PCPS update.

• Position: American Institute of Certified Public Accountants' Private Companies Practice Section

New Resource to Use with Client Audit Committees

The AICPA Audit Committee Toolkit was created by the AICPA to help audit committees do the job they need to do. The toolkit contains a variety of programs, checklists, matrices, questionnaires, etc., that were designed to help audit committees understand and execute their responsibilities. Hopefully, if audit committees are using the toolkit, they will catch problems that will help avoid similar financial reporting problems. The toolkit is for all organizations, whether publicly traded, privately held, not-for-profit, or other public interest entity.

To date, approximately 25,000 copies are in circulation. The toolkit is the most visible piece of a larger effort called the Audit Committee Effectiveness Center, an on-line center accessible through www.aicpa.org. Each tool in the toolkit is available in the on-line center in various formats including MS Word, so users can download and customize it for use in their own organization. Permission is granted without charge, but users are asked to give attribution to the AICPA.

Audit and Compilation & Review Alerts CD-ROMs

This year PCPS is offering members discounts on two important CPE tools, namely, the General Audit Risk Alert--2003-2004 Audit Season Preview (CD-ROM) and the Compilation & Review Risk Alert--Strategic Briefing (CD-ROM). These materials are absolutely essential for engagement planning, and we believe strongly that firms should take advantage of these self-study courses in their practices. For each course purchased, your firm receives:

* Electronic copy of the applicable 2003-2004 Risk Alert

* Archive CD-ROM of the original Webcast with CPE self-study course material

* PowerPoint slides

For information on how to order, PCPS firms can visit www.pcps.org/ membership/benefits.html.

Is SOX 404 Consulting a New Opportunity for Your Firm? PCPS is sponsoring a series of articles on Sarbanes-Oxley Section 404 (SOX 404) written by Michael Ramos, author of How to Comply with Sarbanes-Oxley Section 404: Assessing the Effectiveness of Internal Control. The first piece, "SOX 404 Consulting: Where to Begin..." is currently posted on www.pcps.org. Just click on the article title in the "Hot News" section to download it and learn more about launching a SOX 404...