2 26 th Annual Accounting Show September 21-23, 2011 Ft. Lauderdale 12:45-1:35pm Engagement Letters and Comfort Letters... 1 Steven M. Platau, JD, CPA Professor of Accounting / University of Tampa 1:35-2:25pm 2:40-3:30pm Peer Review Update How to Prepare...19 and/or Learn from Other s Mistakes Paul N. Brown, CPA Director of Technical Services Florida Insitute of CPAs Mortgage Fraud: An Unfortunate...41 Growth Industry Gary Opper, CPA President / Levie-Opper, LLC 3:30-4:20pm SAS Update...51 Cecil Patterson, Jr., CPA, MBA Patterson CPA Group, Inc Accounting Shows Committee Alan D. Campbell Lenice A. DeLuca Wayne T. DeWitt Richard M. Dotson Gary A. Fracassi Lucinda L. Gallagher Paulette M. Holder Christine Moreno - Chair Lynn H. Clements - Vice Chair Sharon S. Lassar James M. Luffman William L. Maloney Mario R. Nowogrodzki Cecil Patterson, Jr. Robert M. Rankin Diane J. Reich Poornima Srinivasan Denise M. Stubbs Caridad Vasallo Frank Ward Donna C. Zeitler
3 Engagement Letters and Comfort Letters Steven M. Platau, CPA
4 Steven M. Platau, CPA, JD Professor of Accounting University of Tampa Steve Platau is Professor of Accounting where he has served in the faculty since His works have been published in the Journal of Accountancy, Practical Accountant, CPA Journal, Real Estate Review, The Practicing CPA, Employee Benefits Journal and Florida CPA Today among others. Steve is a principal consultant to the CNA Insurance Companies providing loss control programs to CPA firms nationally. His professional involvement includes service as a member of the Florida Institute of CPA's Board of Governors and on various FICPA and AICPA committees including an award as Outstanding Committee Chairman for his work in chairing the FICPA's Professional Liability Committee. Mr. Platau's business experience includes time with two of the "Big 5" international accounting firms, private law practice and industry accounting along with financial interests in several hospitality businesses. He has been an arbitrator serving on the American Arbitration Association's National Panel of Arbitrators since 1985, he began training arbitrators in His mediation experience includes certification by the Florida Supreme Court as a Circuit Court Mediator since Dual training in both accounting and law provide Mr. Platau with a unique and varied perspective on issues facing the accounting profession.
21 Peer Review Update - How to Prepare and/or Learn from Other's Mistakes Paul N. Brown, CPA
22 Paul Brown, CPA Director of Technical Services Florida Institute of CPAs Paul has been the FICPAs Peer Review technical reviewer since November He conducts the technical reviews for on average 550 reviews a year. Paul has received awards from the FICPA for both Outstanding Author and Outstanding Discussion Leader and has been a discussion leader for various peer review conferences sponsored by the AICPA and the New York State Society of CPAs.
23 Paul Brown Director of Technical Services Florida Institute of CPAs Tallahassee, FL (850)
25 1. OMB A-133 engagements Now is a required selection. Can be part of the requirement to select a Yellow Book engagement.
26 2. Broker/Dealers in Securities/Commodities Engagements of carrying broker/dealers defined as broker/dealers that clear customer transactions, carry customer accounts or hold custody of customer cash or securities are now a mandatory selection for peer review purposes similar to Yellow Book engagements and ERISA audits. 2. Broker/Dealers in Securities/Commodities Engagements of non-carrying broker/dealers defined as broker/dealers that do not clear customer transactions, carry customer accounts or hold custody of customer cash or securities are not a mandatory selection for peer review purposes but a team captain should give special consideration to the risks associated with such audits in making engagement selections.
27 1. Communication of QC Policies and Procedures Firms should communicate its QC policies and procedures to its personnel. Most firms will find it appropriate to communicate in writing and distribute, or make available electronically, them to all professional personnel. Communication of QC Policies and Procedures Effective communication includes the following: A description of QC policies and procedures and the objectives they are designed to achieve The message that each individual has a personal responsibility for quality A requirement for each individual to be familiar with and comply with these policies
28 2. Elements of a System of Quality Control Leadership responsibilities for quality within the firm (the tone at the top ) Relevant ethical requirements Acceptance and continuance of client relationships and specific engagements Human resources Engagement performance Monitoring 3. Leadership Responsibility for Quality Within the Firm ( Tone at the Top ) Require the firm s leadership to assume ultimate responsibility for the firm s QC system Assign management responsibilities so that commercial considerations do not override the quality of work performed Assign operational responsibilities to personnel with sufficient experience and ability Design policies addressing performance evaluation, compensation and advancement to demonstrate overarching commitment to objectives Devote sufficient and appropriate resources for development, communication, and support of QC system.
