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State Board Report

August 2016

The end of tax season has brought with it exposure drafts for consideration by the profession and its regulators. Responses from Chair Donald Burkett (SC) and President Ken L. Bishop are prepared with the assistance of NASBA committees and overseen by NASBA Regional Directors. In the past few weeks, NASBA has responded to the documents listed below.

  • July 14, 2016 – AICPA Professional Ethics Executive Committee – Exposure Draft on Hosting Services
  • July 29, 2016 – Public Company Accounting Oversight Board – Supervision of Audits Involving Outside Auditors, Docket Matter No. 042.

Later this month, NASBA will be submitting comments on the PCAOB’s proposed auditing standards that would add information to the auditor’s report, including critical audit matters (CAM) and the length of the auditor’s tenure. These areas have been under consideration by the PCAOB for years. PCAOB Chairman James Doty is scheduled to address NASBA’s Annual Meeting.

Recent NASBA responses have been developed by the Compliance Assurance Committee chaired by John F. Dailey, Jr. (NJ), the Ethics Committee chaired by Janice L. Gray (OK) and the Regulatory Response Committee chaired by W. Michael Fritz (OH).

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