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Exposure Draft of Yellow Book Revisions
Expected Soon
The Government Accountability Office plans to electronically issue the
new revision of
Government
Auditing Standards (The Yellow Book) in late January 2007, with all
sections finalized except for the quality assurance and peer review sections
in chapter 3. Printed versions of Government Auditing Standards, 2007
Revision, will be available after the quality assurance and peer review
sections are finalized and incorporated into the standards. Current
anticipated time frame is late spring of 2007. The effective date for the
2007 revision of Government Auditing Standards will be either October
1, 2007, or January 1, 2008, depending on the timing and final content of
the fully completed 2007 revision.
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Generally Accepted Privacy Principles
Targets Broader Business Audience
Expanding the previous 2003 privacy framework
to reach a broader business audience, the AICPA and the Canadian Institute
of Chartered Accountants recently published
Generally Accepted Privacy Principles (GAPP) – a Global Privacy Framework.
The release of GAPP is available in two versions, one for business and
management and the other for CPAs in public practice that provide consulting
and attestation services. The new GAPP expands on the framework to directly
address marketplace trends such as outsourcing and the growing international
focus on privacy. It also includes a new section that provides step-by-step
guidance on how businesses and other entities can use the document. A
downloadable version of GAPP, along with additional privacy resources, can
be found on the AICPA
web site or the
CICA web site.
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Two Michiganders Selected for IRS
Information Reporting Program Advisory Committee
Two Michigan residents are among eight new
members selected by the IRS for the
Information Reporting Program Advisory Committee (IRPAC). The appointees
join 15 returning members who are in the second or third year of their
three-year terms. The two appointees from Michigan are Ralph Zerbonia, tax
principal, UHY Advisors, Inc., Southfield; and Richard Hollingsworth, a
manager of tax information returns, H&R Block Financial Advisors, Inc.,
Detroit. Both are members of MACPA. The committee’s purpose is to provide an
organized public forum for discussion of relevant tax administration issues
between IRS officials and representatives of the public.
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MAP Survey Results: CPA Firms Grow
Despite Decrease In Mergers
CPA firms are experiencing strong growth with
76 percent reporting an increase in firm size in the last year, according to
benchmark data in the 2006 National Management of an Accounting Practice
(MAP) Survey conducted by the Private Companies Practice Section (PCPS) of
the AICPA and the Texas Society of Certified Public Accountants (TSCPA).
Survey results were released to participants in October 2006; however the
PCPS recently published a free
10-page analysis, which provides CPA firms with a quick introduction to
survey results. MACPA members may also view
customized results for the state of Michigan or visit the
MACPA
web site for more information. Survey data covers areas such as billing
rates, expenses, revenue, realization, service offerings, staffing,
marketing and benefits.
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COSO Selects Grant Thornton for Internal
Control Project
The Committee of Sponsoring Organizations of
the Treadway Commission (COSO) commissioned
Grant Thornton LLP to develop guidance designed to help organizations
monitor the quality of their internal control systems. The end product will
serve as a tool for effectively monitoring internal controls, as well as
complying with the Sarbanes-Oxley Act of 2002. A project white paper
is expected in early spring, 2007. The monitoring tool, scheduled for
completion in early 2008, will include leading practices at large and small
organizations and in-depth guidance for implementing the monitoring
component of COSO’s Internal Control — Integrated Framework (IC
Framework).
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