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AICPA pro­poses new foren­sic ac­count­ing stan­dards

New York — The Amer­i­can In­sti­tute of CPAS pro­posed new pro­fes­sional stan­dards in early De­cem­ber for foren­sic ac­count­ing en­gage­ments.

The pro­posed State­ment on Stan­dards for Foren­sic Ser­vices No. 1 aims to pro­vide more tai­lored au­thor­i­ta­tive guid­ance to CPAS who per­form foren­sic ac­count­ing ser­vices, and would clas­sify foren­sic en­gage­ments as ser­vices pro­vided ei­ther for “in­ves­ti­ga­tion” or for “lit­i­ga­tion.”

The pro­posal, de­vel­oped by the AICPA’S Foren­sic and Val­u­a­tion Ser­vices Ex­ec­u­tive Com­mit­tee, also in­cludes pro­hi­bi­tions on pro­vid­ing le­gal opin­ions and per­form­ing cer­tain foren­sic ser­vices for a con­tin­gent fee. It also pro­vides more tai­lored au­thor­i­ta­tive guid­ance to AICPA mem­bers who per­form foren­sic ser­vices. The pro­posal would take ef­fect for any new en­gage­ments ac­cepted on or af­ter May 1, 2019, with early adop­tion per­mit­ted. Com­ments are due by Feb. 28, 2019.

CAQ pro­vides tool for over­sight of emerg­ing tech

Wash­ing­ton, D.C. — The Cen­ter for Au­dit Qual­ity re­leased a new re­source pro­vid­ing a frame­work and ques­tions that au­dit committees may be ask­ing as new tech­nolo­gies im­pact the fi­nan­cial re­port­ing process.

The pub­li­ca­tion is based on the work of the Com­mit­tee of Spon­sor­ing Or­ga­ni­za­tions of the Tread­way Com­mis­sion and has five key com­po­nents: Un­der­stand the com­pany’s emerg­ing tech­nol­ogy strat­egy and any spe­cific tech­nolo­gies con­tem­plated; un­der­stand man­age­ment’s risk iden­ti­fi­ca­tion and as­sess­ment process; un­der­stand the con­trol ac­tiv­i­ties in place that re­spond to the iden­ti­fied risks; es­tab­lish in­for­ma­tion and com­mu­ni­ca­tion pro­to­cols; and mon­i­tor emerg­ing tech­nol­ogy ac­tiv­i­ties.

Each cat­e­gory con­tains ques­tions to be dis­cussed.

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