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Audit Risk Alert: Employee Benefit Plans Industry Developments, 2017
by AicpaThe increasing complexity of employee benefit plan auditing and increased focus by the DOL have resulted in significant pressure for CPAs and firms performing EBP audits. To help CPAs meet the challenge of performing quality audits in this unique and complex area, the AICPA has developed this alert to assist in identifying current sources of risk within EBP audit engagements. A targeted discussion on new developments, issues auditors may face in their current audits, as well as a look at what’s in the pipeline that may affect their engagements is provided. Updates include: FASB ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) FASB ASU No. 2015-10, Technical Corrections and Improvements FASB ASU No. 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (part I) Fully Benefit-Responsive Investment Contracts, (part II) Plan Investment Disclosures, (part III) Measurement Date Practical Expedient FASB ASU No. 2017-06, Employee Benefit Plan Master Trust Reporting FASB ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities
Audit Risk Alert: Employee Benefit Plans Industry Developments, 2018
by AicpaDeveloped by a task force consisting of current and former employee benefit plan expert panel members, this alert offers a range of topics such as master trust reporting, cybersecurity, new proposed auditor's reports, electronic information, limited-scope certification, and new auditing standards such as PCAOB AS 3101. The increasing complexity of employee benefit plan auditing and increased focus by the DOL have resulted in significant pressure for CPAs and firms performing EBP audits. To help accountants meet the challenge of performing quality audits in this unique and complex area, the AICPA has developed this alert to assist them in identifying current sources of risk within EBP audit engagements. Accountants will find a targeted discussion on new developments, issues auditors may face in their current audits, as well as a look at what's in the pipeline that may affect your engagements. Key benefits of this work include: Coverage of emerging practice issues, including direct versus indirect investment in fully benefit-responsive investment contracts, readily determinable fair value, disclosures for investments in certain entities that calculate NAV per share (or its equivalent), plan expenses, and repurchase agreements An in-depth look at master trust reporting, electronic information and the new PCAOB auditing standard AS 3101 Analysis of high risk areas specific to defined benefit pension plans, such as pension benefit guaranty corporation premiums and reporting, demographic and economic assumptions, and pension risk management Current developments on health and welfare plans, including health care reform and its effect on employee benefit plans Up-to-date information on regulatory development from both the DOL and IRS
Audit Risk Alert: Employee Benefit Plans Industry Developments, 2019 (AICPA)
by AICPAThe increasing complexity of employee benefit plan auditing and focus by the Department of Labor have resulted in significant pressure for CPAs and firms performing EBP audits. To help CPAs meet the challenge of performing quality audits in this unique and complex area, the AICPA has developed this alert to assist in identifying current sources of risk within EBP audit engagements. Written by a task force consisting of current and former employee benefit plan expert panel members, this alert features discussions on new developments and issues that auditors may face in their current audits, as well as a look at what's in the pipeline that may affect your engagements. Updates in 2019: FASB ASU No. 2017-06, Employee Benefit Plan Master Trust Reporting FASB ASU No. 2018-09, Codification Improvements FASB ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework–Changes to the Disclosure Requirements for Fair Value Measurement
Audit Risk Alert: General Accounting and Auditing Developments
by AicpaAudit Risk Alert: General Accounting and Auditing Developments, 2017/18
Audit Risk Alert: General Accounting and Auditing Developments 2018/19 (AICPA)
by AicpaContaining descriptions of all recent auditing, accounting and regulatory developments, this 2018 alert will ensure that accountants have a robust understanding of the business, economic, and regulatory environments in which they and their clients operate. In addition, accountants will gain a full understanding of emerging practice issues, with targeted analysis of new developments and how they may affect their engagements, including: Recent Economic Trends Recent Legislative and PCAOB Developments Developments in Peer Review Recent Ethics Interpretations This useful resource also contains new accounting and auditing guidance related: Derivatives and Hedging Service Concession Agreements Discontinued Operations Stock Compensation
Audit Risk Alert: General Accounting and Auditing Developments 2019/2020 (AICPA)
by AicpaThis alert provides auditors with an overview of recent economic, industry, technical, regulatory, and professional developments that may affect how auditors conduct audits and other engagements. An entity’s internal management can also use this alert to address areas of audit concern. Updates include: Economic and Industry Developments Legislative and Regulatory Developments Audit and Attestation Issues and Developments Revenue Recognition New Lease Standard Accounting for Financial Instruments Recent AICPA Independence and Developments
Audit Risk Alert: Government Auditing Standards and Single Audit Developments: Strengthening Audit Integrity 2018/19 (AICPA)
by AicpaThis Audit Risk Alert highlights areas of change in audits performed under the Uniform Guidance, focusing on areas which may be challenging or frequently misunderstood. It also discusses emerging practice issues and current developments related to entities subject to an audit performed under Government Auditing Standards and the OMB Uniform Guidance and provides information to help you identify significant risks that may affect an audit of entities receiving federal awards. In addition, this alert provides a summary of revision found in the 2018 Yellow Book. Updates include: The 2018 Yellow Book USDA Rural Development Dept of Education Housing and Urban Development