29 4. Engagement Performance Now requires firms to adopt a policy to establish criteria against which all engagements are to be evaluated to determine whether an engagement quality control review should be performed (EQCR) Engagement Performance EQCR Must be performed for all engagements meeting the criteria established as noted on the previous page The review must be completed before the report is released. Establish procedures addressing the nature, timing, extent, and documentation of the EQCR Establish criteria for the eligibility of EQC reviewers. The reviewer must not be a part of the engagement team and must be a partner, other person in the firm, or qualified external person with sufficient and appropriate experience and authority to perform the EQCR
30 5. Documentation The firm should document its quality control policies and procedures. The size, structure, and nature of the practice are important considerations in determining the extent of the documentation.
31 OMB A-133 Engagements As a result of the President s Council on Integrity and Efficiency (PCIE) Report on National Single Audit Sampling Project, the AICPA made sweeping reforms in the peer review process. As mentioned previously, engagements performed in accordance with OMB A-133 are now a required selection for peer review. OMB A-133 Peer reviewers have been alerted to the findings noted in the PCIE report. Reviewers must submit information relating to major program determination and selection for the last three years for technical review.
36 Documentation issues Documentation of analytical review procedures especially in the planning stages of audits and documenting the expectations on review engagements.
37 Documentation issues Assessment of risk and the related documentation. More in-depth understanding of the client and its environment, including internal control to identify the risk of material misstatement A more rigorous assessment based on the understanding Improved linkage between the assessed risks and the nature, timing, and extent of audit procedures Documentation issues Assessment of risk and the related documentation Documenting the levels of materiality and tolerable misstatement Documenting discussion among audit team regarding susceptibility of f/s to material misstatement due to error or fraud Documenting key elements of the understanding obtained regarding each aspect of the entity and its environment. Documenting assessment of risk of material misstatement both at the f/s level and the relevant assertion level. Documenting the significant risks identified and related controls evaluated.
38 Documentation issues Documenting overall responses to address assessed risks Documenting the nature, timing, and extent of further audit procedures Documenting the linkage of those procedures with the assessed risks at the relevant assertion level Documenting the results of the audit procedures Documenting the conclusions reached with regard to the use in the current audit of audit evidence about operating effectiveness of controls that were obtained in the prior audit. Documenting a summary of uncorrected misstatements, other than those that are trivial. Documenting conclusion whether uncorrected misstatements, do or do not cause the f/s to be materially misstated. Documentation issues Performing monitoring on an on-going basis and documenting those results and the communication to the firm Documenting sampling
39 Disclosure and reporting related issues ASC Subsequent Events Entity shall disclose the date through which subsequent events have been evaluated and whether that date is either of the following: 1) The date the financial statements were issued; 2) The date the financial statements were available to be issued. Requirement is for all financial statements with disclosures regardless of whether there were any significant subsequent events or not. Disclosure and reporting related issues ASC e - Income Taxes A description of tax years that remain subject to examination by major jurisdictions. This can apply to NFPs as well. According to Technical Practice Aid (TIS ) the requirement of ASC to disclose a description of tax years that remain subject to examination by major tax jurisdictions is in effect regardless of whether an entity has uncertain tax positions or not. According to Technical Practice Aid (TIS ) ordinarily, recognition and measurement of uncertain tax positions don t apply to cash or tax basis financial statements. The TIS does not address whether cash or tax basis statements have to disclose the tax years subject to examination as noted above. Uncertain tax positions only apply to income taxes (TIS ).
40 Disclosure and reporting related issues ASC and 2 Fair value measurements the reporting entity shall disclose the following: 1) For assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to the initial recognition, the inputs used to develop those measurements; and 2) For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on earnings for the period. Level 1 inputs quoted prices in active markets; Level 2 inputs significant other observable inputs; Level 3 significant unobservable inputs. According to TIS fair value disclosures should be made whenever OCBOA financial statements contain fair value measurements. Question Do certificates of deposit fall under the disclosure requirements for fair value measurement? Disclosure and reporting related issues SSARS 19 reporting deficiencies AR Because an emphasis of matter paragraph should not be used in lieu of management disclosures, the accountant should not include an emphasis paragraph in a compilation report on financial statements that omit substantially all disclosures unless the matter is disclosed in the FS. Question is a separate paragraph noting the tax implication of an S Corp an emphasis of a matter?
41 Disclosure and reporting related issues SSARS 19 reporting deficiencies PPC believes that that disclosure has been made in the financial statements if the accountant has parenthetically disclosed the type of entity (i.e., S Corporation, C Corporation, Partnership, etc.) in the financial statement headings. In addition, it should be apparent from the face of the financial statements of an S Corporation that there is no provision for income taxes. Consequently, in this instance, it would be permissible to include the optional emphasis of a matter paragraph and omit substantially all disclosures. Disclosure and reporting related issues SSARS 19 reporting deficiencies Engagement letters are not being obtained or memos prepared to document the understanding with management regarding the services to be performed (AR 80.15), or when documented it has not been updated with new SSARS 19 requirements. Standard 2 nd paragraph regarding management s responsibility for the financial statements and for internal control over financial reporting is being omitted. (AR 80.17) OCBOA financial statements are disclosing a description of the OCBOA method, but are not including a description of the primary differences from GAAP. The effects of the differences need not be quantified. (AR 80.19)
42 Disclosure and reporting related issues For CIRA engagements compilation reports failing to report on the omission of required supplementary information (ASC ).
