PCAOB ISSUES GUIDANCE FOR BROKER-DEALER AUDITORS
Washington, D.C. -- The Public Company Accounting Oversight Board has released staff guidance to help auditors of brokers and dealers registered with the Securities and Exchange Commission to plan and perform audits in accordance with PCAOB standards as mandated by the Dodd-Frank Act and SEC rules.
The SEC amendments and PCAOB standards are effective for fiscal years ending on or after June 1, 2014. Prior to the effective date, those broker-dealer audits were performed under generally accepted auditing standards.
SEC ENFORCES XBRL MANDATE
Washington, D.C. -- The Securities and Exchange Commission has begun sending letters to public companies that fail to file their financials with all the necessary data using Extensible Business Reporting Language technology.
The SEC began requiring the largest public companies to file their financial statements using XBRL in 2009 and phased in the requirements for smaller issuers over the next two years. XBRL technology uses a data-tagging format that is supposed to make it easier for investors and analysts to compare financial information across companies and industries.
AICPA ISSUES AUDITING INTERPRETATIONS STANDARDS
New York -- The American Institute of CPAs' Auditing Standards Board has issued two new auditing interpretations in response to the Governmental Accounting Standards Board's new pension reporting standards. The Auditing Standards Board's new interpretations pertain to the following sections of SAS No. 122, Statements on Auditing Standards: Clarification and Recodification, as amended: Section 500, Audit Evidence; and Section 805, Special Considerations - Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement. The interpretations aim to help both plan and employer auditors who are auditing entities that participate in agent multiple-employer plans and implementing the new standards.
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