CPA Success
CPA Success
http://www.macpa.org/blog/category/13/legislative---regulatory/files/sb_444_support.doc?i=85&watch=rss
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2016
blog@macpa.org (CPA Success)
Sun, 06 Mar 2016 04:25:38 GMT
Sun, 06 Mar 2016 04:25:38 GMT
BryceWebGroup.Blast
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Small businesses get a one-year SOX breather
<p><img title="Sec" alt="Sec" src="http://www.macpa.org/blog/resources/assets/1596686001.jpg"
border="0" style="FLOAT: right; MARGIN: 0px 0px 5px 5px" />That noise you're hearing? It's a
collective sigh of relief from small companies everywhere.</p> <p>The <a
href="http://www.sec.gov/">SEC</a> is giving small businesses -- those with market capitalizations of
$75 million or less -- <a href="http://www.macpa.org/Content/24268.aspx">an extra year to comply
with the auditor attestation requirement</a> in Section 404(b) of the <a
href="http://www.macpa.org/Content/21552.aspx">Sarbanes-Oxley Act</a>. That means the
attestation reports must appear in small businesses' annual reports for fiscal years that end on Dec. 15,
2009 or later.</p> <p>The SEC also has been given the green light to study the impact that complying
with <a href="http://www.macpa.org/Content/21553.aspx">Section 404</a> is having on small
businesses. &quot;Companies, especially small ones, have consistently complained that the costs to
comply are unreasonably high,&quot; <a href="http://www.cfo.com/article.cfm/11606581">writes
CFO.com's Stephen Taub</a>. &quot;Most small companies vigorously dispute the SEC's original
assertion that compliance should cost them an average of $91,000 in their first year of
compliance.&quot;</p> <p>The SEC expects the results of its study to be released sometime during
the extension period.</p><!-- Imported Assets -->
http://www.macpa.org/blog/2602/small-businesse
bill@macpa.org(Bill Sheridan)
Fri, 20 Jun 2008 12:57:00 GMT
http://www.macpa.org/blog/2602/small-businesse
COSO drafts new internal control guidance
<p><img title="Draft" alt="Draft" src="http://www.macpa.org/blog/resources/assets/379602743.jpg"
border="0" style="FLOAT: right; MARGIN: 0px 0px 5px 5px" />It's been a while since we've heard
from the folks at <a href="http://www.coso.org/">COSO</a>. That usually means they've been
busy.</p> <p>COSO -- that's the Committee of Sponsoring Organizations of the Treadway
Commission -- has released <a href="http://www.coso.org/guidance.htm">an exposure draft of
guidance</a> designed to help companies monitor the quality of their internal controls.</p> <p>The
exposure draft &quot;includes the <a href="http://www.macpa.org/Content/22574.aspx">principles of
effective internal control</a> over financial reporting developed by COSO in 2006, and reiterates the
importance of those principles to all organizations, regardless of size,&quot; <a
href="http://www.macpa.org/Content/24260.aspx">COSO writes</a>. &quot;The project’s scope has
been extensive, comprising the fundamentals of monitoring and an in-depth examination of various
types of information normally available in an organization — information that could be used to
monitor the effectiveness of internal control.</p> <p>Public comments on the exposure draft are being
accepted through Aug. 15, 2008.</p> <p>Other internal control resources:</p> <ul><li><a
href="http://www.macpa.org/Content/21553.aspx">the MACPA's internal control resource
center</a></li> <li>&quot;Emerging Internal Control Best Practices,&quot; a session on Day 2 of the
Maryland Business and Accounting Expo. <a href="http://www.macpa.org/Content/23868.aspx">Get
details and register here.</a></li> <li><a
href="http://www.pcaobus.org/Standards/Standards_and_Related_Rules/Auditing_Standard_No.2.asp
x">the PCAOB's internal control resources</a></li> <li><a
href="http://thecaq.aicpa.org/Resources/Sarbanes+Oxley/">the AICPA's Sarbanes-Oxley
resources</a></li></ul><!-- Imported Assets -->
http://www.macpa.org/blog/2610/coso-drafts-new
bill@macpa.org(Bill Sheridan)
Tue, 10 Jun 2008 21:26:19 GMT
http://www.macpa.org/blog/2610/coso-drafts-new
More resources surface as IFRS gains traction
<p><img title="International" alt="International"
src="http://www.macpa.org/blog/resources/assets/1218074719.jpg" border="0" style="FLOAT: right;
MARGIN: 0px 0px 5px 5px" />Get used to it, folks: International financial reporting standards, or <a
href="http://www.cpasuccess.com/2008/04/when-should-you.html">IFRS</a>, are here to stay.</p>
<p>IFRS took <a href="http://www.cpasuccess.com/2008/05/do-you-speak-if.html">another step
toward full-fledged U.S. adoption</a> when the American Institute of CPAs officially recognized the
<a href="http://www.iasb.org">International Accounting Standards Board</a> as a standard-setter for
the profession. That gives AICPA members the option of using IFRS instead of U.S. generally
accepted accounting principles.</p> <p>With that milestone in place, the <a
