The Accounting Policy & Practice Report ® provides financial accounting policy makers, advisors, and practitioners with the latest news, expert insights, and guidance on emerging, evolving,...
By Steven Marcy
Dec. 5 — Investors, audit committees, academics, and top management should all become involved in early efforts to aid implementation of new audit standards, an SEC accounting practice fellow urged.
Jennifer Todling told the American Institute of CPAs’ annual conference on Securities and Exchange Commission and PCAOB developments that investors should involve themselves directly with the audit profession in addition to regulators and standard setters like the Public Company Accounting Oversight Board.
Such feedback has aided implementation efforts of the PCAOB’s new standard requiring the audit engagement partner be identified, but on a form separate from the audit report.
“While this is only the beginning, things do seem to be off to a good start in implementing this new rule,” Todling said Dec. 5.
Auditors should reach out to investors soon after adoption of a new standard to smooth its emplacement.
Audit committees also should begin discussions with auditors shortly after adoption of a new standard to ensure the best practices for performing new audit requirements are identified , Todling said.
To contact the reporter on this story: Steven Marcy in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: S. Ali Sartipzadeh at email@example.com
Copyright © 2016 Tax Management Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)