SSARS 21 a significant revision to nonaudit standards

http://www.journalofaccountancy.com/News/201411156.htm The use of cloud technology has blurred the lines of who prepared the financials. This standard attempts to provide guidance in the area of accounting and reviews, preparation, and compilation, with inclusion of sections 60, 70, and 80 respectively. Implementation date is for periods ending on or after 12/15/15 although earlier implementation is encouraged for those smaller firms seeking efficiencies.

COSO's ERM framework to undergo update

http://journalofaccountancy.com/News/201411173.htm Announcement of efforts to update this framework. Also a link to AAA FAQs on this. http://aaahq.org/newsroom/COSO_102114_faq.htm Looks like PWC will be having a primary input to this endeavor under COSO direction.

AICPA Council Resolution on Form and Name of Organization

http://journalofaccountancy.com/News/201411087.htm To amend the AICPA Code of Conduct list of attest engagements in order to comply with the Uniform Accounting Act definition of attest engagements. Add PCAOB engagements and engagements in accord with SSAE standards

The role of internal audit in risk management

http://ww2.cfo.com/risk-management/2014/10/internal-audit-play-bigger-role/ This article stems from recent survey perceptions gathered by PWC about the importance of IT risk and the role of internal auditors in this area. The article makes a call for involvement in the entire data cycle.

Looking at risk in the SEC Form 10-K

http://ww2.cfo.com/gaap-ifrs/2014/10/grad-students-aim-to-shake-up-10-ks-risk-factors/?utm_campaign=CFOWeekly&utm_source=CFO-email&utm_medium=email&utm_content=CFOWeekly_Friday_2014-10-10&utm_term=the-economy Making the 10K suited for investor review was the aim of the winning MBA team related to a competition that had participants (4 two person teams) reviewing hundreds of 10K reports. This was the Initiative on Rethinking Financial Disclosure. Stratifying the discussion of risk factors, and providing an executive summary were two of the suggestions. An advisory committee of former SEC commisioners and other notables as well as the judges hopefully may see that some of the recommendations are taken further beyond the competition.

Audit fees in 2013

http://www.journalofaccountancy.com/News/201411070.htm According to a recent survey, regulation and inflation have driven up audit fees in 2013.

PCAOB and naming of audit partner

http://www.journalofaccountancy.com/News/201411064.htm PCAOB seeks public comments on a proposal to use "Form 5" to be filed with SEC shortly after the 10K, that would name audit partners, rather than names included within the audit report. This subject has been a topic of interest since 2009. CAQ supports this twist.

What Board members are doing about fraud risk

http://www.cgma.org/magazine/news/pages/201411058.aspx A survey indicates Board members are reaching out beyond the executive level, having more discussions about tone at the top and insider trading controls. Also read to see what they are saying about their understanding of risk appetite.