Accounting and Auditing Section
As the “guardians at the gate,” auditors have tremendous oversight responsibility to companies, their investors and the public trust. In an environment of heightened scrutiny of accounting and auditing standards, members of OSCPA’s Accounting & Auditing Section turn to their weekly section newsletter for updates on major initiatives from FASB, the SEC, the PCAOB, the ASB, the AICPA, and the IASB, among many others. This year, OSCPA is expanding A&A Section resources to include a subject matter expert who will provide regular updates, webinars and answers to questions posed by section members. OSCPA’s A&A Section gives you an advantage that no one else can bring to you. Are you a member of the A&A Section?
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Sep 14, 2011
A week or so ago I submitted an article prevalent errors found during peer review. I presented errors found in compilation, review and general audit engagements. Here is a listing of errors found in A133, government audit, and ERISA engagements.
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Sep 14, 2011
FASB and the International Accounting Standards Board (IASB) have released the proposed 2012 U.S. GAAP Financial Reporting Taxonomy for public review and comment.
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Sep 01, 2011
GASB has issued an Exposure Draft intended to apply its conceptual definitions of deferred outflows of resources and deferred inflows of resources elements to a broader range of items in order to enhance consistency in state and local government financial statements. The proposed Statement, Reporting Items Previously Recognized as Assets and Liabilities, would reclassify or recognize certain items currently being reported as assets and liabilities as one of four financial statement elements—deferred outflows of resources, outflows of resources, deferred inflows of resources, or inflows of resources.
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Sep 01, 2011
Representatives of the Accounting Standards Board of Japan (ASBJ) and FASB met on August 18 and 19, 2011, in Tokyo, Japan. The two boards have been actively holding joint meetings with the aim of issuing final standards to improve and converge U.S. GAAP and International Financial Reporting Standards (IFRSs).
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Sep 01, 2011
The PCAOB plans to host a public roundtable on Sept. 15, 2011, to discuss its concept release on possible changes to the auditor's reporting model.
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Sep 01, 2011
The PCAOB last week voted to issue a concept release to solicit public comment on ways that auditor independence, objectivity and professional skepticism can be enhanced, including through mandatory rotation of audit firms.
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Sep 01, 2011
From OSCPA A&A Section Experts Tom Bowns, CPA and Mike Arend, CPA
Tom and I attended the annual AICPA Peer Review Conference recently. At the conference there was a presentation that described some of the most prevalent errors found during peer review.
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Sep 01, 2011
FASB is planning to issue in the coming weeks a series of minor, technical corrections to the codification of U.S. GAAP, including conforming changes on fair value measurement.
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Sep 01, 2011
FASB has approved a revised accounting standard intended to simplify how an entity tests goodwill for impairment.
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Sep 01, 2011
The ASB has published three additional final clarified Statements on Auditing Standards (SAS).
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