August 3, 2018

Public Policy and Technical Alert, July 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 posts updated standard-setting agenda

SEC

  • SEC approves amendments and issues Concept Release related to Securities Act Rule 701, Regulation ATS
  • SEC proposes rules to simplify and streamline disclosures in certain registered debt offerings

FASB

  • FASB issues new ASUs

International

  • IAASB proposes changes to ISA 315
  • IAASB approves revised ISA 540
  • IFAC updates guide to auditing smaller companies
  • IASB publishes educational resources to support IFRS 17 implementation
  • FRC proposes revisions to auditing accounting estimates

Other Developments

  • AICPA proposes SSAE to increase flexibility in attestation engagements

U.S. Congress

  • House passes ‘JOBS Act 3.0’

CAQ

  • CAQ comments on SEC’s proposed amendments to auditor independence rules
  • CAQ comments on SEC’s draft strategic plan
  • CAQ publishes roadmap for future auditors
  • CAQ publication promotes understanding of CAMs

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