href="http://www.aicpa.org">AICPA</a> has released a number of resources that explain the IFRS
concept and answer IFRS-related questions from a number of different perspectives. Check out the
following:</p> <ul><li><a href="http://www.ifrs.com">An IFRS Web site</a> that offers tools
designed to help CPAs prepare for the arrival of the IFRS in the United States</li> <li><a
href="http://www.macpa.org/Content/24228.aspx">Answers to frequently asked questions about
IFRS</a></li> <li><a
href="http://www.macpa.org/content/Public/Documents/PDF/IFRS_background.pdf">An 11-page
&quot;backgrounder&quot;</a> that explains the IFRS concept and the AICPA's participation, and
offers detailed explanations of what CPAs need to know</li> <li><a
href="http://www.macpa.org/content/Public/Documents/PDF/IFRS_audit.pdf">An IFRS primer for
audit committees</a>, a four-page document that summarizes IFRS from an audit committee
perspective</li></ul> <p>These and other IFRS resources, along with related news headlines and
training opportunities, are available on <a href="http://www.macpa.org/Content/23860.aspx">the
MACPA's IFRS resource center</a>.</p> <p>Check out these resources, then tell us: Are you ready
for the inevitable arrival of IFRS?</p> <p><strong>Learn more at the Expo<br /></strong>IFRS will
be among the topics covered at the first-ever Maryland Business and Accounting Expo, slated for June
17-18 at the Baltimore Convention Center. <a href="http://www.mdbizexpo.com">Get details about
the Expo and register here.</a></p><!-- Imported Assets -->
http://www.macpa.org/blog/2627/more-resources
bill@macpa.org(Bill Sheridan)
Fri, 23 May 2008 20:35:58 GMT
http://www.macpa.org/blog/2627/more-resources
ERISA audit deficiencies raise concerns
<p><img title="Dol" alt="Dol" src="http://www.macpa.org/blog/resources/assets/1726240861.jpg"
border="0" style="FLOAT: right; MARGIN: 0px 0px 5px 5px" />First, the bad news: <a
href="http://www.macpa.org/Content/24217.aspx">Three out of every 10 employee benefit plan audits
in Maryland fail to meet minimum requirements</a> for professional standards, according to the <a
href="http://www.dol.gov/">Department of Labor</a>. That means more than $38 billion in Maryland
plan assets are currently at risk due to deficient audits.</p> <p>“In our view, this rate is both
abnormally high and disconcerting,” Department of Labor Chief Accountant <a
href="http://www.dol.gov/ebsa/aboutebsa/org_chart.html#section9">Ian Dingwall</a> told me
recently.</p> <p>Maryland isn't alone. Deficiency rates for the country as a whole are nearly as high.
And thanks to a rule that will soon require 403(b) plans to be audited just as 401(k)s are today, the
number of audits being done will soon rise by up to 10 percent, and DOL officials worry the number of
deficient audits will rise with them.</p> <p>Read more about the potential causes and impacts of the
deficiencies <a href="http://www.macpa.org/Content/24217.aspx">here</a>.</p> <p>Now, the good
news: CPAs and DOL officials are joining forces to try to improve those numbers. Here are just of a
few of the ways in which they are doing so:</p> <ul><li>A “boot camp” for auditors of employee
benefit plans. The one-day event will be run jointly by the <a
href="http://www.macpa.org/">MACPA</a> and the DOL in an effort to educate new and incoming
auditors about the essentials of conducting ERISA audits. The date and location of the “boot camp”
will be announced shortly.</li> <li>A session at the first-ever <a
href="http://www.macpa.org/Content/23868.aspx">Maryland Business and Accounting Expo</a>,
scheduled for June 17 and 18 at the Baltimore Convention Center. The session will be led by Dingwall,
who will discuss the situation in detail and possible solutions for improving the quality of ERISA
audits in Maryland.</li> <li><a
href="http://www.bizlearning.net/learningcenter/customizedtraining/search_results_inHouse.cfm?curri
culum=&amp;topic=&amp;keyword=erisa&amp;title=&amp;type=&amp;code=&amp;acronym=">A
number of on-site training programs</a> offered by the MACPA and designed to educate auditors on
the proper ways to conduct the audits.</li> <li>An “oversight task force” made up of members of the
MACPA’s Board of Directors. The task force will take a closer look at the DOL’s initiative and
monitor the progress being made by Maryland auditors.</li></ul> <p>There are a number of other
resources available as well, all of them designed to increase the proficiency of employee benefit plan
auditors. They include the following:</p> <ul><li><a
href="http://www.macpa.org/Public/Catalog/CourseDetails.aspx?courseID=08111042A">Employee
Benefit Plans: Audit and Accounting Essentials</a>, an MACPA program scheduled for Sept. 24,
2008</li> <li><a
href="http://www.macpa.org/Public/Catalog/CourseDetails.aspx?courseID=08112015">Retirement
Planning Strategies for Executives and Business Owners</a>, an MACPA program scheduled for Nov.
