GBD88 Modernising Your CPA Practice. Globally-Relevant Best Practices From Inside the US Accounting Profession.

Steven A. Menges (AICPA & CIMA, CPA.com New York)
presents this special compilation of interviews from CPA.com's
new "Modernising Your Practice" audio and content series. There's
plenty of international relevance in this in-depth collection of
best practices from the US accounting profession. Ellen Goria,
(Associate Director – Global Professional Ethics at the AICPA’s
Professional Ethics Division) discusses the hot topic of firms
offering technology services in addition to audit and other
assurance services. Plus, Stan Sterna, JD from Aon and Sarah
Ference from CNA discuss challenges (and insights) around
liability risk in engagement letters. Stan then discusses privity
in third party audit claims, including reasons a firm may face a
lawsuit in this area, and tips to decrease firm risk and limit
liability.


Hear and share the individual interviews at
CPA.com/MYP.


 


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OUR GUESTS.


· Ellen Goria, Associate Director of Global
Professional Ethics at the AICPA’s Professional Ethics Division


· Sarah Ference, CPA, Risk Control Director,
Accountants Professional Liability, CNA


· Stan Sterna, JD, Vice President, Aon Insurance
Services, Professional Firms


 


TOPICS.


1) Hosting Services Interpretation, Portals and More – A
Discussion. (Ellen Goria interviewed by Steven A. Menges, Product
Team – Assurance, CPA.com)


high level discussion about various non-attest technology
related services.

new guidance related to technology hosting services from the
AICPA’s Professional Ethics Executive Committee (better known as
PEEC).

the impact of the hosting services interpretation (effective
on July 1, 2019) and how it effects assessments of impairment of
independence at firms.



2) Engagement Letters: Foundational Best Practices. (Stan Sterna,
JD from Aon and Sarah Ference from CNA. Interviewed by Matt
Towers, Product Lead – Assurance, CPA.com )


challenges around liability risk in engagement letters.

engagement letter scope.

key insights and data around the most common reasons a firm
faces a lawsuit in this area.

steps firms can take to minimise this risk.



3) Privity in Third-party Audit Claims. (Stan Sterna, JD from Aon
interviewed by Matt Towers).


the implications of privity on third-party legal claims
against accounting firms.

definition of Privity.

how to provide context around when and how it might apply in
a lawsuit.

steps firms can take to decrease the risk of third-party
claims and to limit liability to a third party.



 


LINKS.


AICPA & CIMA and other guidance or explanatory content on the
topics discussed in this episode:


Hosting Services interpretation (ET 1.295.143)

Nonattest Services FAQ (Ensure you see pages 20-23)

AICPA Professional Ethics Division “Ethically Speaking”
Podcast, Episode 3: Hosting services ― What you need to know now

AICPA Professional Ethics Division “Ethically Speaking”
Podcast, Episode 4: Hosting services ― More of your questions
answered

AICPA Plain English Guide to Independence (Ensure you see
pages 43-44)

AICPA Guest Blog by Toni T. Lee-Andrews Director-Professional
Ethics, Association of International Certified Public Accountants

Journal of Accountancy Article (on hosting services)

Journal of Accountancy Article: How data-hosting services
affect independence: Hosting an attest client’s data or records
leads to impairment under a new interpretation



 


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2019 Association of International Certified Professional
Accountants (AICPA & CIMA)