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Exposure Draft Released for A&A Guide: Construction Contractors
Share your feedback with the AICPA on this working draft that offers new illustrative financial statements to help apply the accounting guidance in FASB ASC 606 Revenue Recognition and ASC 842 Leases to private construction contractors’ financial statements. The AICPA is seeking feedback from preparers of financial statements, practitioners, and other interested parties. 

Click here to send comments via email by July 12. 

New Approach to Quality Management Proposed by ASB
The AICPA Auditing Standards Board (ASB) is proposing the creation of a new quality management section in the AICPA Professional Standards. The proposal would supersede Statement on Quality Control Standards No. 8 and SAS No. 122, as amended, Section 220, Quality Control for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards.

The standards the ASB is proposing:

  • Include a new, proactive, risk-based approach to quality management systems within firms.
  • Are designed to improve the scalability of standards because the risk-based approach promotes a system tailored to the nature and circumstances of an individual firm and its engagements.
  • Are based on the International Auditing and Assurance Standards Board’s quality management standard.
  • Use the terms “quality management” instead of “quality control,” and “engagement quality review” instead of “engagement quality control review.”

Read more in the Journal of Accountancy.

Click here to view the Exposure Draft.

Register for AICPA's Proposed Quality Management Standards Roundtables
June 10,  June 17, or June 24

Click here to send comments via email through August 31, 2021.

Exposure Drafts

The AICPA issues a variety of exposure drafts to solicit input on its standards-setting activities that include the areas of Auditing & Attestation; Preparation, Compilation & Review; Peer Review; Personal Financial Planning; Professional Ethics; and Tax. 

Click here to view all Exposure Drafts.