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AICPA

Summary
The American Institute of Certified Public Accountants (AICPA) sets ethical standards for the accounting profession and US auditing standards for audits of private companies, non-profit organizations and federal, state and local governments.

Proposed rules
EY Comment letters

Proposed rules

16 June 2014

Breach of an independence interpretation
The AICPA’s Professional Ethics Executive Committee (PEEC) is restructuring the Institute’s ethics standards to improve the AICPA Code of Professional Conduct (Code) so that members and others can apply the rules and reach correct conclusions more easily and intuitively. The PEEC is exposing for comment proposed standards revisions which provide guidance to members in public practice concerning a breach of an independence interpretation. Comments are due 16 September 2014.

13 February 2014

Amendment to Statement on Auditing Standards No. 122, Statements on Auditing Standards: Clarification and Recodification, section 920, Letters for Underwriters and Certain Other Requesting Parties, as amended
This exposure draft amends AU-C Section 920, Letters for Underwriters and Certain Other Requesting Parties, to further clarify the standard, help auditors in implementation, and avoid unintended changes to previous practice. Comments are due 15 April 2014.

26 November 2013

Framework for performing and reporting on compilation and review engagements
This exposure draft would supersede paragraphs .01 - 04 and .09 - .51 of AR section 60, Framework for Performing and Reporting on Compilation and Review Engagements. Comments are due by 2 May 2014.

26 November 2013

Omnibus proposal - Proposed revised and new interpretations
The Professional Ethics Executive Committee is exposing for comment revised Interpretation No. 102-2, "Conflicts of interest for members in public practice," and new Interpretation No. 102-7, "Conflicts of interest for members in business," under Rule 102, Integrity and Objectivity which provide guidance to members in public practice and business concerning conflicts of interest. Comments are due by 27 January 2014.

10 September 2013

Proposed definition of those charged with governance
The Professional Ethics Executive Committee (PEEC) of the AICPA has issued an exposure draft of a new definition of the term “those charged with governance” under the AICPA Code of Professional Conduct (Code). Comments are due by Sunday, November 10, 2013.

30 July 2013

Trust services principles and criteria
The proposal, The trust services principles and criteria for security, availability, processing integrity, confidentiality, and privacy, is intended to increase the clarity of the criteria, eliminate redundancy amongst the criteria and update the criteria based on the changing technology and business environment. The comment deadline for this exposure draft is 30 September 2013.

24 July 2013

Attestation standards: Clarification and recodification
This proposed Statement on Standards for Attestation (SSAE) would supersede AT sections 20, Defining Professional Requirements in Statements on Standards for Attestation Engagements; 50, SSAE Hierarchy; 101, Attest Engagements; and 201, Agreed-Upon Procedures Engagements (AICPA, Professional Standards). It represents the redrafting of those AT sections to apply the Auditing Standards Board’s (ASB’s) clarity drafting conventions. To assist respondents in identifying changes and in responding to this request to comment on the proposed SSAE, the Audit and Attest Standards staff has prepared a matrix document, which identifies the disposition of the requirements in extant AT sections 20, 50, 101, and 201 within the proposed SSAE. The ASB is seeking comments specifically on changes resulting from applying the clarity drafting conventions and their effect on the content of the proposed SSAE. Comments are due by 24 October 2013.

19 November 2012

Review of Financial Statements
As part of its Clarity Project, the Accounting and Review Services Committee (ARSC) has separated the review standards into two separate proposed standards. The proposed SSARS Review of Financial Statements addresses those areas that are applicable to a basic review engagement, and the proposed SSARS Review of Financial Statements -- Special Considerations addresses those areas that are less frequently encountered. The proposed SSARSs would supersede paragraphs 1.07-.08 and 3.01-.73 of SSARS No. 19, Compilation and Review Engagements. The comment period for the exposure draft of the proposed SSARSs ends on April 26.

8 November 2012

Financial Reporting Framework for Small-and Medium-Sized Entities
The Framework is an other comprehensive basis of accounting (also known as a special purpose framework) that, when finalized, will offer small- and medium-sized entities a reliable, relevant, and simplified financial reporting solution that addresses marketplace demands. Comments are due by January 30, 2013.

8 November 2012

Working Draft of Chapter 2 of Accounting and Valuation Guide Testing Goodwill for Impairment
The working draft of chapter 2 of the of Accounting and Valuation Guide, Testing Goodwill for Impairment,has been released. The comment deadline for this working draft is 31 December 2012.

31 August 2012

AICPA issues Omnibus statement on auditing standards - 2012
This proposed SAS would amend SAS No. 122, Clarification and Recodification, section 600, “Special Considerations -- Audits of Group Financial Statements (Including the Work of Component Auditors)” (AU-C section 600), and section 800, “Special Considerations -- Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks (AU-C section 800).” The proposed amendments are considered necessary to address issues that have arisen subsequent to the issuance of SAS No. 122, and would be effective for audits of financial statements for periods on or after 15 December 2012.

18 November 2011

Working draft of AICPA guide assets acquired to be used in research and development activities
The AICPA has proposed updates to its in-process research and development (IPR&D) practice aid to reflect significant changes to US GAAP that have affected the accounting for the acquisition of assets to be used in research and development activities. While not authoritative, the aid provides best practices for preparers, auditors, valuation specialists and others to consider when accounting and valuing acquired IPR&D assets.

11 November 2011

Going concern
The AICPA has issued a proposed Statement on Auditing Standards (SAS), The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern (Redrafted). This proposed SAS would supersede SAS No. 59, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern,as amended, and represents the redrafting of SAS No. 59 to apply the Auditing Standards Board’s clarity drafting conventions. Comments are due 31 January 2012.