Audit Risk Alert: Not-for-Profit Entities Industry Developments, 2018 (AICPA)
by AicpaNew standards for financial statement presentation and revenue recognition have created many not-for-profit financial reporting changes. Combine those with today's technology-centered environment and the ever-present scrutiny of exempt organizations by the IRS and watchdog and rating agencies, and accountants, auditors, and financial managers may wonder how they'll ever tackle all the associated risks. This alert takes discusses the important developments affecting not-for-profit entities in 2018, and the issues auditors may face. It's jam-packed with targeted discussions of current economic, accounting, and auditing issues affecting nonprofits, as well as changes on the horizon. Topics range from business environment issues like cybersecurity to accounting and auditing challenges like implementation of FASB's new financial statement standard (ASU No. 2016-14) and valuation of gifts-in-kind. This alert also covers legislative and regulatory issues like UBIT, debt-financed property rules, and tax reform provisions of interest to exempt organizations, as well as the new auditing standard on auditor involvement with exempt offering documents. Among other topics, this alert focuses on risks related to recent nonprofit industry trends, financial statement presentation changes, revenue recognition, and fair value issues. A discussion of tax reform provisions affecting exempt organizations is also included as well as information on emerging issues such as: Revenue recognition for grants and contracts Phase 2 of FASB's not-for-profit financial statement presentation project Changes to the auditor's report Cybersecurity Blockchain and other transformative technology Awareness of key trends affecting the nonprofit environment informs audit planning, risk management, strategic planning, and oversight, thereby promoting greater success and sustainability of not-for-profit entities.
Audit Risk Alert: Not-for-Profit Entities Industry Developments, 2019 (AICPA Audit and Accounting Guide)
by AicpaNot-for-profit auditor have a lot to consider as they navigate the pace of change in today's complex business environment. Many finance professionals serving the nonprofit sector are challenged with implementation of significant new accounting standards under U.S. GAAP, such as revenue recognition and accounting for not-for-profit grants and contracts. Created for nonprofit finance and accounting staff, auditors, and board members alike, this alert features the most important developments affecting not-for-profit entities and the key issues auditors may face. This guide covers all the changes on the horizon, including business environment issues like: Cybersecurity and outsourcing Accounting and auditing challenges (e.g., the implementation of FASB's not-for-profit financial statement presentation) Revenue recognition Leases standards Delivered in an easily digestible format, this alert also covers legislative and regulatory issues such as unrelated business income tax, the "parking tax," and changes to IRS Form 990-T, as well as a discussion of the upcoming changes to the auditor's report.
Audit Risk Alert: Strengthening Audit Integrity 2017/18
by AicpaThis book focuses on areas of change in audits performed under the Uniform Guidance, highlighting those areas which may be challenging or frequently misunderstood. It also discusses emerging practice issues and current developments related to entities subject to an audit performed under Government Auditing Standards and the OMB Uniform Guidance, and provides information to help you identify significant risks that may affect an audit of entities receiving federal awards. In addition, this alert provides a summary of proposed revisions to Government Auditing Standards as found in the exposure draft to assist you in keeping up to date on the proposed revisions to the Yellow Book.
Audit and Accountancy Pitfalls
by Moira Hindson Emile WoolfAuditors and accountants face many challenges as the fallout from the financial crisis continues. Companies and individuals who have incurred losses are likely to turn the spotlight on their financial advisors who failed to keep them out of trouble. The enormous rise in fraud due to the recession will undoubtedly give rise to the age-old cry 'Where were the auditors?'Audit and Accountancy Pitfalls is a one-of-a-kind casebook of professional negligence claims against auditors and accountants. Written as a practical reference for accountancy practitioners and their advisors, the authors draw on their personal experiences as expert witnesses, and from insurers' case files to provide a set of real life case studies illustrating the professional challenges facing all accountants and auditors, adding practical guidance on how to manage these situations effectively.Coverage includes:*Claims against auditors for failing to detect fraud*Other claims against auditors.*Claims against accountants*Tax related claims*Disciplinary actions against accountantsThe cases described in this book will provide many salutary warnings to practitioners in virtually every field of accountancy. Although all names have been changed to protect the guilty, the events and outcomes described are real. In each instance the authors set out what went wrong and the lessons to be learned from the mistakes made, making this a thought-provoking read.Written by an author team with over 40 years' collective experience in dealing with litigation in accounting and auditing, Audit and Accountancy Pitfalls will be an indispensable reference for auditors, accountants and anyone involved in claims involving allegations of negligence against professional accountants.
