CPA Now

By Allison Henry

PICPA Vice President - Professional & Technical Standards

  • COVID Relief Funds and the Audit Requirements

    Organizations that received more than $750,000 in COVID relief funds could be required to have a single audit or a program audit. This may result in about 10,000 new single audits nationally. If your clients received relief funds, it is important to research the applicable compliance requirements.
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  • AICPA Quality Control Standards Changing to Quality Management Standards

    The AICPA is shifting away from its Quality Control Standards to something it calls Quality Management Standards. Find out what that means, how it impacts you, and some implementation concerns.
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  • FASB ASC 842, Leases: Effective Date, Implementation Challenges, and More

    With the impending effective dates looming for ASC 842, Leases, learn more about some implementation challenges and practical expedients in this video blog by Allison Henry, PICPA's vice president of professional and technical standards.
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  • Act Now! Petition the FASB to Defer ASC 842 for Nonpublic Entities

    The effective implementation date of ASC 842 for private companies is Jan.1, 2022, and these companies and their CPAs simply are not ready. The PICPA’s Accounting and Auditing Steering Committee has petitioned the FASB for a two-year deferral of the effective date of ASC 842 , but we need your input, and we need it today!
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  • DOL to Conduct Audit Quality Assessment of 2020 Plan Year Filings

    The U.S. Employee Benefit Security Administration (EBSA) Office of the Chief Accountant (OCA) is about to undertake a study to assess the quality of audit work with respect to financial statement audits of employee benefit plans for the 2020 Form 5500 filing year. Plan administrators and independent qualified public accountant firms need to be ready.
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  • Marijuana and the CPA

    Medical marijuana sales are on the rise and you may be thinking about taking on clients associated with this industry. Before you do anything, you must understand the industry is complex with many regulations.
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  • Ensuring an Ethical Culture

    The root cause of fraud and noncompliance with regulations stems from an organization’s culture. Each organization’s leadership must ensure that the right tone at the top is conveyed and a strong ethical culture is promoted.
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  • Complex Financial Statement Reporting and Auditing Issues

    COVID-19 has created significant financial statement challenges. Auditors and financial statement preparers need to ensure that the financial statements and related footnote disclosures are fairly presented within the scope of the pandemic and its effects.
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  • Navigating Peer Review in 2020

    The AICPA Peer Review Board has been extremely flexible in permitting peer reviews to be performed offsite and automating extensions. But there are many issues to consider. The PICPA's "Navigating Peer Review in 2020" highlights many 2020 administrative and logistical issues.
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  • Accounting for PPP Loans: AICPA Q&A Provides Flexibility

    With Q&A 3200.18: Borrower Accounting for a Forgivable Loan Received Under the Small Business Administration Paycheck Protection Program, the AICPA provides important accounting guidance for entities that expect to meet the Paycheck Protection Program (PPP) eligibility criteria and have the loan forgiven.
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  • FASB Updates and AICPA Guidance: Response to COVID-19

    Allison Henry, PICPA vice president of professional and technical standards, provides a video update and guidance on recent lease accounting, revenue recognition, and ethics announcements related to COVID-19 from the FASB and AICPA.
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  • PPP Loan Application Assistance: CPAs Be Cautious!

    To combat the economic fallout from the COVID-19 pandemic, the federal government is attempting to push out about $350 billion in loans to eligible businesses. This unprecedented opportunity has CPAs scrambling to help their clients fill out the application and provide the supporting information. Caution is needed, however. You must make sure that you do not cross the independence line.
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  • Financial Statement Audit Requirements and the Impact of COVID-19

    Among all the difficulties the COVID-19 outbreak has thrust on businesses, CPAs must understand they too will be facing numerous challenges when performing financial statement audits.
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  • The Double Difficulty of Financial Statement Preparation for Audit Clients

    Whether or not practitioners can assist their audit clients with financial statement presentation, or any nonattest services, and maintain their independence has been a long-running debate. To ensure that auditors remain independent, the AICPA Professional Ethics Executive Committee (PEEC) and the U.S. Government Accountability Office (GAO) have created complex and detailed rules.
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  • New Ethics Requirements for Bookkeeping, Client Portals, and Records Management

    AICPA's Hosting Services Interpretation concludes that when members provide hosting services, they are maintaining internal control over a client’s data or records, which presents a threat to independence. There are several practical issues you may face as a result of the interpretation.
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  • Peer Review Administration Moving Forward into the Future

    As a part of its Enhancing Audit Quality Initiative, the AICPA has identified inconsistencies across the administering entities in the program that have impacted the quality of peer reviews. To address audit quality issues, the AICPA Peer Review Board issued several concept papers on how peer review will be administered in the future.
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  • The AICPA Auditing Standards Board Calls for Significant Changes to Auditor’s Reports

    PICPA’s Accounting and Auditing Procedures Committee has been following the AICPA Auditing Standards Board’s (ASB) project on auditor’s reports to evaluate its impact on privately held companies. On Nov. 28, 2017, the ASB finally issued an exposure document.
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  • Where Are We on Audit Quality?

    The scope of the AICPA’s Enhancing Audit Quality initiative is considerable, and its accomplishments to date have been far-reaching, demonstrating AICPA's commitment to bettering the audit.
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  • Keep Your Audits Clean – New AICPA Audit Documentation Resources

    While most CPAs conceptually support high quality audits, many are not necessarily aware of the importance of supporting documentation or what that documentation should look like. The AICPA has identified several misconceptions regarding audit documentation.
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  • PCAOB Approves Most Significant Changes to Auditor’s Report in 70 Years

    On June 1, 2017, the Public Company Accounting Oversight Board finalized its six-year project to overhaul the auditor’s report. The new standard requires auditors to communicate critical audit matters in the audit report.
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