What to expect from the PCAOB in 2016

Posted By: Edith Orenstein on November 21, 2015 in Accounting & Auditing&Legislative / Regulatory
In remarks at the Public Company Accounting Oversight Board’s recent Standing Advisory Group meeting, PCAOB Chairman Jim Doty indicated further evolution may be afoot next year as the PCAOB completes an introspective look at its own standards-setting process. “Both the Board and staff organization-wide have devoted considerable effort to our review of our standards-setting program this year,” said Doty, Standard-setting process “While most of this work is behind the...

Engagement partner rule expected in December: PCAOB chair

Posted By: Edith Orenstein on November 19, 2015 in Accounting & Auditing&Legislative / Regulatory
The Public Company Accounting Oversight Board expects to vote in December on a final rule − part of its "audit transparency" initiative − which, if adopted, would require disclosure of the name of the engagement partner for every public company audit. This update was provided by PCAOB Chairman James Doty in remarks at a meeting of the audit overseer’s Standing Advisory Group last week. Evolution of engagement partner disclosure Engagement partner disclosure...

DOL offers tips for selecting an employee benefit plan auditor. Do you measure up?

Posted By: Bill Sheridan on November 16, 2015 in Accounting & Auditing&Legislative / Regulatory
If you’re a CPA who conducts audits of employee benefit plans, heads-up: The Department of Labor is telling your potential clients what they need to look for in an auditor. DOL Chief Accountant Ian Dingwall’s office has begun sending letters to everyone who administers “large” employee benefit plans (those with more than 100 participants, which is the number that requires an annual independent audit). The letter alerts administrators about the importance of a quality audit by...

Lumière et amour

Posted By: Bill Sheridan on November 13, 2015 in Leadership / Management
We’ve made much here about the need to stay ahead of the pace of change and complexity. It’s not an easy thing to do, but a mindset devoted to adaptation and anticipation can give us a huge leg up more often than not. Sometimes, even that’s not enough. Sometimes, no matter how hard we try, there’s no anticipating the kinds of changes that hit us the hardest. Paris is a perfect example. There really are no words, except to say our hearts go out to France today. Most of us...

Excited, amazed, relieved: How it feels to be a new CPA

Posted By: Edith Orenstein on November 13, 2015 in Leadership / Management
How does it feel to become a CPA? “It’s amazing,” says Su Letya, one of the 89 new CPAs feted by close to 300 guests − including family, friends, honorees, and members − at “Celebrate the Profession,” the MACPA’s 2015 Newly-Licensed CPA Swearing-in Ceremony at the Hilton BWI. Letya cites the wealth of education and knowledge gained through earning her CPA and believes it will open doors to “a lot more opportunity.” One such...