Audit and Accounting Guide Depository and Lending Institutions: Banks and Savings Institutions, Credit Unions, Finance Companies, and Mortgage Companies
by AicpaThe financial services industry is undergoing significant change, which has added challenges for institutions assessing their operations and internal controls for regulatory considerations. This 2016 edition of this industry standard resource offers clear and practical guidance of audit and accounting issues such as transfers and servicing, troubled debt restructurings, financing receivables and the allowance for loan losses, and fair value accounting. It also provides direction for institutions assessing their operations and internal controls for regulatory considerations. New and existing regulatory reporting matters are also covered, including updates resulting from the Dodd-Frank Wall Street Reform and Consumer Protection Act and BASEL III implementation. Key Benefits Include:* Coverage of regulatory updates from key industry regulators (FDIC, OCC, Federal Reserve and NCUA) * Coverage of Basel III capital rulings that implement both the Basel III capital framework issued by the Basel Committee on Banking Supervision and certain requirements imposed by the Dodd-Frank Act * Illustrative auditors' reports * Appendix which highlights FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) * Appendix which highlights an overview of statements on quality control * A new appendix which highlights FASB ASU No. 2016-02, Leases * A new appendix which highlights FASB's project on accounting for financial instruments, including an overview of FASB ASU No. 2016-01, Financial Instruments--Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, and FASB ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
Audit and Accounting Guide Depository and Lending Institutions: Banks and Savings Institutions, Credit Unions, Finance Companies, and Mortgage Companies
by AicpaThe 2017 edition of this industry standard resource offers clear and practical guidance of audit and accounting issues such as transfers and servicing, troubled debt restructurings, financing receivables and the allowance for loan losses, and fair value accounting. It also provides direction for institutions assessing their operations and internal controls for regulatory considerations as well as discussions on existing regulatory reporting matters. Updates include: SAS No. 132, The Auditor's Consideration of an Entity’s Ability to Continue as a Going Concern SSAE No. 18, Attestation Standards: Clarification and Recodification Note: FASB ASU No. 2016-13 will have a significant impact on the guide; however, incorporation of guidance will not occur until the 2018 or 2019 edition of the guide.
Audit and Accounting Guide Depository and Lending Institutions: Banks and Savings Institutions, Credit Unions, Finance Companies, and Mortgage Companies 2019 (AICPA Audit and Accounting Guide)
by AicpaThe financial services industry is undergoing significant change. This has added challenges for institutions assessing their operations and internal controls for regulatory considerations. Updated for 2019, this industry standard resource offers comprehensive, reliable accounting implementation guidance for preparers. It offers clear and practical guidance of audit and accounting issues, and in-depth coverage of audit considerations, including controls, fraud, risk assessment, and planning and execution of the audit. Topics covered include: Transfers and servicing; Troubled debt restructurings; Financing receivables and the allowance for loan losses; and, Fair value accounting This guide also provides direction for institutions assessing their operations and internal controls for regulatory considerations as well as discussions on existing regulatory reporting matters. The financial services industry is undergoing significant change. This has added challenges for institutions assessing their operations and internal controls for regulatory considerations. Updated for 2019, this industry standard resource offers comprehensive, reliable accounting implementation guidance for preparers. It offers clear and practical guidance of audit and accounting issues, and in-depth coverage of audit considerations, including controls, fraud, risk assessment, and planning and execution of the audit. Topics covered include: Transfers and servicing; Troubled debt restructurings; Financing receivables and the allowance for loan losses; and, Fair value accounting This guide also provides direction for institutions assessing their operations and internal controls for regulatory considerations as well as discussions on existing regulatory reporting matters.
