CPA Now Blog

The Public Company Accounting Oversight Board recently issued a proposal that would revise its auditing guidance. One part of the revisions includes the stunning proposal that would require finalizing audit documentation within 14 days of engagement sign-off, down from the current 45 days.

The Financial Accounting Standards Board released new guidance on accounting for related-party arrangements between entities under common control. This long-awaited ASC 842 guidance provides a practical expedient for arrangements between entities under common control.

At a Feb. 21, 2023, meeting, AICPA's Professional Ethics Executive Committee discussed a recently issued exposure draft from the International Ethics Standards Board for Accountants proposing revisions to the Code of Professional Conduct for Tax Planning. It is important to keep an eye on these discussions because the AICPA is a member of the International Federation of Accountants, so it is required to maintain substantially similar codes of professional conduct.

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.

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.