43 Mortgage Fraud: An Unfortunate Growth Industry Gary Opper, CPA
44 Gary P. Opper, CPA Managing Member Levie-Opper, LLC Gary Opper has more than 30 years of accounting, business, financial and mortgage experience. He is a proven leader in the accounting and mortgage professions. He has received numerous awards for excellence in leadership, communication and writing abilities. He has published over 500 articles and has led over 80 seminars, lectures and courses on various topics.
53 SAS Update Cecil Patterson, Jr., CPA, MBA
54 Cecil Pat Patterson, Jr., CPA, MBA Patterson CPA Group, Inc. Cecil "Pat" Patterson, Jr., CPA is a recognized author, speaker, and discussion leader for continuing education courses and state societies. Mr. Patterson is the President of Patterson & Associates, P. A. His degrees include a Bachelor of Science in Accounting (Honors) and a Master of Business Administration. Mr. Patterson has experience at the national CPA firm level, at the corporate level as a chief financial officer, and as an adjunct professor at the university level. His firm is involved in the full spectrum of CPA activities including auditing, accounting services, federal and state corporate and individual income tax preparation, and consulting services to clients, businesses, and other professionals. Memberships include: Member, American Institute of Certified Public Accountants (AICPA) Member, Florida Institute of Certified Public Accountants (FICPA) Member, FICPA Board of Governors Member, FICPA Common Interest Realty Associations Section Member, FICPA Accounting & Auditing Section Member, FICPA Accounting Shows Committee Honors and Awards include: Outstanding Discussion Leader, FICPA Outstanding Author, FICPA Distinguished Discussion Leader, New York Society of CPAs
55 Audit 2011 Presented for the
56 by Cecil Patterson, Jr., CPA Patterson CPA Group, Inc. Post Office Box 2229 Ponte Vedra Beach, FL Notice to Participants These course materials were prepared by the author solely for continuing education purposes and are designed to be used only in that context. The course materials have not been considered or acted on by the American Institute of Certified Public Accountants (AICPA) or any other organization. These materials do not represent an authoritative or official position of any organization. Additionally, the professional standards, pronouncements, procedures, and statutes may change from time to time. It is considered the participant s responsibility to stay current and updated on these issues. Some reproduction of the standards may not be complete. See the actual standards for completeness.
57 Objectives Objectives To provide participants with an insight and update on the auditing standards for the CPA profession. To provide background information and an update on the AICPA s Clarity Project. To review some of the international auditing standards and convergence.
58 Objectives (cont.) To provide the participants with information on Quality Control Standards. To provide the participants with information on CPA mobility issues. To provide insight into related issues as needed or requested. Professional Standards Overview
59 A & A Standards Code of Professional Conduct - (Ethics) (ET) Accounting Standards (US GAAP or ASC) Auditing - United States (AU) Accounting and Review Services - SSARS (AR) Attestation Engagements (AT) Quality Control (QC) Peer Review (PR) International Standards (IFRS) Other Professional Standards Ethics (as applies) (ET) Tax Services (TS) Personal Financial Planning (PFP) Valuation Services (VS) Consulting Services (CS) Bylaws (BL) Continuing Professional Education (CPE ) International (as applies)
60 Ethics These standards differentiate the CPA profession from many other professions. Ethics The Code of Professional Conduct has two sections: Principles Rules The rules find their framework in the principles. The bodies or groups who set the technical standards are authorized by the Council of the AICPA. The bylaws of the AICPA require compliance to rules and standards. Ethical standards may also come from other agencies.
61 AICPA s Code of Professional Conduct The code of professional conduct was adopted by the membership to provide guidance and rules to all members those in public practice, in industry, in government, and in education in the performance of their professional responsibilities. Intro to the Code Auditing Standards
62 Auditing Standards Issued by the AICPA s Auditing Standards Board. Referred to as Statements on Auditing Standards (SASs). Issued by the ASB for non issuing (privately held) entities. PCAOB issues auditing standards for issuing entities (public companies). Auditing Standards (cont) This presentation will focus on the auditing standards for non issuing or privately held entities.
63 AU Section 110 Responsibilities and Functions of the Independent Auditor Source: SAS No. 1, section 110; SAS No. 78; SAS No. 82. Issue date, unless otherwise indicated: November, The objective of the ordinary audit of financial statements by the independent auditor is the expression of an opinion on the fairness with which they present, in all material respects, financial position, results of operations, and its cash flows in conformity with generally accepted accounting principles. AU Section 110 (cont) The auditor's report is the medium through which he expresses his opinion or, if circumstances require, disclaims an opinion. In either case, he states whether his audit has been made in accordance with generally accepted auditing standards. These standards require him to state whether, in his opinion, the financial statements are presented in conformity with generally accepted accounting principles and to identify those circumstances in which such principles have not been consistently observed in the preparation of the financial statements of the current period in relation to those of the preceding period.
