2019 taxonomies accepted by the SEC
The FASB announced
that the SEC has accepted the 2019 GAAP Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy.
2019 Staff Inspections Outlook for Audit Committees posted
The PCAOB issued
the 2019 Staff Inspections Outlook for Audit Committees (Outlook)
, which supplements the 2019 Inspections Outlook issued
in December 2018. The Outlook
includes (i) the PCAOB’s key areas of focus during its 2019 inspections cycle, including areas such as addressing repeat deficiencies and auditor independence, and (ii) relevant topics and sample questions that audit committees may choose to discuss with their auditors, including changes in the auditor’s report and the auditor’s PCAOB inspection results and related corrective actions.
Institute of Internal Auditors
Report on balancing internal audit responsibilities released
The Internal Audit Foundation of the Institute of Internal Auditors released
a research report, Striking an Optimal Balance Between Assurance and Consulting Services – Practical Insights from Internal Audit Leaders
. The report includes key practices for maintaining objectivity when internal audit functions dedicate 20% or more of their resources to advisory work.
The IASB issued the March 2019 Update
summarizing tentative decisions reached during its March public meetings.
In addition, the IASB’s IFRS Interpretations Committee issued the March 2019 Update
summarizing the decisions reached by the Committee during its March public meetings.
Grant Thornton LLP recently issued a comment
letter to the AICPA’s Professional Ethics Executive Committee’s (PEEC) exposure draft, Staff Augmentation Arrangements
, as well as a comment
letter on PEEC’s second proposal on State and Local Government Client Affiliates
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