12/3/07 -- Updated AICPA Audit Risk Alerts Are Now Available.
The American Institute of Certified Public Accountants (AICPA)
recently updated six Audit Risk Alerts (ARAs) for 2007/2008:
- ARA, Compilation and Review Alert;
- ARA, Independence and Ethics Alert;
- ARA, SEC and PCAOB Alert;
- ARA, Real Estate Industry Developments;
- ARA, Construction Contractors Industry Developments;
and
- ARA, Investment Companies Industry Developments.
ARAs are Other Auditing Publications, as defined in
AU Section 150, Generally Accepted Auditing Standards,
and have no authoritative status, nor have they
been approved, or otherwise acted on by an AICPA
senior technical committee. According to the AICPA,
an auditor applying the auditing guidance included
in an ARA should be satisfied that, in her or his
judgment, it is both appropriate and relevant.
11/6/07 -- AICPA Partners With U.S. Small Business Administration.
On November 1 the American Institute of Certified Public Accountants
(AICPA) signed a Strategic Alliance Agreement with the U.S.
Small Business Administration (SBA). It also endorsed legislation
that would limit the authority of states to withhold the income
tax of nonresidents. Both steps were taken to streamline and
simplify accounting for small businesses.
An AICPA press release said that greater access to the SBA's
programs and nationwide network will benefit accounting firms
with small business clients that are financing start-ups or
expansions, or recovering from natural disasters such as the
recent fires in California. The SBA will be able to market
and deliver its products and services through the AICPA's
network of 44,000 accounting firms nationwide.
A press release from the SBA added that to maintain their alliance,
the organizations will provide each other with (a) timely
information on their programs and services, (b) speakers for
events upon request, and (c) hyperlinks to each other's websites.
The AICPA and SBA will also choose points of contact to serve
as liaisons between each other.
H.R. 3359, the Mobile Workforce State Income Tax Fairness
and Simplification Act of 2007, would create a uniform
national standard for state withholding of nonresident income
tax. The AICPA said in a press release that such a standard
would be especially helpful to small businesses.
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