AccountingLink

    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 April 2015

    Affiliate proposed revised definition
    The AICPA Professional Ethics Division is exposing for comment revisions to the definition of “Affiliate” [AICPA, Professional Standards, ET sec. 0.400.02]. The proposal provides guidance on how to treat multiemployer employee benefit plans under this definition. Comments are due 18 May 2015.

    10 December 2014

    Firm mergers and acquisitions
    The proposal provides guidance to members in situations where independence with respect to an attest client may become impaired as a result of a firm merger or acquisition. Comments are due 15 May 2015.

    18 September 2014

    Reporting on an examination of controls at a service organization relevant to user entities’ internal control over financial reporting: clarification and recodification
    The ASB has issued a third exposure draft resulting from the Attest Clarity Project. Among other things the proposed SSAE revises extant AT section 801, Reporting on Controls at a Service Organization (AICPA, Professional Standards), to conform it with chapters 1-4 of an updated version of the Proposed SSAE Attestation Standards: Clarification and Recodification, and address certain issues encountered in practice. Comments are due 18 December 2014.

    10 September 2014

    An audit of internal control over financial reporting that is integrated with an audit of financial statements
    The ASB concluded that, because engagements performed under extant AT section 501, as well as related attestation interpretation No. 1, are required to be integrated with an audit of financial statements, it would be appropriate to move the content of extant AT section 501 from the attestation standards into GAAS. Extant AT section 501 is expected to be withdrawn when the proposed SAS is issued as a final standard. The ASB will consider developing an attestation standard addressing examinations of internal control other than internal control over financial reporting that is integrated with an audit of financial statements at a later date. Comments are due 10 December 2014.

    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.

    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.

    EY Comment letters

    22 January 2015

    Comment Letter - AICPA’s proposed statement on standards for attestation agreements
    In our comment letter on the Proposed Statement on Standards for Attestation Engagements, Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting: Clarification and Recodification, we supported clarifying the standards in accordance with the clarity drafting conventions used in the proposed general attestation standard.

    10 December 2014

    Comment letter - AICPA's Proposed Statement on Auditing Standard, An Audit of Internal Control Over Financial Reporting That Is Integrated With An Audit of Financial Statements
    In our comment letter, we agree with the Auditing Standards Board’s proposal to move the content of AT section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With An Audit Of Its Financial Statements, from the attestation standards into generally accepted auditing standards. Further, we support the development of an attestation standard to address examinations of internal control that aren’t integrated with audits of financial statements.

    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.