4 November 2011

Working draft - AICPA accounting and valuation guide, testing goodwill for impairment
This guide, which was developed by the AICPA Impairment Task Force, provides nonauthoritative guidance and illustrations for valuation specialists, preparers of financial statements, and independent auditors regarding goodwill impairment testing.

26 August 2011

Working draft of chapter 10 of the Audit and Accounting Guide, Life and Health Insurance Entities - 2011
The AICPA has issued a working draft of its Audit and Accounting Guide, Life and Health Insurance Entities, Chapter 10 “Commissions, General Expenses, and Deferred Acquisition Costs”. Chapter 10 has been updated as of 26 August 2011, and is marked to show changes from the May 1, 2011, edition. Comments are to be received no later than 14 October 2011.

7 July 2011

Working draft of AICPA Audit and Accounting Guide for property and liability insurance entities
The AICPA has issued a working draft of the accounting content of a proposed "AICPA Audit and Accounting Guide: Property and Liability Insurance Entities." Comments on the working draft are due by 26 August 2011.

14 April 2011

Working draft of revised AICPA "cheap stock" practice aid – 2011
The AICPA has issued a working draft of the revised AICPA Practice Aid, Valuation of Privately Held Company Equity Securities Issued as Compensation, also known as the “cheap stock” practice aid. This is an update of the practice aid, which was originally issued in 2004.

12 April 2011

Working draft of AICPA Audit and Accounting Guide for employee benefit plans - 2011
The AICPA has issued a working draft of its Audit and Accounting Guide, Employee Benefit Plans(the Guide). The Guide has been updated as of 15 December 2010, and references authoritative accounting guidance issued through 28 September 2010.

6 April 2011

Working draft of Audit and Accounting Guide for health care entities – 2011
The AICPA has issued a working draft of the proposed Audit and Accounting Guide for Health Care Entities, developed by the AICPA Health Care Expert Panel and the Health Care Audit and Accounting Guide Overhaul Task Force. This working draft is the first comprehensive revision of the guide since 1996.

7 March 2011

Omnibus statement on auditing standards - 2011
The ASB has issued a Proposed Statement on Auditing Standards, Omnibus Statement on Auditing Standards - 2011. The purpose of the proposal is to amend several standards as a result of the Clarity Project. The comment period on this proposal ends 15 May 2011.

21 December 2010

Alert as to the intended use of the auditor's written communication
This proposal addresses the auditor’s responsibility to include an alert as to the intended use of the auditor’s report.

9 November 2010

Financial statements prepared in accordance with a financial reporting framework generally accepted in another country
This proposal addresses the auditor’s responsibility to include, when it is necessary to do so, an alert as to the intended use of the auditor’s report or other written communication issued in connection with an engagement conducted in accordance with generally accepted auditing standards.

23 July 2010

Letters for underwriters and certain other requesting parties (Redrafted)
This proposal addresses the auditor’s responsibilities for performing and reporting on the results of engagements undertaken when the auditor has agreed to issue comfort letters.

8 July 2010

Interim financial information (Redrafted)
This proposal addresses issues related to reporting interim financial information.

30 September 2009

Reporting on compliance with aspects of contractual agreements or regulatory requirements in connection with audited financial statements (Redrafted)
This proposal addresses the auditor’s responsibility and the form and content of the report when the auditor is requested to provide assurance on the entity’s compliance with aspects of contractual agreements or regulatory requirements in connection with the audit of financial statements.

EY Comment letters

23 June 2014

Comment Letter - AICPA’s proposed statement on standards for attestation engagements
In our comment letter on the Proposed Statement on Standards for Attestation Engagements, Subject-Matter Specific Attestation Standards: Clarification and Recodification, we supported clarifying the standards in accordance with the clarity drafting conventions used in the proposed general attestation standard.

29 November 2013

Comment Letter - Statement on standards for attestation engagements
In our comment letter, we supported the AICPA’s objective of addressing concerns about the clarity, length and complexity of the attestation standards. Additionally, we commented on several ways to increase consistency between examinations and audit engagements.

1 June 2011

Comment Letter - Financial statements prepared in accordance with a financial reporting framework generally accepted in another country
Our comment letter supports the issuance of the proposed revised SAS, and we agree with the ASB’s decisions to change the guidance from the previous exposure draft.

26 May 2011

Comment Letter - Omnibus Statement on Auditing Standards - 2011
Our comment letter provides our views on the proposed Omnibus SAS. We generally support the proposal.

21 April 2011

Comment Letter - Alert as to the intended use of the auditor's written communication
Our comment letter supports the issuance of this proposed SAS and we continue to support the redrafting of the SASs to apply the ASB’s clarity drafting conventions and to converge with International Standards on Auditing (ISAs).

3 January 2011

Comment Letter - Letters for underwriters and certain other requesting parties (Redrafted)
Our comment letter supports the issuance of the proposed SAS and the redrafting of the proposed SAS to apply the ASB’s clarity drafting conventions.

15 November 2010

Comment Letter - Interim financial information (Redrafted)
Our comment letter supports the issuance of the proposed SAS and the redrafting of the proposed SAS to apply the ASB’s clarity drafting conventions.

10 March 2010

Comment Letter - Reporting on compliance with aspects of contractual agreements or regulatory requirements in connection with audited financial statements (Redrafted)
Our comment letter supports the issuance of the proposed SAS and continue to support the redrafting of the SASs to apply the ASB’s clarity drafting conventions and to converge with International Standards on Auditing (ISAs).