf

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Quality Management Proposal: Part 3

February 26, 2021

The final blog in our QM series addresses the proposed audit standard. The audit standard assists the engagement team to understand their responsibilities on applying the system of quality management to an individual audit engagement. Comments are due June 11, 2021.

Call to Action: Are you planning to respond to this important proposal?

Link: https://www.aicpa.org/content/dam/aicpa/research/exposuredrafts/accountingandauditing/downloadabledocuments/20210204a/20210204a-quality-mgmt-ed.pdf

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Quality Management Proposal: Part 1

February 23, 2021

The AICPA has issued three new proposals related to quality management. The new SQM Standards will replace the extant quality control (SQCS) and provide a more scalable and risk-based QM methodology. This is the first of three blogs that will dive into the details of each proposal. This blog addresses A Firm’s System of Quality Management and the components of a system of quality management.

Call to Action: What impact will this change to adopt these quality management standards have on your firm?


Linkhttps://www.aicpa.org/content/dam/aicpa/research/exposuredrafts/accountingandauditing/downloadabledocuments/20210204a/20210204a-quality-mgmt-ed.pdf

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