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AICPA

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 Extant AT section 501 is expected to be withdrawn when the proposed SAS is issued as a final standard.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

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CAQ

19 November 2014

CAQ Alert 2014-11, SEC/PCAOB independence rules for non-issuer audit and attestation engagements
This alert, issued jointly by the CAQ and the AICPA, is intended to provide audit firms with an overview of the independence rules of the SEC and PCAOB applicable with respect to financial statement audit and attestation engagements undertaken for non-issuer broker-dealers that are registered with the SEC as a broker or dealer; and where the engagement(s) is subject to the requirements of SEC Rule 206(4)-2 , SEC-registered and state-registered investment advisers, related party custodians, or private funds.

17 November 2014

The fraud resistant organization
This report provides valuable information about the conditions that might make an organization more susceptible to fraud - and how to mitigate those conditions. The report marks the latest effort from the Anti-Fraud Collaboration, an initiative whose members include the CAQ, FEI, The Institute of Internal Auditors, and the National Association of Corporate Director.

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EITF

18 November 2014

September 2014 EITF meeting minutes
At this meeting, the EITF reached final consensuses on: pushdown accounting and determining whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity. The EITF also reached consensuses-for-exposure on: effects on historical earnings per unit of master limited partnership dropdown transactions and fair value hierarchy levels for certain investments measured at net asset value.

19 September 2014

EITF Update - September 2014
The EITF reached final consensuses on pushdown accounting and determining whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity. The EITF also reached consensuses-for-exposure on effects on historical earnings per unit of master limited partnership dropdown transactions and fair value hierarchy levels for certain investments measured at net asset value.

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FASB

26 November 2014

Comment Letter - Technical corrections and improvements
In our comment letter on the Proposed Accounting Standards Update, Technical Corrections and Improvements, we agree that for the most part, the proposed changes would clarify the Codification, correct unintended application of guidance or make minor improvements to the Codification that would not be expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. However, we express concern about certain of the proposed amendments.

24 November 2014

24 November 2014 FASB meeting
The Board discussed factors to help the Board establish standards for aggregating individual assets, liabilities, equity, revenues, expenses, gains, and losses into line items in the financial statements. The Board decided that the factors recommended by the staff were appropriate but pointed out that not all of the factors can be applied in each set of financial statements because that would require more line items than can reasonably be presented.

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GASB

11 November 2014

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

11 November 2014

Preliminary Views: Financial reporting for fiduciary responsibilities
The Preliminary Views presents the Board’s current thinking on fundamental issues associated with the reporting of activities in which a government has a fiduciary responsibility. In this context, fiduciary responsibility generally relates to a government controlling assets belonging to others in a trustee or custodial capacity. Comments are due by 6 March 2015.

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PCAOB

25 November 2014

PCAOB approves 2015 budget and 2014-2018 strategic plan
The PCAOB approved its 2015 fiscal-year budget of approximately $250.9 million and its 2014-2018 strategic plan. The budget is $7.5 million, or 3 percent, less than the Board's 2014 budget of $258.4 million. The strategic plan serves as the foundation for the 2015 budget, and guides the PCAOB's programs and operations.

24 November 2014

Steven Harris , PCAOB board member, speech at the PLI 12th annual directors' institute on corporate governance
PCAOB Board member, Steven Harris, delivered a speech on 24 Novemebr at the PLI 12th annual directors' institute on corporate governance entitled, "The Rise of Advisory Services in Audit Firms."

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SEC

19 November 2014

SEC announces next meeting of the Advisory Committee on Small and Emerging Companies
The SEC announced that its Advisory Committee on Small and Emerging Companies will hold its next meeting on Wednesday, 17 December beginning at 9:30 a.m. ET. The committee will focus on the interests and priorities of emerging and smaller public companies.

20 October 2014

SEC staff updates Financial Reporting Manual
The SEC staff in the Division of Corporation Finance updated the Financial Reporting Manual (FRM) to clarify its guidance in a number of areas. Sections of the FRM have been updated as of 20 October 20 2014.

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