As busy season begins in earnest, PCPS members have access to a variety of practical updates and information on the PCPS Firm Practice Center. Be sure to visit the site often to see what's new. Here's a quick review of some of the resources available:
* A convenient link brings practitioners to information on SSARS No. 19, a new compilation and review standard that, among other changes, allows CPAs to disclose in their compilation reports the reasons why they are not independent, a significant development. The AICPA Accounting and Review Services Committee temporarily deferred consideration of non-independent review services, which were proposed in the exposure draft.
* Internal Revenue Code Section 7216, which went into effect a year ago, contains challenging restrictions on the disclosure and use of client tax information. Practitioners can find a link to more details and implementation resources on the PCPS site.
* Although the Federal Trade Commission has delayed enforcement of the "Red Flags" Rule until June 1, 2010, CPAs may want more information now on this rule, which sets requirements related to identity theft. A...