A&A Resources

Written on Feb 28, 2014

Accounting Standards Board Statement on Auditing Standards

SAS No. 115 (supersedes SAS No. 112)
This SAS supersedes Statement on Auditing Standards No. 112 and establishes standards and provides guidance on communicating matters related to an entity's internal control over financial reporting identified in an audit of financial statements.

SAS No. 117, Compliance Audits

Statements on Standards for Accounting and Review Services

SSARS No. 19 represents biggest changes to SSARS since 1978
New provisions in Statements on Standards for Accounting and Review Services (SSARS) No. 19, Compilation and Review Engagements, become effective on or after December 15, 2010. These changes, according to members of the AICPA's Accounting and Review Services Committee, will help smaller firms and practitioners. One provision in the standards includes allowing CPAs to explain in their compilation reports the reasons why they are not independent.

Fair Value Accounting
(FASB Statement No. 157, Fair Value Measurements)

Fair value accounting (a.k.a. mark-to-market) is a way to measure assets and liabilities that appear on a company’s balance sheet and income statement. Measuring companies’ assets and liabilities at fair value may affect their income statement. FASB issued FAS 157 in 2006 to be effective for fiscal year 2008. Huge losses reported by financial firms on subprime assets have led to a debate over the implementation of FAS 157 in circumstances where markets collapse and price inputs aren’t readily available.
Understanding Internal Control and Internal Control Services
This white paper written by Thomas A. Ratcliffe and Charles E. Landes and prepared by the AICPA Audit and Attestation Standards and Professional Publications teams seeks to clear up confusion among practitioners relating to the concept of internal control over financial reporting. It describes the concepts of internal control (specifically internal control over financial reporting) and discusses the types of services related to internal control that may be performed by practitioners in public practice.

FASB Accounting Standards Codification

The Financial Accounting Standards Board (FASB) Accounting Standards Codification™ (ASC) significantly changed the structure and hierarchy of accounting standards. Are you as familiar with it as you need to be?

Risk Assessment Standards Implementation Resources
SAS Nos. 104-111 will have an impact on the audits you perform for financial statements for periods beginning on or after December 15, 2006. This toolkit will give you an overview of the standards and provide you with tools to assist you in educating and communicating the impact of the risk assessment standards with your clients.

Mortgage Broker/Lender CPA Comfort Letters

Many CPAs today are faced with a unique challenge of providing a loan broker or lender with a “comfort” letter on behalf of a client. There have been many questions raised over the last few months and PCPS would like to point you to guidance that will help in these situations.

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