A&A news August 2012

A&A

AICPA Extends Comment Deadlines

The Professional Ethics Executive Committee and the Accounting and Review Services Committee have extended deadlines on exposure drafts of proposed revisions for nonattest services and of requirements for compilation services.
A&A

ABS Seeks Feedback Specific to Auditor's Reports

The AICPA's Auditing Standards Board is asking members to complete a survey designed to help inform its response to the IAASB's Invitation to Comment regarding auditor's reports on financial statements.
A&A

Reminder: FAF Seeks Participants for PIR Survey

The FAF, the oversight body of the GASB, is seeking interested stakeholders who would like to be considered to participate in a post-implementation review survey of GASB statements No. 3 and No. 4.
A&A

PCAOB Issues Interim Inspection Program Report

The PCAOB released its report on the interim inspection program for auditors of brokers and dealers. It gives an overview of the new program and audit deficiencies identified in the initial group of inspected audits of brokers and dealers.
A&A

FASB Proposes Changes to Presentation of Reclassified Income

The FASB has issued for public comment a proposed Accounting Standards Update that is intended to improve the presentation of reclassifications out of accumulated other comprehensive income.
A&A

PCAOB Approves New Standard on Communication

The PCAOB voted unanimously on August 15, 2012, to approve a new standard that will enhance the quality of communications between the auditor and the audit committee.
A&A

A Disturbing Thirty Days

Within a single thirty-day period beginning on June 12, 2012, a number of fraud and ethics-related items made news throughout the business world.
A&A

PCAOB Publishes 'Primer' for Audit Committees

Auditors often dismiss the importance of inspections by the PCAOB, so the PCAOB is offering company audit committees some pointers about the inspection process in its report published August 1.
A&A

GASB’s New Pension Standards Now Available

On August 2, 2012, the Governmental Accounting Standards Board (GASB) published standards intended to improve the accounting and financial reporting of public employee pensions by state and local governments.
A&A

FASB Issues Invitation to Comment

On July 31, 2012, the FASB issued an Invitation to Comment on a staff paper that outlines an approach for deciding whether and when to modify US GAAP for private companies.