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AICPA

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.

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.

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CAQ

21 March 2014

CAQ Alert 2014-3, Cybersecurity and the external audit
In response to increasing concerns in the business, investment, and regulatory communities around cybersecurity risk management, the CAQ issued to its nearly 600 public company auditing firm members an alert which summarizes the responsibilities of the independent external auditor with respect to cybersecurity matters.

29 January 2014

Center for Audit Quality - 2013 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 to help public company auditors improve their effectiveness, its support for independent research, its collaborative efforts around fighting financial reporting fraud and working with audit committees, and its engagement with regulators on many key issues including the auditor’s report, audit quality indicators, and the going concern model.

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COSO

17 January 2013

Comment letter - COSO’s revised internal control framework and compendium of approaches and examples
We support COSO’s efforts to update its 1992 Internal Control – Integrated Framework to reflect changes in the business and operating environment and believe the Compendium will provide users with helpful guidance. In our comment letter, we expressed our support for COSO’s efforts to update and enhance the framework to enable users to better develop, implement and monitor systems of internal control. We also expressed certain concerns and suggested modifications to the revised framework and compendium, including, among others, enhancing the guidance related to an organization’s assessment of the effectiveness of its internal controls; modifying its definitions of deficiencies and major deficiencies; providing guidance about the precision of management review controls; and providing additional guidance on the application of the Revised Framework to smaller organizations.

18 September 2012

Internal control over external financial reporting and internal control-integrated framework
COSO released for public comment its Exposure Draft on Internal Control over External Financial Reporting. COSO seeks comment on this draft, and on two related documents: (1) the revised Internal Control - Integrated Framework (pdf, 1.7mb) and (2) the proposed Illustrative Tools for Assessing Effectiveness of a System of Internal Control (pdf, 1.1mb) , by November 20.

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EITF

14 March 2014

EITF Update - March 2014
The EITF reached a final consensus on accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The EITF reached a consensus-for-exposure on the recognition of new accounting basis (pushdown) in certain circumstances. In addition, the EITF discussed measuring the financial assets and the financial liabilities of a consolidated financing entity 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, but didn’t reach final conclusion.

8 January 2014

November 2013 EITF meeting minutes
The EITF reached final consensuses on measuring the financial assets and financial liabilities of a consolidated financing entity, accounting for service concession arrangements, accounting for investments in affordable housing projects and reclassification of residential real estate collateralized consumer mortgage loans upon foreclosure. The EITF reached a consensus-for-exposure on the classification of certain government insured residential mortgage loans upon foreclosure by a creditor. The EITF also discussed but didn’t reach a final conclusion about whether, when and how public and nonpublic companies should establish a new accounting basis in an acquired entity’s standalone financial statements.

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FASB

16 April 2014

16 April 2014 FASB meeting
The Board continued redeliberating on consolidation: principal versus agent analysis and decided to divide the insurance contracts project into two components.

7 April 2014

FASB and PCC to host private company town hall meeting
The FASB and the PCC will host a private company town hall meeting on 8 May, at the University of Washington, to provide private company stakeholders with the opportunity to discuss private company accounting issues on current and future agenda topics of both the FASB and the PCC.

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GASB

3 April 2014

The GASB Report - April 2014
The April 2014 newsletter about the work of the Governmental Accounting Standards Board (GASB).

11 March 2014

GASB toolkit helps state and local governments implement new pension accounting standards
A new online pension implementation toolkit was released by the GASB. The toolkit is designed to help preparers, auditors, and users of state and local government financial reports understand and apply the revised pension accounting and financial reporting standards that the GASB approved in June 2012. The toolkit is available at no cost at the GASB website.

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PCAOB

2 April 2014

Statements from the public meeting on the auditor's reporting model
The PCAOB posted to its website written statements from panelists who addressed the Board’s Public Meeting on the Auditor's Reporting Model.

31 March 2014

Jay D. Hanson, PCAOB board member, remarks at the 2014 Beta Alpha Psi midwest regional meeting
PCAOB Board Member Jay D. Hanson gave a speech entitled, A Call to Action for Future Auditors, at the 2014 Beta Alpha Psi midwest regional meeting to a group of young people preparing to enter the accounting profession.

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SEC

17 April 2014

Recordkeeping and reporting requirements for security-based swap dealers, major security-based swap participants, and broker-dealers; capital rule for certain security-based swap dealers
The SEC proposed new rules for security-based swap dealers and major security-based swap market participants. The proposed rules cover recordkeeping, reporting, and notification requirements for security-based swap dealers and major security-based swap participants and would establish additional recordkeeping requirements for broker-dealers to account for their security-based swap activities. The rulemaking is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which authorizes the SEC and other regulators to put in place a comprehensive framework to regulate the over-the-counter swaps and security-based swaps markets.

3 April 2014

SEC in Focus - April 2014
Our SEC in Focus provides an update on activities and events relating to SEC matters that occurred during the first quarter of 2014.

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