In May 2020, the AICPA published the second of their PR Prompts! newsletter. This semi-annual publication is designed to help firms stay current.
The format of the newsletter is set up to allow firms who provide peer reviews to put their logo and branding information at the top of the newsletter, print it, and send it to all their clients.
I received explicit permission to reprint items from the first newsletter. Since the email that accompanied the newsletter and the description of the top indicates firms are free to put their name on the material then distribute it, I am comfortable in posting information on my blog without further permission.
So here goes. The following information is from the AICPA. For ease of reading, following text will not be put into quotation marks even though it is a verbatim quote.
COVID-19 Updates and Resources
Many standard setters, including the ASB, FASB, GASB and PEEC, have evaluated, or are evaluating, effective dates and standard setting agendas. There are known and potential delays of effective dates of new standards and deadlines. As auditors navigate the challenges presented by the COVID-19 pandemic, the AICPA is working hard to provide help. They have launched an A&A resource center at aicpa.org/covidaudit where you can access free resources addressing pressing topics like remote auditing, subsequent event disclosures and going concern.
Business in the U.S. has been greatly impacted by COVID-19. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides relief through a variety of programs including the Paycheck Protection Program (PPP). Resources and tools about the PPP and other SBA loan options are available at aicpa.org/sba.
For information about how COVID-19 may impact other areas of your practice, from tax and personal financial planning to forensic accounting, check out aicpa.org/coronavirus.
PEER REVIEW BOARD APPROVES RELIEF FOR FIRMS
In response to the COVID-19 pandemic, at its meeting on May 7, 2020, the Peer Review Board approved a six-month extension for all firms with original peer review, corrective action and implementation plan due dates from January 1, 2020 through September 30, 2020. The AICPA implemented these extensions earlier this month and each impacted firm received a detailed email followed by a separate PRIMA notification email that the extension letter was available in the system.
It is critically important that firms log in to PRIMA and read this letter to understand additional impacts and to view the revised due date. If your firm’s review has been extended, please contact {your reviewer} as soon as you can so we can plan to perform your review at a mutually convenient time. Deferring the due date, though providing welcome relief now, will cause the latter part of this year to be quite busy and we want to be able to serve you.
The six-month extension was the most recent action taken by the PRB, with allowances for remote system reviews, temporary extensions and temporary changes to reviewer and firm fair procedures approved earlier in the year. You can access the March Reviewer Alert or the April 2020 Open Session Highlights for details.