CPA_Practice_Advisor_July_2020 - 23

AICPA NEWS
AICPA and CPA.com
Launch OnPoint EBP
on CaseWare Cloud
Platform
The AICPA, CPA.com and CaseWare International Inc. have
announced the launch of OnPoint EBP, a cloud solution designed
to facilitate the efficient and effective performance of "limited
scope" employee benefit plan audits.
OnPoint EBP is powered by the CaseWare Cloud platform
and designed for audits of employee benefit plans pursuant
to ERISA Section 103 (a)(3)(C). It combines AICPA-developed
methodology, engagement management, analytics, advanced
client collaboration tools and links to authoritative guidance
within a single application.
"The tools many auditors rely on today for employee benefit
plan audits are inefficient, requiring manual data entry, redundant
processes and outdated, on-premise technology," said Erik
Asgeirsson, president and CEO of CPA.com, the business and
technology arm of the AICPA. "We've seen how modern, cloudbased solutions have transformed client accounting services,
and OnPoint EBP brings many of the same elements of efficiency
and quality to limited scope EBP audits."
■■Technology and evolving standards are transforming the way
audits are being conducted. The AICPA has been a leader in
this area, particularly in its work to define and develop the
audit of the future through projects such as the Dynamic Audit
Solution (DAS). The AICPA has committed significant resources
over the last six years to promote and improve the quality of
audit engagements through the Enhancing Audit Quality initiative, a data-driven program to improve auditors' performance
through guidance, peer review and other measures.More
information at: https://www.cpa.com/onpoint-ebp. ■

NEW AI WHITE PAPERS FOR CPAS
EXPLORE EVOLVING ROLE IN THE
AUDIT
With Artificial Intelligence (AI) increasingly
impacting business and auditors, Chartered
Professional Accountants of Canada (CPA
Canada) and the AICPA have partnered to
produce two new white papers on the topic.
The two publications, A CPA's Introduction to AI: From Algorithms to Deep
Learning, What You Need to Know and The
Data-Driven Audit: How Automation and AI
are Changing the Audit and the Role of the
Auditor, are aimed at audit professionals
and others seeking information on how AI
will evolve the role of the auditor as well
as the audit itself. They also explore the
change in mindset required for auditors to
meet the challenges and take advantage
of the opportunities that come with the
introduction of AI.
"CPAs will not be replaced by AI, but
we need to be prepared to evolve along
with it," said Gord Beal, CPA, the vice president of research, guidance and support at
CPA Canada. "The use of AI will require
human insights to maximize its benefits
and oversight to ensure it is used ethically.
As professional accountants, we are
uniquely prepared to thrive and provide
value in an AI-enhanced workplace."

A CPA's Introduction to AI is exactly
that - an overview that will be a foundational resource for auditors seeking
information on what AI is, how it works
and what it can do. Today, AI is already
at the heart of everything from machine
learning and facial recognition technology
to the voice-activated virtual assistant
increasingly deployed in our homes. AI's
future impact will affect organizations of
all types and sizes around the world.
The Data-Driven Audit shows how AI
will directly affect assurance engagements
by taking over repetitive tasks, improving
efficiency and assessing vast pools of data.
However, understanding, explaining and
creating value from that data will increasingly be the role of CPAs drawing on their
skills, knowledge, ethics and professional
judgment. The uses for AI in audit will be
varied and auditors will need to consider
how to best use the technology now to
prepare for the future. As spreadsheets
were for their professional predecessors,
AI promises to be a key tool for auditors.
Both papers are available free of
charge on the AICPA website: https://
tinyurl.com/y7a5jf35 ■

Association Asks IRS for Guidance on Excess
Business Losses
In a letter to the Department of the Treasury
and the Internal Revenue Service, the AICPA
has requested additional guidance and relief
regarding Internal Revenue Code section 461(l)*
as enacted under the Coronavirus Aid, Relief and
Economic Security (CARES) Act.
The CARES Act amended section 461(l)
of the Tax Cuts and Jobs Act (TCJA), which

imposed on each applicable taxpayer a limitation on the deductible loss related to a trade
or business in the taxable year in which the
loss is incurred, also known as the excess
business loss.
The excess business loss is defined as
the aggregate deductions for the taxable
year attributable to trades or businesses of

a taxpayer over the aggregate gross income
or gain for the taxable year, plus $250,000
($500,000 for a married filing joint return). Any
disallowed loss becomes a net operating loss
carryover to the next subsequent year.
Learn more at: www.cpapracticeadvisor.
com/21143487 ■

JULY 2020 ■

www.CPAPracticeAdvisor.com

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http://www.CPA.com http://www.CPA.com http://www.CPA.com http://www.tinyurl.com/y7a5jf35 https://www.cpa.com/onpoint-ebp http://www.cpapracticeadvisor.com/21143487 http://www.CPAPracticeAdvisor.com
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