64 AU Section 110 (cont) Responsibility to the Profession.10 The independent auditor also has a responsibility to his profession, the responsibility to comply with the standards accepted by his fellow practitioners. In recognition of the importance of such compliance, the American Institute of Certified Public Accountants has adopted, as part of its Code of Professional Conduct, rules which support the standards and provide a basis for their enforcement. AU Section 110 (cont) The responsibilities and functions of the independent auditor are also applicable to financial statements presented in conformity with a comprehensive basis of accounting other than generally accepted accounting principles; references in this section to financial statements presented in conformity with generally accepted accounting principles also include those presentations.
65 Quality Control Standards Quality control is covered by the Statements on Quality Control Standards (SQCS). Quality Control Statements on Quality Control Standards (SQCS) are issued by the Auditing Standards Board of the AICPA. Firms that are in the approved practicemonitoring programs of the AICPA, Peer Review or Center for Public Company Audit Firms (CPCAF), are required to follow the AICPA s quality control standards.
66 QC Section 10 A Firm s System of Quality Control Supersedes SQCSs Nos SQCS No. 1 was previously superseded by SQCS No. 2. Source: SQCS No. 7. Effective date: Applicable to a CPA firm's system of quality control for its accounting and auditing practice as of January 1, Statements on Quality Control Standards (SQCS) are issued by the Auditing Standards Board. Firms that are enrolled in an Institute-approved practice-monitoring program are obligated to adhere to quality control standards established by the Institute. QC Section 10 (cont) On July 30, 2002, President Bush signed the Sarbanes-Oxley Act of 2002 (Act) which created a five-member Public Company Accounting Oversight Board (PCAOB) and charged it with overseeing audits of issuers, as defined by the Act, or other entities subject to SEC regulation (issuers). Under the Act, the PCAOB's duties include, among other things, establishing auditing, quality control, ethics, independence, and other Standards relating to audits of issuers. The AICPA's Quality Control Standards do not address the qualitycontrol ramifications of the Act nor do they address the quality control ramifications of PCAOB Standards that must be followed by auditors of issuers. The AICPA's Quality Control Standards do not purport to include any modifications that may be necessary for a firm's system of quality control to conform to PCAOB Standards. Additional information about the PCAOB and the Act can be obtained at the PCAOB web site, and the AICPA web site, Y/RESOURCES/PCAOB/Pages/PCAOB.aspx.
67 Peer Review Standards Peer Review AICPA members who practice public accounting in the United States or its territories must be enrolled in an approved practice monitoring program of the AICPA in order to maintain their membership in the AICPA. The AICPA has two such approved programs: AICPA Peer Review Program The Center for Public Company Audit Firms.
68 Peer Review (cont) Primarily covers AICPA members in public practice. May indirectly effect non public practice members as well. International Standards
69 International Standards On May 18, 2008, at Amelia Island, Florida, the AICPA Council approved International Financial Reporting Standards (IFRS) as GAAP. IFRSs are issued under the auspices of the International Accounting Standards Board. More information follows. International (cont) The International Accounting Standards Board (IASB) is an independent, privatelyfunded accounting standard-setter based in London, England. The IASB was founded on April 1, 2001 as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (the new name for International Accounting Standards issued after 2001), and promoting the use and application of these standards.
70 Internet Tools Internet sites are as follows for assistance: GAAP and Audits Auditors must consider basic GAAP concepts in the performance of an audit. GAAP and audit standards are connected.
71 GAAP Concepts Materiality Misstatement Measurement Disclosure Form and content Basis of Accounting Applies to all financial statements Materiality A Key Concept What is it?
72 Definition of Materiality Magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would change or be influenced. Defined by FASB Statement of Financial Accounting Concepts No. 2, Qualitative Characteristics of Accounting Information Materiality In terms of Audit Standards (the Audit Standards and the FASB Standards are connected)
73 Materiality Materiality has been defined in FASB, AICPA Audit Standards, AICPA Compilation and Review Standards, SEC Documents, and PCAOB Documents. So what s the problem? Materiality (cont) There is no authoritative formulation of materiality in the law or accounting literature! May be quite small numerically Must be considered quantitatively and qualitatively
74 Misstatements Simply put Misstatement What is GAAP vs. what is in or on the financials and notes. If there is a difference then there is a misstatement. At this point, materiality comes back into play.
75 Measurement What measurement? Historical Cost? Fair value? Other?
76 FV in ASC Master Glossary Fair Value The amount at which an asset (or liability) could be bought (or incurred) or sold (or settled) in a current transaction between willing parties, that is, other than in a forced or liquidation sale. AU Section 328 Auditing Fair Value Measurements and Disclosures Source: SAS No. 101; SAS No Effective for audits of financial statements for periods beginning on or after June 15, 2003, unless otherwise indicated. Introduction.01 The purpose of this section is to establish standards and provide guidance on auditing fair value measurements and disclosures contained in financial statements. In particular, this section addresses audit considerations relating to the measurement and disclosure of assets, liabilities, and specific components of equity presented or disclosed at fair value in financial statements.
