- The American Institute of Certified Public Accountants (AICPA) recently released an updated Service Organization Controls (SOC) 2 report audit guide with a number of enhancements that impact SOC 2 reports.
- Data classification is an important first step in establishing a cybersecurity management program, as it allows an organization to make managerial decisions about resource allocation to secure data from unauthorized access.
- On July 9, 2015, the Internal Revenue Service (IRS) issued Notice 2015-49, Use of Lump Sum Payments to Replace Lifetime Income Being Received By Retirees Under Defined Benefit Pension Plans, amending the required minimum distribution regulations under section 401(a)(9) of the Internal Revenue Code (IRC). The regulation, as amended, no longer permits qualified defined benefit plans to replace any joint and survivor, single life, or other annuity currently being paid with a lump sum payment or other accelerated form of distribution.
- On July 9, 2015, the FASB approved its April 2015 proposal to defer the effective date of ASU No. 2014-09, Revenue from Contracts with Customers, for all entities for one year. Entities will, however, be allowed to apply the new standard as of the original effective dates set out in the standard. This article examines the revenue recognition standard and explains why the FASB granted an extension.
- We are pleased to have the opportunity to provide feedback to the AICPA Assurance Services Executive Committee (ASEC) Trust Information Integrity Task Force's Privacy Working Group with respect to its recent Proposed Revision of Trust Services Principles and Criteria for Security, Availability, Processing Integrity, Confidentiality, and Privacy.
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