Changes to the Content Specification Outlines that become effective by January 2015
AUD
Reference (Area, Group, Topic) – Description of Change
II.F.5
• Remove “including change management, backup/recovery, and network access (e.g., administrative rights)”
• Revised text reads, “Identify key risks associated with general controls in a financial IT environment”
II.F.6
• Replace “functionality that supports financial transaction cycles, including: application access control (e.g. administrative access rights); controls over interfaces, integrations, and e-commerce; significant algorithms, reports, validation, edit checks, error handling, etc.” with “controls in a financial IT environment”
• Revised text reads, “Identify key risks associated with application controls in a financial IT environment”
II.I.6
• Change “Illegal acts” to “Noncompliance with laws and regulations, including illegal acts”
III.B.11
• Remove topic III.B.11, “Perform computer-assisted audit techniques (CAATs), including data query, extraction, and analysis” and move questions to other applicable topics.
• Renumber III.B.12 through III.B.20 to III.B.11 through III.B.19
FAR
Reference (Area, Group, Topic) – Description of Change
I.C.I
• Change “Balance sheet” to “Balance sheet / Statement of financial position”
I.C.2
• Change “Income statement” to “Income Statement / Statement of profit or loss”
I.C.8
• Remove the topic titled “First-time adoption of IFRS”
I.E.0
• Change the group title to “Other Financial Statement Presentations” and consolidate topics 1 through 3 in a new group (see I.F.0 below) within the CSO
• Move “Personal financial statements” to topic 1
• Move “Financial statements of employee benefit plans/trusts” to topic 2
• Create a new topic 3 titled “Liquidation basis financial statements”
I.F.0
• Create a new group titled “Special Purpose Frameworks”
• This group includes the item content currently in I.E.1 through I.E.3 of the CSO.
Reference
• Add “(17 CFR Part 229)” to the end of “Regulation S-K of the Code of Federal Regulations”
BEC
Reference (Area, Group, Topic) – Description of Change
I.A
• Change the group to “Rights, Duties, Responsibilities, Authority, and Ethics of the Board of Directors, Officers, and Other Employees”
I.A.1
• Change the topic to “Financial and non-financial reporting”
I.B
• Change the group to “Entity-level controls”
REG
Reference (Area, Group, Topic) – Description of Change
Reference
• Sarbanes Oxley Act of 2002 removed.
Reference
• Dodd Frank Wall Street Reform and Consumer Protection Act of 2010 moved from Federal Taxation area of References to Ethics, Professional and Legal Responsibilities, and Business Law area of References.
by http://www.aicpa.org/