Public Policy and Technical Alert, March 2019

As part of the Center for Audit Quality’s ongoing effort to keep members and stakeholders informed on significant public policy and accounting matters, we are pleased to offer the Public Policy and Technical Alert (PPTA). Each month, the PPTA highlights and examines the regulatory, standard-setting, legislative, and broader financial reporting developments impacting the public company audit profession. Please note that the PPTA is intended as general information and should not be relied upon as being definitive or all-inclusive. The CAQ encourages member firms to refer to the rules, standards, guidance, and other resources in their entirety at the hyperlinks provided below. All entities should carefully evaluate which requirements apply to their respective organizations.

In This Issue:

PCAOB

• PCAOB staff provides guidance in advance of CAM effective dates
• PCAOB posts 2019 Staff Inspections Outlook for Audit Committees

SEC

• SEC adopts rules to implement FAST Act mandate to modernize and simplify disclosure
• SEC proposes offering reforms for business development companies and registered closed-end funds
• SEC accepts 2019 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy

FASB

• FASB issues new, proposed ASUs
• Summary of March 6 FASB Board Meeting

International

• UK audit regime to be replaced with new regulator
• FRC consults on stronger going concern standard for auditors
• FRC issues position paper on next steps for the development of ethical and auditing standards
• IFRS Foundation publishes project summaries
• IFRS Foundation publishes IFRS Taxonomy 2019
• IOSCO publishes first annual work program to enhance the efficacy of its work

AICPA

• AICPA PEEC has adopted new and revised interpretations of the “Independence Rule”
• AICPA issues guidance on prior-period audits
• AICPA FinREC taps BDO’s Angela Newell as chair

Other Developments

• IIA survey identifies potential misalignment in corporate risk landscape
• U.S. senators push for stronger cybersecurity by public companies

CAQ

• CAQ comments on SEC’s “Request for Comment on Earnings Releases and Quarterly Reports”

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