Reinforcing Our Commitment to Quality
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- Rosamond Reynolds
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1 Reinforcing Our Commitment to Quality Tommye E. Barie, CPA Susan S. Coffey, CPA Tommye E. Barie, CPA Tommye Barie is a partner with Mauldin & Jenkins, LLC and a member of the Firm s Audit and Accounting Committee. Since starting her career in1983, her focus has been serving governmental entities and not-for-profit organizations with financial and compliance audits, compilations, reviews, internal audits, and consulting services. Ms. Barie has an extensive history of service to the profession. From and , she was a member of the AICPA s governing Council and from , she was a member of the AICPA s Board of Directors. She served as Chair of the AICPA s Finance Committee from and the National Accreditation Commission from Tommye will become the Chair of the AICPA in October Ms. Barie served as President of the FICPA from She is a member of the Government Finance Officers Association and the Florida Government Finance Officers Association. 2 1
2 Susan S. Coffey, CPA Susan Coffey is Senior Vice President, Public Practice & Global Alliances at the American Institute of Certified Public Accountants (AICPA). In this capacity, Ms. Coffey has overall responsibility for several programs designed to enhance the quality of AICPA member practices, including overseeing international relations initiatives and maintaining responsibility for AICPA activities related to quality assurance, professional ethics, financial reporting, assurance, taxation and CPA firm services. Ms. Coffey s responsibilities span a number of diverse communities, both domestic and international, giving her a unique, global perspective on financial reporting, auditing, assurance and ethics. This wide spectrum of experience allows her to bring broader views to problem-solving while also enhancing her ability to facilitate discussions. 3 Emerging Markets to Lead Slow Growth Mature Economies Emerging Economies 0% 2% 4% 6% 8% Rate of GDP growth Source: The Conference Board, McKinsey 2
3 More SMEs to Operate in Global Markets % No global operations 20% 67% Global operations 80% Source: International Trade Administration More SMEs to Generate Revenue from Global Markets % Without global revenue 17% 75% With global revenue 83% Source: International Trade Administration 3
4 High Satisfaction with CPA Performance 91% 87% 97% of BDMs very/somewhat satisfied with internal CPAs of BDMs very/somewhat satisfied with external CPAs of investors very/somewhat satisfied with CPAs CPAs first among financial professionals in positive perception BDM Business Decision Maker Source: Applied Research & Consulting, LLC 7 Facing CPAs this Year Accounting standards Effects of EU audit reforms Private company reporting Focus on auditors Legislation & Regulation 8 4
5 Legislative & Regulatory Key elections SEC focus on fraud JOBS 2.0 and 404(b) STEM Securities class action cases Patent holding companies DATA Act Overtime reform ERISA fiduciary definition Non-deductibility of settlements 10 5
6 Financial Reporting, Assurance and Ethics Private Company Financial Reporting FRF-SMEs New toolkit resources late June Working with state societies F/S user education campaign Regulators view as OCBOA ABA Journal said, [FRF for SMEs] could be a competitive tool for banks. PCC Private Company Framework Definition of Public Business Entity FASB issued three standards Interest rate swaps Goodwill VIE exception 12 6
7 GAAP/IFRS Convergence Convergence and IFRS 2014 FUTURE Revenue recognition standard [RELEASED] Financial instruments standards Leases standard IFRS? Principlebased Affects virtually all businesses SEC strategic plan 13 Revenue Recognition Eliminates the transaction- and industry-specific guidance and replaces it with a principle based approach Applies to all entities public, private, and not for profit that have contracts with customers with a few exceptions 5 Steps to apply the Standard: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations. Step 5: Recognize revenue when the entity satisfies each performance obligation. 14 7
8 Revenue Recognition Resources AICPA resources Business brief Learning and implementation plan Audit committee primer Non-authoritative guidance Blog posts JofA articles aicpa.org/revenuerecognition 15 PCAOB Agenda Auditor s report Engagement partner signing Cascade risk Going concern QC standards Skepticism Consulting 16 8
9 Changes in Private Company Assurance Compilation proposals Definition of attest Auditor s reporting model Going concern Performance auditing Firm Mobility 17 Finalized and Pending Ethics Projects Finalized Projects Revised Code of Professional Conduct w/ conceptual frameworks Nonattest services Partner equivalents Subordination of judgment Conflicts of interest Pending Projects Breaches Definition of Client Firm mergers 18 9
10 Restructured Ethics Code Released Intuitively arranged User-friendly online code: aicpa.org/newcode Enforceable rules and principles not changed Minimum substantive changes to interpretations Non-authoritative guidance referenced Effective December 15, 2014 Additional year for Conceptual Frameworks 19 Four Parts Preface Structure of the Codification Rules of Conduct / Application of Code Principles of Professional Conduct Definitions Nonauthoritative Guidance New, Revised, and Pending Standards Deleted Interpretations Part 1 Members in Public Practice Part 2 Members in Business Part 3 All Other Members Appendix A Council Resolution Designating Bodies To Promulgate Technical Standards Appendix B - Council Resolution Concerning Form of Organization and Name Rule Appendix C Revision History Table Appendix D Mapping Document 20 10
