CPA Practice Advisor - 30
AICPA NEWS
BUSINESS EXECS
HAVE DIMMER VIEW
OF U.S. ECONOMY
The AICPA Economic Outlook Survey polls chief executive
officers, chief financial officers, controllers and other certified
public accountants in U.S. companies who hold executive and
senior management accounting roles.
Their most recent survey shows that only 42 percent of
survey takers expressed optimism about the U.S. economy's
outlook over the next 12 months, down from 57 percent in the
previous quarter. As recently as 2018, 79 percent indicated they
were optimistic about the economy.
The global economy was viewed in an even worse light,
with less than a quarter (24 percent) of executives expressing
optimism, down from 35 percent last quarter, citing uncertainty
over U.S.-China trade and tariff conflicts and the resolution of
Brexit in the United Kingdom.
Other key survey findings include:
■ Availability of skilled personnel remains a top challenge, as it has
been since Quarter 3 of 2017
■ Domestic economic conditions and political leadership joined skilled
personnel as the top three business challenges for the quarter
■ The percentage of U.S. executives who remain optimistic about
their own company's prospects fell from 62 percent to 58 percent ■
Discussion Paper Tackles
Materiality in Attestations
A new discussion paper from the AICPA discusses the
challenges of determining materiality in an attestation
engagement when subject matters cannot be quantitatively
measured.
Materiality Considerations for Attestation Engagements
Involving Aspects of Subject Matters That Cannot Be Quantitatively Measured, was developed by a Working Group of
the AICPA Assurance Services Executive Committee (ASEC),
highlighting challenges that practitioners may face when
making professional judgements about materiality.
The AICPA is seeking feedback on the issues discussed
in the paper and would like to hear from those with experience in attestation engagements. Interested parties are
encouraged to submit their feedback to Sherry Hazel at
Sherry.Hazel@aicpa-cima.com by October 31, 2019.
AICPA AWARDS 2019-20 LEGACY
SCHOLARSHIPS
The AICPA granted more than $650,000 in
academic scholarships to 129 students as
part of the AICPA Legacy Scholars program.
The scholarships help students pay for
college while providing opportunities to
succeed in the accounting profession.
The Scholarships that comprise AICPA's
Legacy Scholars Program are:
■ AICPA/Robert Half Student Scholarship
Award, which provides $10,000 to up to
four undergraduate and graduate students
who intend to earn their CPA.
■ American Woman's Society of CPAs
(AWSCPA) Scholarship Award, which offers
$5,000 to up to four outstanding women
pursuing a degree in accounting.
■ AICPA John L. Carey Scholarship Award,
which gives $5,000 to up to five nonaccounting or business degree holders
pursuing a graduate degree in accounting.
■ AICPA Scholarship Award for Minority
Accounting Students, which offers $3,000
to $5,000 to approximately 90 outstanding
minority students to encourage their study
of accounting.
■ AICPA Foundation Two-year Transfer
Scholarship Award, provides $5,000 to up
to 25 students transferring from a two-year
school to a four-year program to complete
their accounting degree.
The complete list of recipients is available at https://thiswaytocpa.com/alsrecipients/. The AICPA will once again be offering
scholarships for the 2020-2021 school year.
Students interested in becoming one of the
AICPA's Legacy Scholars should review the
eligibility criteria and submit their applications through www.ThisWayToCPA.com
starting December 1, 2019.
AUDITING STANDARDS BOARD PROPOSES
AMENDMENTS TO FINANCIAL STATEMENTS
The AICPA Auditing Standards Board (ASB)
has issued an exposure draft of a Proposed
Statement on Auditing Standards (SAS)
Amendments to AU-C Sections 800, 805,
and 810 to Incorporate Auditor Reporting
Changes From SAS No. 134.
In the ASB's effort to conform Generally
Accepted Auditing Standards (GAAS) to
the new auditor reporting standards, the
proposed SAS aligns:
■ AU-C sections 800, Special Considerations-Audits of Financial Statements
Prepared in Accordance with Special Purpose
Frameworks, which addresses audits of
financial statements prepared in accordance
with a special purpose framework.
■ 805, Special Considerations-Audits of Single
Financial Statements and Specific Elements,
Accounts, or Items of a Financial Statement,
which addresses audits of a single financial
statement, a balance sheet or an element of
a financial statement.
■ 810, Engagements to Report on Summary
Financial Statements (the AU-C 800 series,
which addresses audits of summary financial
statements derived from financial statements
audited in accordance with GAAS.