24, 2008</li> <li><a
href="http://www.macpa.org/Public/Catalog/CourseDetails.aspx?courseID=09111108A">Audits of
401(k) Plans</a>, an MACPA program scheduled for May 8, 2009</li> <li><a
href="http://ebpaqc.aicpa.org/">The AICPA's Employee Benefit Plan Audit Quality Center</a></li>
<li><a href="http://ebpaqc.aicpa.org/Resources/Audit+Quality+and+Auditor+Selection/">Audit
quality and auditor selection tools from the AICPA</a></li></ul> <p>What's your take on these
deficiencies? What else should be done to improve audit quality?</p> <p><strong>Learn more at the
Expo</strong><br />DOL Chief Accountant Ian Dingwall will be on hand to discuss audit quality in
person at the first-ever Maryland Business and Accounting Expo, slated for June 17-18 at the
Baltimore Convention Center. <a href="http://www.macpa.org/Content/23868.aspx">Get details about
the Expo and register here.</a></p><!-- Imported Assets -->
http://www.macpa.org/blog/2629/erisa-audit-def
bill@macpa.org(Bill Sheridan)
Tue, 20 May 2008 21:32:50 GMT
http://www.macpa.org/blog/2629/erisa-audit-def
Tag that data: SEC proposes XBRL mandate
<p><img title="Xbrl_logo" alt="Xbrl_logo"
src="http://www.macpa.org/blog/resources/assets/764832109.jpg" border="0" style="FLOAT: right;
MARGIN: 0px 0px 5px 5px" />As expected (and <a href="http://www.cpasuccess.com/2008/04/xbrlmandate-on.html">reported earlier</a>), the <a href="http://www.sec.gov">SEC</a> has put forth a
timetable that leads to the required use of <a href="http://www.xbrl.org/Home/">XBRL</a> in the
preparation of financial statements.</p> <p>XBRL, of course, stands for eXtensible Business
Reporting Language. It's a language that helps companies electronically communicate their business
and financial data to investors, analysts and other people who need that information. <a
href="http://www.cpasuccess.com/2008/04/four-key-ways-x.html">Skeptics exist</a>, but supporters
are convinced the technology <a href="http://www.cpasuccess.com/2008/03/the-abcs-ofxbr.html">could revolutionize the financial-reporting process</a>.</p> <p>Either way, XBRL is now
a mandate, with the SEC proposing a three-year timeframe for adoption. &quot;The plan,&quot; writes
<a href="http://www.cfo.com/article.cfm/11367744">CFO.com's Alan Rappeport</a>, &quot;initially
would require companies with market capitalization of more than $5 billion —- about 500 firms total — to make disclosures in XBRL format beginning in the fiscal periods ending in late 2008. They
would become public in that format in early 2009. The following year, all other companies that file
their statements using U.S. generally accepted accounting principles would have to follow suit. In the
third year of the proposal, international companies that file with the SEC using international financial
reporting standards would also be required to file in XBRL format.&quot;</p> <p>The sooner the
better, according to <a href="http://www.macpa.org/Content/24208.aspx">this AICPA
whitepaper</a>. Titled &quot;&quot;The Shifting Paradigm in Business Reporting and
Assurance,&quot; the paper claims that private and public companies alike will benefit from the
adoption of XBRL and <a href="http://www.macpa.org/Content/21657.aspx">Enhanced Business
Reporting</a>.</p> <p>&quot;The current reporting and assurance model does not effectively meet
user needs in today's global markets,&quot; said Alan Anderson, chair of the AICPA's Assurance
Services Executive Committee. &quot;We wrote this paper to highlight changes in the global business
environment and help organizations understand and appreciate emerging reporting needs.</p>
<ul><li><a
href="http://www.aicpa.org/Professional+Resources/Accounting+and+Auditing/BRAAS/Assurance_S
ervices_Executive_Committee.html">Download the white paper in its entirety.</a></li></ul>
<p>What's <em>your</em> take on XBRL and this new era of business reporting?</p>
<p><strong>Learn more at the Expo</strong><br />XBRL will be discussed in detail during a session
at the first-ever Maryland Business and Accounting Expo, slated for June 17-18 at the Baltimore
Convention Center. Get details about the Expo <a href="http://www.mdbizexpo.com/">here</a>, then
register <a href="http://www.macpa.org/Content/23868.aspx">here</a>.</p><!-- Imported Assets -->
http://www.macpa.org/blog/2636/tag-that-data-s
bill@macpa.org(Bill Sheridan)
Wed, 14 May 2008 19:56:55 GMT
http://www.macpa.org/blog/2636/tag-that-data-s