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AICPA

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.

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CAQ

10 March 2015

Intersecting roles: Fostering effective working relationships among external audit, internal audit, and the audit committee
Stronger communications and cooperation among three key players in the financial statement auditing process could help avoid potential tensions and pay big dividends in improved risk management. This report highlights examples of such strong communications and cooperation from organizations across the country, with a focus on building a clearer understanding of what external auditors require to be able to use the work of internal audit, and when it is not appropriate to use that work. The report is based on a series of three roundtable discussions in the Fall of 2014, sponsored by the CAQ and The Institute of Internal Auditors' Audit Executive Center, which drew representatives from each stakeholder group.

26 January 2015

Center for Audit Quality - 2014 Year in Review
The Year in Review covers the CAQ’s key activities and accomplishments in support of public company audit quality. Among other topics, the report highlights the CAQ's work of engaging with policymakers, its release of member alerts and new guides to help public company auditors, its collaboration to produce information and tools aimed at improving the operation of the financial reporting supply chain, and its new research, including a comprehensive report on financial restatements, and helped to foster new academic studies on a range of topics related to audit quality.

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EITF

20 March 2015

EITF Update - March 2015
The EITF reached final consensuses on effects on historical earnings per unit of master limited partnership dropdown transactions and disclosures for investments in certain entities that calculate net asset value per share (or its equivalent). The EITF also reached consensuses-for-exposure on the application of the normal purchases and normal sales scope exception to certain electricity contracts within nodal energy markets, recognition of breakage for prepaid stored-value cards and employee benefit plan simplifications.

5 March 2015

Issue 15-A: Application of the normal purchases and normal sales scope exception to certain electricity contracts within nodal energy markets
This issue discusses whether certain contracts for the physical delivery of electricity on a forward basis within a nodal energy market should meet the physical delivery criterion of the normal purchases and normal sales (NPNS) scope exception to derivative accounting in Topic 815, Derivatives and Hedging.

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FASB

24 March 2015

In Focus: 2015 GAAP financial reporting taxonomy changes and beyond, taxonomy implementation guides, and SEC update
The FASB announced an upcoming webcast that discusses the 2015 GAAP Financial Reporting Taxonomy Release and proposed changes to the 2015 GAAP Financial Reporting Taxonomy for Accounting Standards Updates recently issued. There also will be coverage of the FASB’s growing series of Taxonomy Implementation Guides. In addition, SEC staff will discuss current XBRL issues in XBRL exhibits. It will take place on Thursday, 2 April 2015, from 1 to 2:15 p.m. EDT.

18 March 2015

18 March 2015 FASB meeting
The Board discussed a concept for determining initial carrying amounts of assets and liabilities. No decisions were reached. The Board also discussed the revenue recognition ressearch project and agenda prioritization.

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GASB

23 February 2015

GASB Outlook - February 2015
February 2015 electronic newsletter discussing key GASB projects and activities.

11 November 2014

GASB Outlook - November 2014
November 2014 electronic newsletter discussing key GASB projects and activities.

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PCAOB

31 March 2015

PCAOB approves reorganization of auditing standards
The PCAOB approved the reorganization of its auditing standards to help users navigate the standards more easily. The Board adopted amendments to its rules and standards to implement a topical system that integrates the existing interim and PCAOB-issued auditing standards. The standards will be organized by topics that generally follow the flow of the audit process, making their use easier and more efficient for auditors.

26 March 2015

2015 forums on auditing in the small business environment
The PCAOB announced the dates for six 2015 Forums on Auditing in the Small Business Environment and the agenda for this year's first forum. The 2015 schedule includes six forums: (1) Houston, Texas, 23 April, (2) Seattle, Wash., 21 May, (3) New York, NY, 16 July, (4) Pittsburgh, Pa., 6 October, (5) West Palm Beach, Fla., 29 October, and (6) Las Vegas, Nev., 2 December.

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SEC

25 March 2015

SEC adopts rules to facilitate smaller companies’ access to capital
The SEC adopted final rules to facilitate smaller companies’ access to capital. The new rules provide investors with more investment choices. The new rules update and expand Regulation A. The rules are mandated by Title IV of the Jumpstart Our Business Startups Act. The updated exemption will enable smaller companies to offer and sell up to $50 million of securities in a 12-month period, subject to eligibility, disclosure and reporting requirements.

19 March 2015

Speech by SEC chair Mary Jo White at the Tulane University Law School 27th Annual Corporate Law Institute
SEC chair Mary Jo White gave a speech at the Tulane University Law School 27th Annual Corporate Law Institute sharing a few observations on three specific areas: the current state of shareholder activism; the shareholder proposal process; and fee-shifting bylaws.

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