The SASs are combined with the
reporting provisions of SAS No. 134, Auditor Reporting and Amendments, Including
Amendments Addressing Disclosures in
the Audit of Financial Statements, and other
recently issued SASs. Auditing Standards
Board Proposes Amendments to Financial
Statements. ■
ASB ENCOURAGES AUDITORS TO EXERCISE SKEPTICISM
The American Institute of CPAs'
(AICPA) Auditing Standards Board
(ASB) has issued a Proposed Statement on Auditing Standards (SAS),
Auditing Accounting Estimates and
30
OCTOBER 2019 ■
Related Disclosures, to supersede
SAS No. 122 section 540, Auditing
Accounting Estimates, Including
Fair Value Accounting Estimates,
and Related Disclosures, and amend
www.CPAPracticeAdvisor.com
various other AU-C sections in
AICPA Professional Standards.
The proposed SAS is intended to
help auditors appropriately address
the complex scenarios that can
occur with the new accounting
standards. Those interested can
submit their feedback to Sherry
Hazel at Sherry.Hazel@aicpa-cima.
com by November 22, 2019. ■
https://www.thiswaytocpa.com/alsrecipients/
https://www.thiswaytocpa.com/alsrecipients/
http://www.ThisWayToCPA.com
http://www.CPAPracticeAdvisor.com
CPA Practice Advisor
Table of Contents for the Digital Edition of CPA Practice Advisor
From the Editor: Who's in Your Ecosystem?
Championing Cloud-Based for All
Four Tech Trends Transforming Public Accounting
2019 Product Review: Payroll Systems
A Year in the Life of a Payroll Accountant: 5 Chilling Reasons Why Employees Leave
Is a Business Suit Still Recommended for Job Interviews?
2019 Product Review: Client Portal Systems
From the Trenches: Do Your Best Payroll
Maketing Your Firm: Pet Care Clients: How to Become a Best-in-Breed Accountant
Is Branding Just for Large Accounting Firms?
CPA Firms and the #MeToo Era
The ProAdvisor Spotlight: Mileage Tracking Feature Now Available in QuickBooks Online
The Millennial Advisor: How Pressure Can Strengthen or Weaken an Accounting Firm
The Leadership Advisor: How to Seek and Find Professional Development
Apps We Love: Pets
Bridging the Gap: Creating a Structure for Innovation
AICPA News
CPA Practice Advisor - 1
CPA Practice Advisor - 2
CPA Practice Advisor - From the Editor: Who's in Your Ecosystem?
CPA Practice Advisor - Championing Cloud-Based for All
CPA Practice Advisor - 5
CPA Practice Advisor - Four Tech Trends Transforming Public Accounting
CPA Practice Advisor - 7
CPA Practice Advisor - 8
CPA Practice Advisor - 9
CPA Practice Advisor - 2019 Product Review: Payroll Systems
CPA Practice Advisor - 11
CPA Practice Advisor - 12
CPA Practice Advisor - 13
CPA Practice Advisor - 14
CPA Practice Advisor - 15
CPA Practice Advisor - A Year in the Life of a Payroll Accountant: 5 Chilling Reasons Why Employees Leave
CPA Practice Advisor - Is a Business Suit Still Recommended for Job Interviews?
CPA Practice Advisor - 2019 Product Review: Client Portal Systems
CPA Practice Advisor - 19
CPA Practice Advisor - 20
CPA Practice Advisor - From the Trenches: Do Your Best Payroll
CPA Practice Advisor - Maketing Your Firm: Pet Care Clients: How to Become a Best-in-Breed Accountant
CPA Practice Advisor - Is Branding Just for Large Accounting Firms?
CPA Practice Advisor - CPA Firms and the #MeToo Era
CPA Practice Advisor - The ProAdvisor Spotlight: Mileage Tracking Feature Now Available in QuickBooks Online
CPA Practice Advisor - The Millennial Advisor: How Pressure Can Strengthen or Weaken an Accounting Firm
CPA Practice Advisor - The Leadership Advisor: How to Seek and Find Professional Development
CPA Practice Advisor - Apps We Love: Pets
CPA Practice Advisor - Bridging the Gap: Creating a Structure for Innovation
CPA Practice Advisor - AICPA News
CPA Practice Advisor - 31
CPA Practice Advisor - 32
CPA Practice Advisor - 33
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