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2024

July 8th release notes

PPC's Practice Aids™ - Compilation and Review Engagements

This version of the
Practice Aids
 contains the following important new additions:
  • AICPA Guide: Preparation, Compilation, and Review Engagements (AICPA CAR Guide)
    .  The AICPA CAR Guide was updated as of September 1, 2023, and this edition of the
    Practice Aids
     has been updated throughout to incorporate relevant revised guidance in the latest edition of the AICPA CAR Guide.
  • New Review Report
    . We've added a new review report on comparative financial statements containing a qualified conclusion due to different material departures from accounting principles generally accepted in the United States of America in the separate years.
  • Revised Engagement Letters
    . We’ve updated the engagement letters for revised discussions in the AICPA CAR guide on supplementary information and changing the terms of an engagement, including adding a sample engagement letter addendum.
  • Updated Disclosure Checklists
    .  We updated your disclosure checklists (lists of primary disclosure requirements for financial statements of for-profit nonpublic entities as required by GAAP) for changes in requirements of the professional standards to help ensure that your clients' financial statements are accurate and complete.

PPC's Practice Aids™ - Construction Contractors

This version of the
Practice Aids
 contains the following important new additions:
  • Enhanced Practical Guidance
    . The
    Practice Aids
     provide enhanced practical guidance to aid in your risk assessment process performed following the requirements of SAS No. 145,
    Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
    . This edition of the
    Practice Aids
     builds upon the guidance provided last year to identify significant classes of transactions, account balances, or disclosures as well as understand the entity’s system of internal control under SAS No. 145, and incorporates additional guidance based on feedback from practitioners implementing SAS No. 145.
  • Focus on audit quality
    . Improving audit quality continues to be of interest to standard setters and practitioners. Recent auditing standards, such as SAS No. 145 and SAS No. 143,
    Auditing Accounting Estimates and Related Disclosures
    , place particular focus on executing quality audit procedures through all phases of the audit to perform an audit that appropriately assesses and addresses the risks of material misstatement. Your
    Practice Aids
     equip you with the best available practical guidance and tools to execute audits to comply with relevant standards.
  • Review Engagements
    . The
    Practice Aids
     are updated for all recently issued professional pronouncements to ensure you apply the latest guidance in your engagements, including new and revised ethics interpretations.
  • Comprehensive, Up-to-date Disclosure Checklists
    . The most effective way to ensure the financial statements properly disclose all the required information is to use our comprehensive disclosure checklists. The disclosure checklist for nonpublic companies has been completely updated for the ASUs issued since the last edition of your
    Practice Aids
    . The supplemental construction contractors and homebuilders’ disclosure checklist and the condensed interim financial information checklist have also been updated as needed

This article applies to:

  • PRODUCT: Guided Assurance