Audit and Accounting Guide: Construction Contractors
by AicpaConsidered the industry standard resource, this guide’s 2017 edition is packed with information on new requirements and relevant changes to the FASB Accounting Standards Codification, including a high-level look at FASB ASU Nos. 2014-09, Revenue from Contracts with Customers and 2016-02, Leases. It provides practical tips and industry specific guidance, provides value from simple accounting to joint venture creation, and takes a deep dive into industry specific auditing procedures. With two complete sets of financial statements and disclosures, it provides an industry accepted blueprint from where to start, or a reference for auditing the final product.
Audit and Accounting Guide: Construction Contractors 2018 (AICPA Audit and Accounting Guide)
by AicpaConsidered the construction contractors industry standard resource, this 2018 edition is packed with information on new requirements and relevant changes to the FASB Accounting Standards Codification, including a high-level look at FASB ASU Nos. 2014-09, Revenue from Contracts with Customers and 2016-02, Leases. Further, as an Appendix to Chapter 2, Contract Accounting, the guide contains the views of the AICPA's Revenue Recognition Task Force and Financial Reporting Executive Committee on the implementation of FASB ASU No. 2014-09. Whether you are in public accounting, performing assurance services, or operate in the industry, this resource has the information you need to perform at your best. Highlighting practical tips and industry specific guidance, this guide provides value from simple accounting to joint venture creation and takes a deep dive into industry specific auditing procedures. With two complete sets of financial statements and disclosures, it provides an industry accepted blueprint from where to start, or a reference for auditing the final product.
Audit and Accounting Guide: Construction Contractors, 2019 (AICPA Audit and Accounting Guide)
by AICPAThe construction industry has seen significant changes in the past couple years. Whether you are in public accounting, performing assurance services, or operate in the industry, this guide has the information you need to perform at your best. Considered the construction industry standard resource, this 2019 edition features new accounting information and new auditing considerations, particularly with regards to considerations for FASB ASC 606. This guide is an indispensable reference document packed with information on new requirements and relevant changes to the FASB Accounting Standards Codification. From simple accounting to joint venture creation, this edition takes a deep dive into industry specific auditing procedures. Topics include: Practical tips and industry specific guidance; A detailed look at FASB ASU Nos. 2014-09, Revenue from Contracts with Customers, including new auditing considerations; An up-to-date look at the details of FASB ASU No. 2016-02, Leases
Audit and Accounting Guide: Entities With Oil And Gas Producing Activities (AICPA Audit and Accounting Guide)
by AicpaFirst update in 4 years! As fluctuating oil prices, off-shore drilling, and other energy-related issues impact the way your clients conduct business, it i essential to have a keen understanding of the domestic and international topics and trends facing the oil and gas industry today. This 2018 edition includes over 200 pages of invaluable guidance to help accountants improve their industry knowledge, fine-tune their strategies, and provide high-quality services to their clients. This publication provides important technical guidance, summarizes new standards and practices, and delivers "how-to" advice for handling audit and accounting issues that will be critical to your success. Key Features of this title are: An updated illustrative representation letter that contains industry-specific representations. Discussion and interpretive guidance associated with FASB ASC 606, Revenue from Contracts with Customers
Audit and Accounting Guide: Gaming 2017 (Aicpa Audit And Accounting Guide Ser.)
by AicpaMost of the accounting and financial reporting practices of entities undertaking gaming or gaming-related activities (collectively referred to as “gaming entities”) are essentially the same as those of other industries. However, some activities of gaming entities are unique. Updated for recent auditing standards, including SAS No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern, this guide explains the numerous activities specific to gaming entities and provides information regarding accounting and auditing for many types of gaming industry issues. Also included are illustrative independent auditor’s reports and financial statements of both a non-governmental gaming entity and a governmental gaming entity.
Audit and Accounting Guide: Gaming 2018 (Aicpa Audit And Accounting Guide Ser.)
by AicpaMost of the accounting and financial reporting practices of entities undertaking gaming or gaming-related activities (collectively referred to as "gaming entities") are essentially the same as those of other industries. However, some activities of gaming entities are unique. Developed by leading experts, this guide delivers "how-to" strategies for handling audit and accounting issues common to entities in the gaming industry, so accounts and financial managers can provide high-quality services to their clients. Updated for recent auditing standards, this guide summarizes new standards, guidance and practices, explaining the numerous activities specific to gaming entities and provides information regarding accounting and auditing for many types of gaming industry issues. Also included are illustrative independent auditor's reports and financial statements of both a non-governmental gaming entity and a governmental gaming entity. Key benefits include: Provides important technical guidance, summarizes new standards and practices, and delivers how-to advice for handling audit and accounting issues that will be critical to your success. Offers clear and practical guidance on recent developments in areas such as online gaming and governmental gaming entities. Includes helpful industry coverage of the New Jersey Casino Redevelopment Authority, currency transaction reporting in the gaming industry, the tribal gaming industry, lotteries, and analytical procedures and internal controls unique to the gaming industry. Includes an appendix that highlights FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Includes an appendix that contains the finalized revenue recognition implementation issues specific to gaming entities.
