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1. New TPAs address changes to reports arising from PCC VIE alternative   WebExclusive

New nonauthoritative guidance issued by the AICPA addresses changes to accountants’ or auditors’ reports when a client adopts a new Private Company Council (PCC) alternative

2. ASB interpretations address GASB pension issues   WebExclusive

The AICPA Auditing Standards Board (ASB) issued three auditing interpretations to help address some of the numerous accounting and auditing issues that are facing governmental cost-sharing multiple-employer pension plans and the government employers that participate in them.The interpretations are intended to help auditors of governmental cost-sharing plans and participating employers in their audits of entities that are implementing the new pension standards created by GASB that will substantially change the accounting and financial reporting of public employee pension plans and the state and local governments that participate in such plans.Interpretations were issued to the following sections of

3. Regulators suggest firms take deep dive into audit quality   WebExclusive

BY Ken Tysiac
While acknowledging that auditors are under unprecedented scrutiny, an international association of audit regulators is asking audit firms to analyze causes of problems in audits globally in hopes of finding remedies.Lewis Ferguson, chair of the International Forum of Independent Audit Regulators (IFIAR), said he believes audit quality has improved in recent years as auditors have been scrutinized more heavily than other professionals.“At least in the United States, we do not look at lawyers or doctors or engineers with the level of scrutiny by experts [that auditors receive],” Ferguson, a member of the PCAOB, said during a news

4. EU audit firm rotation clears another hurdle   WebExclusive

BY Ken Tysiac
Mandatory audit firm rotation cleared another hurdle in the European Union on Thursday when the European Parliament endorsed proposed new audit regulations.Under the draft agreement, public-interest entities—which include listed companies, banks, and insurance companies—will be allowed to keep the same auditor for up to 10 years. That period could be extended to 20 years if the audit is put out for bid, or to 24 years in cases of joint audits in which more than one audit firm conducts the audit.The EU Council of Ministers, which represents the member states’ governments, must formally adopt the proposal for

5. How would auditors’ reporting affect “other information”?   WebExclusive

BY Ken Tysiac
Reporting on information outside the audited financial statements could empower auditors and educate investors, but it could also reduce useful disclosures from management, experts told the PCAOB on Thursday.During the second of two days of public hearings on the PCAOB’s auditor’s reporting model proposal, panelists debated the merits of having auditors evaluate and report on “other information” that is included in an annual report filed in Form 10-K but is outside the audited financial statements.Jeremy Perler, CPA, director of research for forensic accounting consultancy Schilit Forensics, said enhancing auditor responsibility will help provide assurance for investors that

6. PCAOB trying to help auditors find their voice   WebExclusive

BY Ken Tysiac
Auditing standard setters are trying to find a way for auditors to communicate with investors but are struggling to find the proper mechanism.During the first of two days of public hearings on the PCAOB’s proposal for changing the auditor’s reporting model, a handful of panelists said Wednesday that the concept of “critical audit matters” described in the proposal represented an infringement by auditors on a duty that should be reserved for management.The proposal says auditor’s reports should include disclosures of “critical audit matters” that posed the most difficulty for the auditor during the audit or involved subjective

7. Alignment is key for internal audit to deliver more value   WebExclusive

BY Ken Tysiac
The demands on internal audit have increased significantly in recent years as technology has advanced, regulation has become more rigorous, risks have emerged, and companies have sought more business insights from internal audit teams.“That bar continues to rise,” FedEx Chief Audit Executive Robert King, CPA, said Tuesday during a PwC webcast.

8. PCAOB reaches agreement with Swedish audit regulator   WebExclusive

BY Ken Tysiac
The PCAOB and the Supervisory Board of Public Accountants of Sweden have entered a cooperative agreement in their oversight of audit firms, the PCAOB announced Monday.The agreement takes effect immediately and provides for joint inspections while allowing for the exchange of confidential information. An agreement on data protection also was reached.Within the European Union, the PCAOB has similar agreements with Finland, France, Germany, the Netherlands, Spain, and the United Kingdom.

9. Regulation demanding increased internal audit focus   WebExclusive

BY Ken Tysiac
The push continues for internal auditors to focus on strategic risks, but regulatory compliance duties are standing in the way, a new survey shows.More than two-thirds (69%) of 433 internal audit professionals in the United States surveyed by Grant Thornton said regulation is increasing internal audit costs in their organization, and 36% said regulation will prevent internal audit from devoting resources to higher-value activities.“You can’t walk away from your responsibility to address the compliance requirements,” said Bailey Jordan, CPA, an internal audit practice leader at Grant Thornton.

10. Auditors have important role in cybersecurity   WebExclusive

BY Ken Tysiac
The steady stream of headlines about data breaches has the business community and regulators on high alert with regard to cybersecurity.An online PwC survey of global executives and IT directors conducted early in 2013 found that detected cybersecurity incidents rose 25% over the previous year. And 31% of executives responding to EY’s Global Information Security Survey for 2013 said the number of cybersecurity incidents at their organization grew at least 5% over the previous year.The SEC has taken notice of concerns over this issue and will hold a round-table meeting Wednesday to address cybersecurity.In recognition of these
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