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1. Additional ASB interpretations address GASB pension issues   WebExclusive

BY Ken Tysiac
The AICPA Auditing Standards Board (ASB) on Thursday issued two interpretations that are designed to help governmental pension plans, participating employers, and their auditors as they implement new GASB standards. Governmental multiple-employer pension plans and their participating employers are facing numerous accounting and auditing issues as a result of GASB pension standards for state and local governments released in 2012.

2. PCAOB staff provides guidance for broker-dealer auditors   WebExclusive

BY Ken Tysiac
The PCAOB staff on Thursday issued new guidance for SEC-registered auditors of brokers and dealers as they make the transition to PCAOB standards from the generally accepted auditing standards (GAAS) that previously governed such audits. The staff guidance highlights relevant requirements for audits and attestation engagements. It also provides direction on applying PCAOB standards to these engagements, particularly for audits of smaller broker-dealers with operations that are not complex.

3. CAQ’s field-testing yields further recommendations to auditor’s reporting model   WebExclusive

BY Neil Amato
Field-testing by the Center for Audit Quality (CAQ) of proposed changes to the auditor’s reporting model yielded four key observations related to the identification of “critical audit matters.”The CAQ expressed support for the PCAOB’s effort to update the auditor’s reporting model. The CAQ said in a news release Friday that it hoped the results of field-testing by public company auditors would “provide valuable insights” to the PCAOB.

4. PCAOB approves new related-party auditing requirements   WebExclusive

BY Ken Tysiac
New PCAOB rules approved Tuesday are designed to strengthen auditors’ scrutiny of related-party transactions and significant unusual transactions.Auditing Standard No. 18, Related Parties, requires the auditor to perform specific procedures to evaluate a company’s identification of, accounting for, and disclosure of the transactions and relationships between a company and its related parties.“These procedures are designed to assist the auditor in identifying and following up on red flags that indicate potential risks of material misstatement,” PCAOB Associate Chief Auditor Brian Degano said during Tuesday’s board meeting.Degano said the standard requires the auditor to:Perform specific procedures to obtain an

5. PCAOB to consider new rules for auditing related-party transactions   WebExclusive

BY Ken Tysiac
The PCAOB will meet Tuesday to consider adopting rules that would create new audit procedures that an auditor should perform when examining a company’s transactions with related parties or significant unusual transactions.Board members have sought comment twice on related-party proposals and are considering a standard and amendments to PCAOB rules that would be designed to revise auditor performance requirements in areas that could pose significant risks of material misstatement in company financial statements.The PCAOB reproposed the standard on May 7, 2013, after reviewing comments made on the board’s original proposal from Feb.

6. GASB pension reporting: How to obtain and audit key numbers   WebExclusive

BY Ken Tysiac
State and local government employers who participate in multiple-employer defined benefit pension plans—and the governments’ auditors—may have difficulty obtaining data required by GASB’s new pension standards to prepare employer financial statements and auditing such information. GASB Statement No. 67, Financial Reporting for Pension Plans, provides revised guidance for the financial reporting of most governmental pension plans and

7. Mandatory audit firm rotation rules published in EU   WebExclusive

BY Ken Tysiac
A mandatory audit firm rotation requirement and other audit market reforms have formally became part of European Union law.Rules published Tuesday in the Official Journal of the European Union—the authoritative source of EU law—include:A requirement that public interest entities—which include listed companies, banks, and insurance companies—change auditors after 10 years.

8. Proposed peer review change would remove inconsistencies for engagement reviews   WebExclusive

BY Ken Tysiac
Changes to peer review standards proposed last week by the AICPA Peer Review Board (PRB) are designed to remove inconsistencies and improve the transparency of reports for engagement reviews.The proposal, outlined in an exposure draft, would change the impact to an engagement review report when all of the following occur:There is more than one engagement submitted for review;The same deficiency occurs on each of the engagements submitted for review; andThere are no other deficiencies.In this scenario, current guidance calls for firms to receive a “pass with deficiencies” rating in the engagement review report.

9. Firm mobility and updated definition of attest included in updated UAA   WebExclusive

BY Ken Tysiac
Changes in the Uniform Accountancy Act (UAA) announced Tuesday will update the definition of attest and allow for CPA firm mobility across state borders.The boards of the AICPA and the National Association of State Boards of Accountancy (NASBA) have approved the changes to the UAA. While the UAA is nonbinding, it is held up as an example and a reference point by the AICPA and NASBA for best practices in state laws and regulations.“This new UAA reflects important changes to the way the profession is evolving while also ensuring strong public protections,” AICPA President and CEO Barry

10. Proposed IAASB standard seeks to clarify expectations for auditing disclosures   WebExclusive

BY Ken Tysiac
Changes to international auditing standards proposed last week by the International Auditing and Assurance Standards Board (IAASB) are designed to clarify expectations of auditors when auditing financial statement disclosures.One of the key areas addressed in the proposals is attention earlier in the audit process to disclosures, including those where the information is not derived from the accounting system.By focusing on this area, the IAASB aims to address the problem of excessive or immaterial disclosures that may occur when disclosures are prepared and audited relatively late in the audit process, IAASB Technical Director James Gunn said in a
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