June 8, 2018

Public Policy and Technical Alert, May 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 publishes 2017 Annual Report
  • PCAOB announces senior staff departures

SEC

  • SEC proposes amendments to auditor independence rules
  • SEC Division of Corporation Finance updates C&DIs
  • Commissioner Piwowar announces departure
  • New SEC infographics illustrate the structure of financial reporting

FASB

  • FASB issues codification improvements to Topic 942
  • FASB member Harold Monk steps down

International

  • FRC publishes Audit Culture Thematic Review
  • IESBA consults on professional skepticism
  • IAASB seeks stakeholder views on future strategy
  • IFRS Foundation publishes overview of proposed amendments to IAS 8

Other Developments

  • AICPA seeks comments on draft Accounting and Valuation Guide
  • AICPA issues revenue recognition working drafts
  • AICPA Trust Services Criteria now available as a free resource

CAQ

  • CAQ fact sheet helps companies meet the challenges of managing cybersecurity risk
  • CAQ posts highlights of March 13 SEC Regulations Committee meeting
  • CAQ alert helps auditors of brokers and dealers plan 2018 audits

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