77 AU 328 (cont) Fair value measurements of assets, liabilities, and components of equity may arise from both the initial recording of transactions and later changes in value. Changes in fair value measurements that occur over time may be treated in different ways under generally accepted accounting principles (GAAP). For example, GAAP may require that some fair value changes be reflected in net income and that other fair value changes be reflected in other comprehensive income and equity. AU 328 (cont).02 While this section provides guidance on auditing fair value measurements and disclosures, evidence obtained from other audit procedures also may provide evidence relevant to the measurement and disclosure of fair values. For example, inspection procedures to verify existence of an asset measured at fair value also may provide relevant evidence about its valuation, such as the physical condition of the asset.
78 AU 328 (cont).03 The auditor should obtain sufficient appropriate audit evidence to provide reasonable assurance that fair value measurements and disclosures are in conformity with GAAP. GAAP requires that certain items be measured at fair value. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) glossary term fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. fn 1 Although GAAP may not prescribe the method for measuring the fair value of an item, it expresses a preference for the use of observable market prices to make that determination. In the absence of observable market prices, GAAP requires fair value to be based on the best information available in the circumstances. [Revised, March 2008, to reflect conforming changes necessary due to the issuance of Statement on Auditing Standards No Revised, June 2009, to reflect conforming changes necessary due to the issuance of FASB ASC.] AU 328 (cont).04 Management is responsible for making the fair value measurements and disclosures included in the financial statements. (Emphasis mine) As part of fulfilling its responsibility, management needs to establish an accounting and financial reporting process for determining the fair value measurements and disclosures, select appropriate valuation methods, identify and adequately support any significant assumptions used, prepare the valuation, and ensure that the presentation and disclosure of the fair value measurements are in accordance with GAAP.
79 Auditing Standards Update (SASs) SAS 112 Communicating Internal Control Related Matters Identified in an Audit (updated by SAS 115) Supersedes SAS 60, Communication of Internal Control Related Matters Noted in an Audit Requires auditors to communicate control deficiencies that are significant deficiencies or material weaknesses in internal control
80 SAS 113 Omnibus 2006 Amendment to SAS 95 Amendment to SAS 99 Remove references to completion of fieldwork Amendment to SAS 85, Management Representations SAS 114 Supersedes SAS 61, Communications with Audit Committees Guidance on communications
81 SAS 115 Communicating Internal Control Related Matters Identified in an Audit Supersedes SAS 112 Effective for periods ending on or after December 15, Provides guidance on the communication. SAS 116 Interim Financial Information Effective for interim periods within fiscal years beginning after December 15, The purpose of this section is to establish standards and provide guidance on the nature, timing, and extent of the procedures to be performed by an independent accountant when conducting a review of interim financial information (as that term is defined in paragraph.02 of this section) when the conditions in paragraph.05 are met.
82 SAS 117 Compliance Audits This SAS is effective for compliance audits for fiscal periods ending on or after June 15, Early application is permitted. SAS No. 117 establishes standards and provides guidance on performing and reporting (in accordance with GAAS, Government Auditing Standards, and a governmental audit requirement that requires an auditor to express an opinion on compliance) on an audit of an entity s compliance with applicable compliance requirements of a governmental audit requirement. Examples of such engagements include single audits and audits performed under the U.S. Department of Housing and Urban Development (HUD) Consolidated Audit Guide for Audits of HUD Programs. SAS 118 Other Information in Documents Containing Audited Financial Statements This SAS is effective for audits of financial statements for periods beginning on or after December 15, Early application is permitted. This Standard supersedes the requirements and guidance in AU section 550. Along with SAS No. 119, Supplementary Information in Relation to the Financial Statements as a Whole. This SAS also supersedes the requirements and guidance in AU section 551.
AUDITING AND ATTESTATION CHAPTER 1 PROFESSIONAL STANDARDS, AUDIT PROCESS, AND AUDIT PLANNING Magic Memory Outline I. OVERVIEW OF PROFESSIONAL STANDARDS 1-23 A. Exam Coverage... B. Professional Standards...
Compilation and Review Engagements 1999 AR Section 60 Framework for Performing and Reporting on Compilation and Review Engagements Issue date, unless otherwise indicated: December 2009 Source: SSARS No.