11 Part 1 Members In Public Practice - Topics INTRODUCTION INTEGRITY AND OBJECTIVITY INDEPENDENCE GENERAL STANDARDS COMPLIANCE WITH STANDARDS ACCOUNTING PRINCIPLES ACTS DISCREDITABLE FEES AND OTHER TYPES OF REMUNERATION CONTINGENT FEES COMMISSIONS AND REFERRAL FEES ADVERTISING AND OTHER FORMS OF SOLICITATION CONFIDENTIAL INFORMATION FORM OF ORGANIZATION AND NAME 21 Independence Sub-topics Conceptual Framework Approach Accounting Firms Affiliates, including Governmental Units Reissued Reports Engagement Contractual Terms Fees Financial Interests Trusts and Estates Participation in Employee Benefit Plans Depository, Brokerage and Other Accounts Insurance Products Loans, Leases, and Guarantees Business Relationships Family Relationships with Attest Clients Employment or Association with an Attest Client Memberships Gifts and Entertainment Actual or Threatened Litigation Nonattest Services Independence Standards for Engagements Performed in Accordance with SSAEs 22 11
12 Nonattest Services Scope and Applicability of Nonattest Services Cumulative Effect on Independence When Providing Multiple Nonattest Services Management Responsibilities General Requirements for Performing Nonattest Services Documentation Requirements When Providing Nonattest Services Advisory Services Appraisal, Valuation, and Actuarial Services Benefit Plan Administration Bookkeeping, Payroll, and Other Disbursements Business Risk Consulting Corporate Finance Consulting Executive or Employee Recruiting Forensic Accounting Information Systems Design, Implementation, or Integration Internal Audit Investment Advisory or Management Tax Services 23 Supporting Firms 12
13 Commitment to Public Interest Audit Quality Centers Standards setting Ethics enforcement CPA Exam Guidance, tools, learning and resources Quality monitoring/peer review 25 Macro-regulatory Trends Complexity at all time high Speed of change accelerating at increasing pace Regulators are increasingly more empowered and bolder Environment of excessive regulation More is better Quality challenges even more prevalent in regulated industries 26 13
14 Known Challenges Broker-Dealers EBP Governmental Federal/State Regulators Seeking Alternatives Crowdfunding Peer Review Avoiders 27 Commitment to Uphold the Public s Trust Reputation for integrity, objectivity and competence Ability to self-regulate Private company auditing, QC and ethics standards Peer review/practice monitoring CPA exam 28 14
15 29 Principles of Practice Monitoring of the Future Increased public protection through enhanced audit effectiveness via: Earlier detection of engagement deficiencies Systems that capture and include all firms that should be subject to review Systems that capture and include all engagements that should be reviewed 30 15
16 Facets of the Concept Oversight Continuous analytic evaluation Periodic Inspection Human review Intervention 31 Center for Plain English Accounting AICPA PCPS national A&A resource center for firms aicpa.org/cpea Subscription service for PCPS members: Written responses to written technical inquiries Monthly how-to A&A reports Webcasts Alerts Content for firm newsletters 32 16
17 Third Party Verifications Issues identified Scope of services Laws and standards CFPB Qualified Mortgage rule AICPA guidance and resources 33 Succession and the Potential Impact on a Firm s System of Quality Control 46% of firms have a formal succession plan up from 35% in % of firms say M&A talks are on table 50% of practitioners expect 1x revenues for their practice, but in reality often less Source: 2012 PCPS Succession Survey 34 17
18 Technology Technology Connectivity Big Data The Internet of Things 36 18
19 80% 3.3 hours Digital world of consumers who sign up for s from a brand make a purchase based on an within six months. Cloud and SaaS business is projected to grow 533% this decade $21 billion $133 billion Amount of time respondents in a recent survey said they spent on smartphones each day By 2015, 40% of Global 1000 organizations will use gamification as the primary mechanism to transform business operations Sources: ExactTarget 2014 Mobile Behavior Study; Gartner Inc. American Institute of CPAs #PSTECH 25% Rise in detected cyber security incidents from 2012 to
20 Top Cybercrimes Tax-refund fraud Corporate account takeover Identity theft Theft of sensitive data Theft of intellectual property 87% of security breaches could have been avoided if reasonable security controls had been in place. Source: AICPA Whitepaper The Top 5 Cybercrimes Source: Verizon 39 Bitcoin s Impact on Profession Fringe no more Is profession ready? Implications for financial reporting & tax Tax software 40 20
21 Developing CPAs Future of Learning Lifelong learning for new generation Competencies measured in CPE Technology s effects MOOCs, hybrids 42 21
22 FOL Task Force Recommendations Innovate and experiment Ignite a passion for learning Make learning personal Measure what matters futureoflearning.aicpa.org 43 Student Initiatives Investing in Our Future Diversity and Inclusion CPA Exam 44 22
23 Professional Issues & Initiatives Advocacy Fed/State Legislation & Regulation Government Fiscal Responsibility Tax Uniformity & Mobility Public Policy Issues People CPA Exam Young CPAs Student Recruitment Diversity & Inclusion Learning & Education International IFRS ISAs CGMA International CPA Exam Financial Literacy Prof. Excellence & Public Interest Audit Quality Peer Review & Ethics FRF for SMEs SOC Reports Integrated Reporting Sustainability Center for Plain English Accounting Private Companies Practice Section Tax Preparer Registration Specialized Communities & Credentials Business, Industry & Government CPA Reputation Competition & Risk Operational Excellence 45 Reinforcing Our Commitment to Quality Tommye E. Barie, CPA Susan S. Coffey, CPA 23
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