Technical Q&A for prior period audits amended
The AICPA has issued
amended AICPA Technical Questions and Answers
) Section 8100.03, “Using Current Auditing Standards for Audits of Prior Periods.” The Q&A
clarifies which auditing standards the auditor should apply when auditing financial statements that are as of or for a period ended prior to the effective date of auditing standards currently in effect, in accordance with AU-C Section 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards
. The Q&A
provides an illustrative example and deletes the prior guidance under Section 8100.03.
Audit and Accounting Guides issued
The AICPA issued updated versions of the following Audit and Accounting Guides:
Webinars on critical audit matters announced
- Credit Losses (the update includes implementation issues on certain accounting topics)
- Employee Benefit Plans
- Not-for-Profit Entities
The PCAOB announced two webinars to take place on April 25
and May 8
for auditors on the implementation of the new critical audit matter (CAM) requirements. Both webinars will cover the same material, which will include CAM determination, communication, and documentation requirements. Registration is required by April 23 and May 6, respectively.
New taxonomy available
The IFRS Foundation has published
the IFRS Taxonomy 2019
, which includes changes resulting from updates made to the 2018 publication.
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