1666 K Street, NW Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8430 www.pcaobus.org AUDITING STANDARD No. 16 COMMUNICATIONS WITH AUDIT COMMITTEES; RELATED AMENDMENTS TO PCAOB STANDARDS;
Audit Documentation 2029 AU Section 339 Audit Documentation (Supersedes SAS No. 96.) Source: SAS No. 103. See section 9339 for interpretations of this section. Effective for audits of financial statements
Compilation of Financial Statements 2035 AR Section 9080 Compilation of Financial Statements: Accounting and Review Services Interpretations of Section 80 1. Reporting When There Are Significant Departures
A Firm s System of Quality Control 2523 QC Section 10 A Firm s System of Quality Control (Supersedes SQCS No. 7.) Source: SQCS No. 8. Effective date: Applicable to a CPA firm s system of quality control
Compilation of Financial Statements 2011 AR Section 80 Compilation of Financial Statements Issue date, unless otherwise indicated: December 2009 See section 9080 for interpretations of this section. Source:
Communicating Internal Control 1843 AU Section 325 Communicating Internal Control Related Matters Identified in an Audit (Supersedes SAS No. 112.) Source: SAS No. 115. Effective for audits of financial
THE CPA S PROFESSIONAL STANDARDS: WHAT ARE THEY? WHO SETS THEM? WHAT ARE THE KEY ISSUES TODAY? SALLY L. HOFFMAN, CPA, CFE BERDON LLP DECEMBER 2005 TABLE OF CONTENTS I. SARBANES-OXLEY AND THE PCAOB A. Sarbanes-Oxley
Review of Financial Statements 2055 AR Section 90 Review of Financial Statements Issue date, unless otherwise indicated: December 2009 See section 9090 for interpretations of this section. Source: SSARS
Employee Benefit Plans Financial Statement Audits Plan Advisory The AICPA EBPAQC is a firm-based, volunteer membership center created with the goal of promoting quality employee benefit plan audits. Center
Compilations and Reviews: The Times They Are a Changing Dallas CPA Society Convergence, 2013 James A. Smith, CPA Managing Director, Smith, Jackson, Boyer & Bovard, PLLC The Impact of Ethics Interpretation
Applying Accounting Rules for Measuring and Reporting Fair Value of Plan Investments April 2013 http://aicpa.org/ebpaqc email@example.com Considerations for Employee Benefit Plan Compliance with FASB Accounting
SEC Proposes Amendments to Broker- Dealer Financial Reporting Rule Amendments call for brokerdealers assertion of compliance with the Financial Responsibility Rules, new reviews by independent auditors,
00-6 JAN 2013 General Audit Engagement Checklist (Ending on or After December 15, 2012) 20,401 Section 20,400 General Audit Engagement Checklist (For Financial Statements With Periods Ending On or After
Jurisdiction United States of America (USA) 1. Organization Insert the name of the Organization, both in the local language and in English: Public Company Accounting Oversight Board ( PCAOB ) Include relevant
FINANCIAL STATEMENTS FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR S REPORT... 1 FINANCIAL STATEMENTS BALANCE SHEETS... 3 STATEMENTS OF INCOME AND MEMBER S EQUITY... 4 STATEMENTS OF CASH FLOWS... 5
Special Considerations---Audits of Group Financial Statements 607 AU-C Section 600 Special Considerations Audits of Group Financial Statements (Including the Work of Component Auditors) Source: SAS No.
Glossary Appendix C Accounting control. Plan of organization and the procedures and records that are concerned with the safeguarding of assets and the reliability of the financial records. See internal
QUESTIONS AND ANSWERS ABOUT THE AICPA PEER REVIEW PROGRAM Update No. 14 January 2015 QUESTIONS AND ANSWERS ABOUT THE AICPA PEER REVIEW PROGRAM TABLE OF CONTENTS Page INTRODUCTION 1 PEER REVIEW ENROLLMENT
REPORT ON AUDIT OF STATEMENT OF FINANCIAL CONDITION Filed in accordance with Rule 17a-5(e)(3) as a PUBLIC DOCUMENT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ANNUAL AUDITED
Reporting Implications of New Auditing and Accounting Standards Issue No. 12 April 2014 Reporting Implications of New Auditing and Accounting Standards ISSUE No. 12 April 2014 This CPA Canada publication
CERTIFIED PUBLIC ACCOUNTANT LICENSING ACT 58-26a-101. Short title. This chapter is known as the "Certified Public Accountant Licensing Act." 58-26a-102. Definitions. In addition to the definitions in Section
Comprehensive Update on Generally Accepted Auditing Standards (GAAS) Presented by Charles W. Hester CPA, CFF, FCPA, CGFM, CFE, CFS Course Objectives Participants will gain a greater understanding of: Applying
Guide to Public Company Auditing The Center for Audit Quality (CAQ) prepared this Guide to Public Company Auditing to provide an introduction to and overview of the key processes, participants and issues
FINANCIAL STATEMENTS Stable Value Portfolio of the Wilmington Trust Fiduciary Services Company Collective Investment Trust for Employee Benefit Plans Year Ended With Report of Independent Auditors Financial
The Auditor s Communication With Governance 2083 AU Section 380 The Auditor s Communication With Those Charged With Governance (Supersedes SAS No. 61.) Source: SAS No. 114. Effective for audits of financial
QUANTUM MATERIALS CORP. AUDIT COMMITTEE CHARTER Purpose The role of the Audit Committee is to oversee the accounting and financial reporting processes of the Company and the audits of the financial statements
Overall Objectives of the Independent Auditor 77 AU-C Section 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards Source:
CHAPTER 1. GENERAL AUDIT GUIDANCE 1-1. Purpose. This audit guide is to assist the independent auditor (auditor) in performing audits of profit-motivated entities that are subject to the U.S. Department
V 1.0 CPA EXAM REVIEW Auditing UPDATES AND ACADEMIC HELP Click on Community and Support at www.becker.com/cpa CUSTOMER SERVICE AND TECHNICAL SUPPORT Call 1.877.CPA. EXAM (Outside the U.S. +1.630.472.2213)
Audit Risk and Materiality in Conducting an Audit 1647 AU Section 312 Audit Risk and Materiality in Conducting an Audit (Supersedes SAS No. 47.) Source: SAS No. 107. See section 9312 for interpretations
Special Considerations Audits of Single Financial Statements 915 AU-C Section 805 Special Considerations Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement
GAO United States Government Accountability Office By the Comptroller General of the United States December 2011 Government Auditing Standards 2011 Revision GAO-12-331G GAO United States Government Accountability
Auditing Derivative Instruments 1915 AU Section 332 Auditing Derivative Instruments, Hedging Activities, and Investments in Securities 1 (Supersedes SAS No. 81.) Source: SAS No. 92. See section 9332 for
Examination of an Entity s Internal Control 1403 AT Section 501 An Examination of an Entity s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements Source:
SSARS 21 Review, Compilation, and Preparation of Financial Statements Course Objectives Provide background information that resulted in SSARS 21 Introduce new Preparation Standard Compare the Compilation
Special Considerations---Audits of Group Financial Statements 621 AU-C Section 600 Special Considerations Audits of Group Financial Statements (Including the Work of Component Auditors) Source: SAS No.
