CPA Letter articles from March 2006

CPA Letter archives from March 2006

Interagency advisory issued on use of limitation of liability provisions in external audit engagement letters, as AICPA urged.(news update)
March 1, 2006... The Federal Financial Institutions Examination Council, on behalf of the five major banking regulatory agencies, has issued a Final Advisory informing financial institutions not to enter into external audit engagement letters that incorporate...

FFIEC white paper says to use XBRL in call reports.(Extensible Business Reporting Language)(Federal Financial Institutions Examination Council)(Brief article)
March 1, 2006... A white paper recently issued by the Federal Financial Institutions Examination Council on the use of XBRL in call reports says it "plays a significant role as an enabling technology throughout the supply chain, delivering significant benefits...

SEC gives incentive for companies filing using XBRL.(Securities and Exchange Commission)(Extensible Business Reporting Language)(Brief article)
March 1, 2006... The Securities and Exchange Commission continues to promote the investigation of the use of interactive data (XBRL) for companies filing with the commission. The SEC is now offering an incentive to companies that do so, and is encouraging more...

AICPA Survey: CPA executives optimistic about economy, workforce.
March 1, 2006... Most CPAs who serve as chief executive officers, chief financial officers and in other high-level corporate decision-making positions are optimistic about the economy and many are predicting workforce increases in their companies, according to...

AICPA members with CISA credential can receive CITP credential.
March 1, 2006... CPAs holding the Certified Information Systems Auditor credential from ISACA are now automatically eligible to receive the AICPA's Certified Information Technology Professional designation if they are Institute members, according to an...

AICPA employee benefit plan audit quality center issues document to help plan sponsors hire plan auditors.
March 1, 2006... In connection with its ongoing efforts to improve ERISA audit quality, the AICPA Employee Benefit Plan Audit Quality Center has issued a tool to assist plan sponsors and other stakeholders in hiring qualified auditors for their employee benefit...

AICPA-sponsored management accounting award given to harvard professor.
March 1, 2006... Robert S. Kaplan, Baker Foundation Professor at the Harvard Business School, has received the 2006 Lifetime Contribution Award from the Management Accounting Section of the American Accounting Association. The AICPA sponsors the award. The...

AICPA sponsors Weekly Reader to help 4th graders get Smart about saving.
March 1, 2006... The Feb. 13 issue of Weekly Reader Grade 4 magazine will include "Budget Buzz: Be Smart About Saving," a special issue sponsored by the AICPA as part of its national 360 Degrees of Financial Literacy campaign and Academic and Career Development...

Public meeting notices.(Calendar)
March 1, 2006... Auditing Standards Board: Apr. 25-27, Savannah, Ga. As a result of an investigation of alleged violations of the Codes of Professional Conduct of the AICPA and/or state CPA societies, the following ethics case has been resolved by...

Task force releases recommendations for enhancing peer review transparency.
March 1, 2006... At a meeting of the AICPA Board of Directors last month, an AICPA special task force released a set of recommendations to enhance the transparency of the Institute's Peer Review Program. The task force addressed the input of users and CPAs on...

Firms terminated from Peer Review Program.(disciplinary action)(Brief article)
March 1, 2006... Effective Nov. 30, 2005, the following firms were terminated from the AICPA Peer Review Program for failure to cooperate with the AICPA Peer Review Board. Hearing panels deemed these firms failed to submit documentation evidencing completion of...

New hit online game lets students "run" record company to get interested in accounting.
March 1, 2006... High school and college students who wonder what it would be like to run a record company may now get a taste through a new online business simulation produced as part of the AICPA's "Start Here. Go Places." student recruitment campaign. The...

FASB issues proposal on fair value reporting options.(accounting & auditing news)
March 1, 2006... The Financial Accounting Standards Board has issued an exposure draft that would provide companies with the option to report selected financial assets and liabilities at fair value. Under the option, any changes in fair value would be included...

TPAs released on non-registered investment partnership issues.(accounting & auditing news)
March 1, 2006... The AICPA staff has issued a set of technical practice aid questions and answers related to presentation and disclosure issues faced by non-registered investment partnerships. Visit www.aicpa.org/members/div/acctstd/general/recent_tpas.asp to...