Audit and Accounting Guide: Health Care Entities, 2018 (AICPA Audit and Accounting Guide)
by AicpaConsidered the industry's standard resource, this guide helps accountants and financial managers understand the complexities of the specialized accounting and regulatory requirements of the health care industry. Updated for 2018, this edition has been prepared and reviewed by industry experts and provides hands-on, practical guidance for those who work in and with health care entities. A critical resource for auditors, this edition includes new accounting standards and relevant GASB and FASB updates (including those related to private companies). Updates include: FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) FASB ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities FASB ASU No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities SAS No. 133, Auditor Involvement With Exempt Offering Documents GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting) GASB No. 83, Certain Asset Retirement Obligations
Audit and Accounting Guide: Investment Companies
by AicpaWhether a financial statement preparer or auditor, it is critical to understand the complexities of the specialized accounting and regulatory requirements for investment companies. This guide supports practitioners in a constantly changing industry landscape. It provides authoritative how-to accounting and auditing advice, including implementation guidance and illustrative financial statements and disclosures. Packed with continuous regulatory developments, this guide has been updated to reflect certain changes necessary due to the issuance of authoritative guidance since the guide was originally issued, and other revisions as deemed appropriate. The updates for this 2017 edition include extensive changes to the illustrated financial statements for registered investment companies that result from SEC's issuance of the release Investment Company Reporting Modernization and related amendments to Regulation S-X. Other updates to the 2017 edition include changes to illustrated attestation reports that result from AICPA's issuance of Statement on Standards for Attestation Engagements (SSAE) No. 18, Attestation Standards: Clarification and Recodification. Further updates include: References to appropriate AICPA Technical Questions and Answers that address when to apply the liquidation basis of accounting; Appendixes discussing the new standards for financial instruments, leases, and revenue recognition; Appendixes discussing common or collective trusts and business development companies
Audit and Accounting Guide: Investment Companies (AICPA Audit and Accounting Guide)
by AicpaWhether you are a financial statement preparer or auditor, it is critical to understand the complexities of the specialized accounting and regulatory requirements for investment companies. This 2018 guide provides authoritative how-to accounting and auditing advice, including implementation guidance and illustrative financial statements and disclosures. This guide is the industry standard resource, supporting practitioners in a constantly changing industry landscape packed with continuous regulatory developments.Updates include: References to appropriate AICPA Technical Questions and Answers that address when to apply the liquidation basis of accounting. Appendices discussing the new standards for financial instruments, leases and revenue recognition. Appendices discussing common or collective trusts and business development companies.
Audit and Accounting Guide: Not-for-Profit Entities 2020 (AICPA Audit and Accounting Guide)
by AICPAFrom financial reporting to revenue recognition to grants and contracts to auditor report changes, you have a lot going on in the not-for-profit financial arena right now. Whether you're already an expert in NFP audit and accounting standards or just getting started, this is the practical guidance you need. This must-have resource for nonprofits accounting and auditing professionals is an essential reference that will assist you with the unique aspects of accounting and financial statement preparation and auditing for not-for-profit entities. It will help you with the following Understand and implement recent updates and changes, including those related to financial reporting, revenue recognition, and grants and contracts Gain a full understanding of the accounting issues unique to not-for-profit entities Assist in the implementation of auditor report changes.
Audit and Accounting Guide: Property and Liability Insurance Entities 2018 (AICPA Audit and Accounting Guide)
by AicpaGet authoritative accounting and auditing guidance. Educate staff on the property and liability insurance industry, its products and regulatory issues, and the related transaction cycles an insurance entity is involved with. This guide contains updates on current GAAP and statutory accounting and audit guidance, as well as relevant guidance contained in standards issued through September 1, 2018 which have a major impact on insurance entities, including: FASB ASU No. 2016-01 and AICPA Q&A Section 7100.15: Insurance Companies and the Definition of Public Business Entity Revenue Recognition Implementation Issue: Considerations for Applying the Scope Exception in FASB ASC 606-10-15-2 and 606-10-15-4 to Contracts Within the Scope of FASB ASC 944