BAKER HUGHES INCORPORATED CHARTER OF THE AUDIT/ETHICS COMMITTEE OF THE BOARD OF DIRECTORS (as amended and restated October 24, 2012) The Board of Directors of Baker Hughes Incorporated (the Company ) has
Audit, Review, Compilation, and Preparation of Financial Statements DISCLAIMER: This publication has not been approved, disapproved or otherwise acted upon by any senior technical committees of, and does
SARBANES-OXLEY SECTION 404 A TOOLKIT FOR MANAGEMENT AND AUDITORS VOLUME 2 Public Company Accounting Oversight Board The Public Company Accounting Oversight Board (PCAOB) was established by Congress under
INVESTMENT STATEMENT ON STANDARDS IN PERSONAL FINANCIAL PLANNING SERVICES TAX ESTATE Personal Financial Planning PFP aicpa.org/pfp RISK MANAGEMENT RETIREMENT STATEMENT ON STANDARDS IN PERSONAL FINANCIAL
QUESTIONS AND ANSWERS ABOUT THE AICPA PEER REVIEW PROGRAM Update No. 15 January 2016 QUESTIONS AND ANSWERS ABOUT THE AICPA PEER REVIEW PROGRAM TABLE OF CONTENTS Page INTRODUCTION 1 PEER REVIEW ENROLLMENT
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org REPORT ON 2007-2010 INSPECTIONS OF DOMESTIC FIRMS THAT AUDIT 100 OR FEWER PUBLIC COMPANIES PCAOB
FEBRUARY 2013 www.bdo.com AN OFFERING FROM BDO S CORPORATE GOVERNANCE PRACTICE BDO USA CORPORATE GOVERNANCE PRACTICE BDO USA s Corporate Governance Practice was developed to provide guidance to corporate
Oceaneering International, Inc. Audit Committee Charter Purpose The Audit Committee of the Board of Directors (the Committee ) is appointed by the Board of Directors (the Board ) to assist the Board in
PURPOSE TABLEAU SOFTWARE, INC. CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS The primary purpose of the Audit Committee (the Committee ) of the Board of Directors (the Board ) of Tableau Software,
CITY OF AVENTURA POLICE OFFICERS RETIREMENT PLAN FINANCIAL STATEMENTS SEPTEMBER 30, 2014, AND 2013 CITY OF AVENTURA POLICE OFFICERS RETIREMENT PLAN FINANCIAL STATEMENTS SEPTEMBER 30, 2014, AND 2013 TABLE
RULES OF THE AUDITOR GENERAL CHAPTER 10.850 AUDITS OF CHARTER SCHOOLS AND SIMILAR ENTITIES, FLORIDA VIRTUAL SCHOOL, AND VIRTUAL INSTRUCTION PROGRAM PROVIDERS EFFECTIVE 06-30-15 RULES OF THE AUDITOR GENERAL
Filings With the U.S. Securities and Exchange Commission 1073 AU-C Section 925 Filings With the U.S. Securities and Exchange Commission Under the Securities Act of 1933 Source: SAS No. 122. Effective for
CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS PURPOSE The Audit Committee (the Audit Committee ) is appointed by the Board of Directors (the Board ) of NVIDIA Corporation, a Delaware corporation
STAFF AUDIT PRACTICE ALERT IAASB OCTOBER 2008 International Auditing and Assurance Standards Board The IAASB is an independent standard-setting board of the International Federation of Accountants. CHALLENGES
AICPA QUESTIONS AND ANSWERS ABOUT THE AICPA PEER REVIEW PROGRAM Update No. 8 January 2008 QUESTIONS AND ANSWERS ABOUT THE AICPA PEER REVIEW PROGRAM TABLE OF CONTENTS Page PEER REVIEW ENROLLMENT REQUIREMENTS
SECURITIES & EXCHANGE COMMISSION EDGAR FILING CLOUD SECURITY CORP. Form: 10-Q Date Filed: 2015-10-09 Corporate Issuer CIK: 1516079 Copyright 2015, Issuer Direct Corporation. All Right Reserved. Distribution
Statement of Financial Accounting Standards No. 57 FAS57 Status Page FAS57 Summary Related Party Disclosures March 1982 Financial Accounting Standards Board of the Financial Accounting Foundation 401 MERRITT
HALOZYME THERAPEUTICS, INC. CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS I. STATEMENT OF POLICY The Audit Committee (the Committee ) of the Board of Directors (the Board ) of Halozyme Therapeutics,
Principles of Auditing & Other Assurance Services Twentieth Edition 0. Ray Whittington CIA, CMA, CPA DePaul University Kurt Pany CFE, CPA Arizona State University Mc Graw Hill Education Contents Preface
