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AICPA’s Auditing Standards Board Issues Suite of Standards on Auditor Reporting, and more - May 14, 2019 News

by MICPA | May 15, 2019   ()

AICPA’s Auditing Standards Board Issues Suite of Standards on Auditor Reporting
The AICPA Auditing Standards Board (ASB) has issued a suite of auditor reporting standards that includes a new AU-C section 701, Communicating Key Audit Matters in the Independent Auditor’s Report, and replaces several AU-C sections in AICPA Professional Standards. It becomes effective for audits of financial statements for periods ending on or after December 15, 2020. Early implementation is not permitted. The ASB has also issued SAS No. 135, Omnibus Statement on Auditing Standards—2019, that is intended to more closely align ASB guidance with the Public Company Accounting Oversight Board's standards by primarily amending AU-C sections 260, 550 and 240.
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Five Reasons the Next Recession Will Be Different and How the New Tax Law Will Likely Inflict Pain
The economy follows an inexorable pattern of peaks, troughs and transitions according to MICPA Board of Directors Member and Forbes contributor Leon LaBrecque. Beginning in 2009 and celebrating its ten-year anniversary in June 2019, the current expansion cycle has the potential to be the longest in U.S. history. LaBrecque explains the commonalities amongst this and other recessions and looks to Professor Steven Dilley, Ph.D., CPA, JD for how the Tax Cuts and Jobs Act creates a new, unknown factor.
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Podcast: 2018 Yellow Book Changes Taking Effect Soon
The 2018 revision of the Yellow Book is effective for financial audits, attestation engagements, and reviews of financial statements for periods ending on or after June 30, 2020, and for performance audits beginning on or after July 1, 2019. Early implementation is not permitted. So, what's new in the 2018 revision? What advice does the Government Accountability Office have for Yellow Book users? Their podcast has answers to these questions and more.
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The Not-So-Simple Aggregation Rules for Tax Reform's Simplifying Conventions
The $25 million gross receipts test to qualify for a number of tax benefits seems straightforward at first. However, as this article from The Tax Adviser demonstrates, the nuances of applying the threshold are anything but simple.
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Wolters Kluwer Takes Services Offline After Malware Attack
After a malware attack, cloud tax and accounting services provider Wolters Kluwer took a number of platforms and applications offline this week. Some services have been restored, and the company says it has seen no evidence that customer data was taken or that confidentiality was breached, and an investigation is continuing.
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A Former FBI Agent’s View on the Recent Medicare Fraud
Last month news broke about a wide-spread fraud that caused Medicare to lose roughly $1.2 billion. While this case is noteworthy for the huge price tag attached to it and the brazen nature in which seniors were targeted, similar scams are going on across the country that don’t get the same headlines. Former federal agent Randal Wolverton, CPA/CFF, shares how the FBI uncovers these schemes and how CPAs can play a role keeping their clients safe.
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Help Promote the Profession with the #CPApowered Campaign
The #CPApowered campaign uses video to humorously educate the masses on some of the not-so-obvious values that CPAs bring to the table. Consider sharing the videos in your social channels. They may pique the interest of someone in your network – someone who, until watching the videos, didn’t quite realize how much they needed your help.
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How Companies Benefit from Disability Inclusion
Research suggests that companies can gain access to valuable new talent, improve financial returns and raise retention rates by embracing disability inclusion. World Economic Forum outlines several steps to help which include offering relevant tools and training programs.
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The Accounting Inclusion Maturity Model is Live
Create an account to use the streamlined and redesigned Accounting Inclusion Maturity Model (AIMM) from the AICPA! It is a free, comprehensive tool for diversity and inclusion assessment and benchmarking.
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What Employees Can Do to Become Indispensable
The most effective employees tend to have six qualities, including discipline and a desire for personal growth. Entrepreneur online explains.
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Join MICPA at Hospice of Michigan’s Barley, BBQ & Beats
MICPA is proud to yet again sponsor Hospice of Michigan’s Barley, BBQ & Beats events. Join MICPA for the event on May 23 at Eastern Market, Detroit (MICPA members save $5 per person on advance ticket purchases by using this link). The event showcases barbecue from leading pit masters, hand-crafted cocktails from select Michigan distilleries and live music from hometown favorites. There will also be a raffle for a Big Green Egg grill!  Funds raised will be used locally, aiding Hospice of Michigan’s Open Access program to ensure that people needing care receive it—regardless of their age, complex diagnosis or ability to pay.

MICPA Membership Suspended
MICPA member Robert J. Diemer of Robert J. Diemer, CPA, CFP, LLC located in Portage, Mich. has been suspended from the MICPA for two years. He has entered into a settlement agreement with the MICPA effective April 3, 2019. Mr. Diemer is in violation of 1.300.001 General Standards .01a Professional Competence Rule; 1.310.001 Compliance with Standards Rule; 1.320.001 Accounting Principles Rule; and 1.400.050 Governmental Bodies, Commissions, or Other Regulatory Agencies of the Michigan Association of CPAs Code of Professional Conduct.

Source: MICPA
Source: MICPA

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