SAS Nos. 134 through 140 were issued by the Auditing Standards Board (ASB) to align U.S. and international standards and to communicate more information that is important to financial statement users. The standards were originally expected to be implemented for periods ending on or after Dec. 15, 2020, but the issuance of SAS No. 141 allowed for a one-year delay due to COVID-19. As a result, the effective date for this group of standards is Dec. 15, 2021. The ASB recommends that the standards be implemented concurrently, and early implementation is permitted.

A famous quip advises, “Eat a live frog first thing in the morning and nothing worse will happen to you the rest of the day.” Metaphorically, this comic principle holds true for the annual compliance ritual of the company audit. Those who invest the time to prepare for the audit process in advance will have a smoother and less stressful experience than those who delay or procrastinate. Whether you recently completed an audit or one is coming up soon, here are some “frog-eating” tips and best practices.

CPAs who work with not-for-profits faced huge pandemic-induced challenges. While some struggled to help their organizations, others were able to thrive and add significant value. As you assess and develop your lessons-learned, consider these experiences from the nonprofit sector.

Your firm’s brand plays a more significant role than you think when it comes to its value. A common mistake that many firms make is neglecting to treat their brand like the asset it is.

Specialized professional designations are more than just alphabet soup following your name on a business card. They enhance a practitioner’s skills and make him or her more attractive to employers and clients.

Today, in both corporate and public accounting roles, accountants are expected to be business partners. Consequently, a high value is placed on those entrants into the profession who possess both technical accounting know-how and traditional professional skills.

In the ever-expanding globalization of the economy, it is more common than ever for a U.S. person to make payments to foreign persons. Depending on the type of payment made, and whether it is U.S. sourced, there may be U.S. withholding tax imposed on the payment unless an exemption applies.

In CPA professional liability cases, too often we see a disconnect between what CPAs understand their roles to be and the client’s view. Coupled with a public perception that CPAs are gatekeepers, this disconnect can lead to potentially devastating malpractice claims.

The COVID-19 pandemic accelerated the adoption of virtual technologies by accounting firms for the recruiting process. Emerging CPAs should be aware of this trend and prepare themselves for the virtual recruiting experience.

The 2021-2022 session of the Pennsylvania General Assembly may run until Nov. 30, 2022, but it is in the coming weeks and months that state legislators will have their hands full with numerous issues of interest to PICPA members and their clients.