RULES OF THE AUDITOR GENERAL CHAPTER 10.800 AUDITS OF DISTRICT SCHOOL BOARDS EFFECTIVE 06-30-12 RULES OF THE AUDITOR GENERAL CHAPTER 10.800 TABLE OF CONTENTS Rule Description Page Section No. PREFACE TO
RALLY SOFTWARE DEVELOPMENT CORP. CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS Approved by the Board of Directors on March 19 2013 PURPOSE The primary purpose of the Audit Committee (the Committee
Letters for Underwriters 2341 AU Section 634 Letters for Underwriters and Certain Other Requesting Parties (Supersedes SAS No. 49.) Source: SAS No. 72; SAS No. 76; SAS No. 86. See section 9634 for interpretations
CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS OF INTERCONTINENTAL EXCHANGE, INC. I. PURPOSE The Audit Committee (the Committee ) of the Board of Directors (the Board ) of Intercontinental Exchange,
MANAGEMENT LETTER Board of Directors Indianapolis, Indiana In planning and performing our audit of the consolidated financial statements of TCM International Institute, Inc. and European Evangelistic Society
Audit Committee Charter Altria Group, Inc. Membership The Audit Committee (the Committee ) of the Board of Directors (the Board ) of Altria Group, Inc. (the Company ) shall consist of at least three directors
The Procter & Gamble Company Board of Directors Audit Committee Charter I. Purposes. The Audit Committee (the Committee ) is appointed by the Board of Directors for the primary purposes of: A. Assisting
Vol. 2015/2 October 2015 Staff Inspection Brief The staff of the Public Company Accounting Oversight Board ( PCAOB or Board ) prepares Inspection Briefs to assist auditors, audit committees, investors,
BOTTOMLINE TECHNOLOGIES (DE), INC. AUDIT COMMITTEE CHARTER A. Purpose The purpose of the Audit Committee is to assist the Board of Directors oversight of: the Company s accounting and financial reporting
SSARS 19 The Accounting & Review Services committee has issued Statement on Standards for Accounting & Review Services No. 19. Generally the standard is effective for compilations and reviews of financial
MARLIN MIDSTREAM GP, LLC AUDIT COMMITTEE CHARTER Purpose The Audit Committee (the Committee ) is appointed by the Board of Directors ( Board ) of Marlin Midstream GP, LLC (the Company ), which is the general
BIO-RAD LABORATORIES, INC. (the Company ) Audit Committee Charter Audit Committee Requirements and Structure The board of directors of the Company (the Board ) shall appoint an audit committee (the Audit
www.pwc.com Understanding a financial statement audit December January 2013 2012 Understanding a financial statement audit 1 Preface Role of audit Since its introduction, the need for certain companies
Management s Discussion and Analysis 1473 AT Section 701 Management s Discussion and Analysis Source: SSAE No. 10. Effective when management s discussion and analysis is for a period ending on or after
IFRIC Meeting Agenda reference 18 Staff Paper Date May 2009 Project Topic IAS 1 Financial Statement Presentation Going concern disclosure Purpose of this paper 1. The purpose of this paper is to document
Specializing in Broker Dealer firms since 1996 Serving Broker Dealers & Professional Securities Industry Firms 21860 Burbank Blvd, Suite 150 Woodland Hills, CA 91367 Phone: (818) 657-0288 Fax: (818) 657-0299
Exposure Draft May 2014 Comments due: September 11, 2014 Proposed Changes to the International Standards on Auditing (ISAs) Addressing Disclosures in the Audit of Financial Statements This Exposure Draft
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Inspection of Fazzari + Partners LLP (Headquartered in Vaughan, Canada) Issued by the Public
ISA 700 (Revised) April 2015 International Standard on Auditing ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements Explanatory Foreword INTERNATIONAL STANDARD ON AUDITING 700 (REVISED)
PCAOB Investor Sub Advisory Group GOING CONCERN CONSIDERATIONS AND RECOMMENDATIONS March 28, 2012 Auditing standards requiring auditors to issue going concern opinions have existed for several decades.