Inquiries are recognized in the auditing standards along with other types of tests and are normally the most cost efficient of all auditing procedures. Responses provide information useful from start to finish.
The effectiveness of an auditor’s planning process ultimately determines the efficiency with which an engagement can be performed. Following is an outline of some of the initial steps in planning an engagement, called the “preplanning phase.”
Continuing to lay a foundation for developing audit strategies and audit plans, this article presents more comparisons of significant requirements in US GAAP and the AICPA’s "Financial Reporting Framework for Small- and Medium-Sized Entities" (FRF for SMEs).
The foundation for a cost-beneficial audit strategy is an auditor’s knowledge of the principles in a reporting entity’s applicable financial reporting framework, the framework selected and used in its financial reporting system.
In the newest installment of his series, CPA Larry Perry looks at how lease accounting and income tax accounting differ within US GAAP and the American Institute of CPAs "Framework for Small- and Medium-Sized Entities."
The fifth installment in this series looks at how investments, fair value accounting, and derivatives differ within US GAAP and the American Institute of CPAs "Financial Reporting Framework for Small- and Medium-Sized Entities."
To continue laying the foundation of principles for commonly used financial reporting frameworks, this article presents how key issues differ within US GAAP and the American Institute of CPAs "Financial Reporting Framework for Small- and Medium-Sized Entities."
This series focuses both on general audit requirements applicable to all financial reporting frameworks as well as specific requirements relevant to two special purpose frameworks – the income tax basis and the AICPA’s FRF for SMEs basis.
The AICPA released a decision tool to help privately held businesses determine which accounting framework, including the "Financial Reporting Framework for Small- and Medium-Sized Entities" (FRF for SMEs), best meets their financial reporting needs.
The NASBA and the AICPA have put aside their differences regarding the non-US GAAP financial reporting framework the AICPA introduced last month, and they have teamed on a decision-making tool that will help small businesses decide whether the framework is right for them.
Nearly half of CPAs say they are familiar with the new Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) released by the AICPA on June 10, according to a recent special report by Thomson Reuters.
Stating that it would "significantly weaken the financial reporting of private companies," NASBA is recommending to privately held businesses that they not use the FRF for SMEs that was introduced by the AICPA June 10.