bookmarks tagged implementation by ifacsmpcommittee
Updated: 15 hours 8 min ago
Audit exempt organisations can choose from a range of services that add credibility to their financial statements. The assurance options leaflets explain each option in neutral terms. They also give some points to consider that are designed to help a business understand the reasons why each option might be useful.
This interactive tool guides you through a series of scenarios and you have to decide what steps you would take, considering your ethical commitment as a professional qualified management accountant according to the CIMA code of ethics.
Defending professional liability claims is difficult when practitioners assume responsibilities beyond the scope of their engagement. The difficulty in defending against a claim increases dramatically if the CPA undertakes activities considered to be the responsibility of “management” and if the client, based on the CPA’s words and actions, believed it could rely on the CPA to perform what was generally understood to be an internal management function. Doing so provides an opportunity for plaintiff counsel to assert that the CPA “should have known better.” ...
New white paper out from AICPA on the value of CPA-provided assurance services
As chartered accountants, we are in a powerful position: we have the tools and expertise to enhance the trustworthiness of business information....Article from the September 2013 edition of Audit & Beyond, the magazine of the Audit and Assurance Faculty.
The AICPA Assurance Services Executive Committee developed this paper is to help educate providers and users of business information on the value and essential qualities of independent, third-party assurance services to increase confidence in reported information. The paper identifies factors that should be considered in choosing a quality assurance provider.
The IAASB has released proposals that could fundamentally transform the auditor's report, greatly enhancing its communicative value. While the proposals stand to significantly change the shape of auditor reporting for listed entities, the impact on unlisted entities is likely to be much smaller. This article summarizes this impact and suggests how small- and medium-sized practices (SMPs) and small- and medium-sized entities (SMEs) can get involved to help ensure the best possible outcome.
Ken Odom, ASB member, discusses the newly clarified standard on auditor’s reports. Also access related videos.
I continue to get requests from members on how to handle the "comfort letter" issue, as well as feedback on guidance the AICPA has developed and suggestions for how we can better advocate for our members and their clients.
Includes CCAB's ethical case studies, which are focused on ethical issues encountered by professional accountants in various capacities.
ASEC’s Emerging Assurance Technologies Task Force established the Audit Data Standard working group to help develop new technologies that will contribute to the effectiveness, timeliness, and efficiency of the audit process. One of the main projects that this task force has been working on is developing a standardized data model that management, internal auditors and external auditors could utilize for enhanced analytics that would further improve the timeliness and effectiveness of the audit process.