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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

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 Extant AT section 501 is expected to be withdrawn when the proposed SAS is issued as a final standard.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

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.