https://egrove.olemiss.edu/aicpa_assoc/2213/thumbnail.jp

American Institute of Certified Public Accountants. Committee on Practice Review

Harrington, Emmett S.

eGrove (Univ. of Mississippi)

University of Mississippi eGrove Association Sections, Divisions, Boards, Teams American Institute of Certified Public Accountants (AICPA) Historical Collection 9-1967 Year-End Report of Committee on Practice Review, To the Council of the American Institute of Certified Public Accountants, September, 1967 American Institute of Certified Public Accountants. Committee on Practice Review Emmett S. Harrington Follow this and additional works at: https://egrove.olemiss.edu/aicpa_assoc  Part of the Accounting Commons YEAR-END REPORTOF THE COMMITTEE ON PRACTICE REVIEWTo the Council of the American Institute of Certified Public AccountantsThe committee on practice review has held one meeting since its report to Council last May.Review CasesDuring the period of this report - May through September - the committee has completed 24 additional cases. The cumulative total of cases processed for the six years of the committee’s operation is 204 cases. Of this total, 189 have been completed and 15 are still in process.Second Publication on DeparturesThe committee, at its meeting yesterday, approved an outline for a proposed Practice Review Bulletin No. 2. This book­let will discuss the departures from accounting and reporting practices, which were uncovered in the cases completed since the issuance of the first publication in this series.It is anticipated that the booklet will be completed and issued sometime early next Spring.Disclosure of Material Deviations from APB OpinionsThe committee received a charge from Council in 1964 to report on the extent of deviations from the requirement that material departures from APB Opinions must be disclosed. The committee on practice review is of the opinion that it is not in a position to undertake an overall study of published annual reports- 2 -for the purpose of determining the extent of deviations from the disclosure requirement nor does the AICPA have available staff at present to undertake such a project. Accordingly, the committee requests that members of Council, the AICPA staff working on the Accounting Trends and Techniques publication, and all other inter­ested members bring to the committee’s attention any such substandard reports which they may uncover.GeneralThe committee on practice review has requested the committee on auditing procedure to consider a restudy of the over­all subject of the expression of negative assurance, in light of current practices, to ascertain whether paragraphs 19-20 of Chapter 10 of Statements on Auditing Procedure No. 33 should be revised to permit negative assurances in other specific limited instances. This request was based on what appears to be a develop­ing practice by CPAs of expressing negative assurances in reports on mergers and acquisitions.The committee on practice review has been informed that the auditing committee has approved the suggestion and the subject has been placed on its agenda for immediate study.ConclusionThe committee on practice review requests the cooperation and active participation of all members and Council, as well as all AICPA members, in supporting the practice review program.Respectfully submitted, COMMITTEE ON PRACTICE REVIEW Emmett S. Harrington, ChairmanSeptember, 1967

English

Year-End Report of Committee on Practice Review, To the Council of the American Institute of Certified Public Accountants, September, 1967

https://egrove.olemiss.edu/cgi/viewcontent.cgi?article=2213&context=aicpa_assoc

Year-End Report of Committee on Practice Review, To the Council of the American Institute of Certified Public Accountants, September, 1967

Abstract

Similar works

Full text

Available Versions

eGrove (Univ. of Mississippi)