Public Policy and Technical Alert, August 2018

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 report on 2017 inspections of broker-dealer auditors
• PCAOB updates staff guidance on changes to the auditor’s report
• PCAOB seeks public comment on draft five-year strategic plan

SEC

• SEC adopts amendments to simplify and update disclosure requirements
• SEC Division of Corporation Finance to continue to enhance transparency of staff actions
• SEC Division of Corporation Finance issues compliance guide to new definition of smaller reporting company
• SEC Division of Corporation Finance updates C&DIs

FASB

• FASB seeks public companies for segment reporting study
• FASB issues new, proposed ASUs
• FASB issues changes to Conceptual Framework

Other Developments

• AICPA issues working drafts on credit loss accounting issues

CAQ

• CAQ comments on IESBA paper on professional skepticism
• CAQ issues alert on broker’s and dealer’s use of a service organization
• CAQ issues new ‘Profession in Focus’ videos

Upcoming Events