Public Policy and Technical Alert, October 2017

As part of the Center for Audit Quality’s ongoing effort to keep members and stakeholders informed on significant public policy and accounting matters, we are pleased to offer the Public Policy and Technical Alert (PPTA). Each month, the PPTA highlights and examines the regulatory, standard-setting, legislative, and broader financial reporting developments impacting the public company audit profession. Please note that the PPTA is intended as general information and should not be relied upon as being definitive or all-inclusive. The CAQ encourages member firms to refer to the rules, standards, guidance, and other resources in their entirety at the hyperlinks provided below. All entities should carefully evaluate which requirements apply to their respective organizations.

In This Issue:

PCAOB

• PCAOB issues staff audit practice alert on matters related to auditing revenue from contracts with customers
• PCAOB posts standard-setting agenda

SEC

• SEC approves new PCAOB standard for expanded audit reports
• SEC proposes rules to implement FAST Act mandate to modernize and simplify disclosure
• SEC Division of Corporation Finance updates C&DIs

FASB

• FASB issues proposed ASU – Codification improvements

International

• IASB issues narrow-scope amendments to IFRS 9 and IAS 28

CAQ

• CAQ alerts summarize potential risk areas for 2017 audit cycle
• CAQ releases 2017 Main Street Investor Survey
• Anti-Fraud Collaboration releases fourth case study
• CAQ issues new ‘Profession in Focus’ video

Upcoming Events