Many CPA firms use engagement letters containing clauses that seek to minimize their exposure to legal liabilities for audits, reviews, compilations, and other professional services. In September 2006, the AICPA's Professional Ethics Executive Committee (PEEC) issued an exposure draft (ED) to interpret Rule 101 that updated a similar September 2005 exposure draft. In light of the comment letters and other evidence, the PEEC abandoned the exposure draft and, instead, issued Ethics Interpretation 501-8. This interpretation recognized that individual regulators have already adopted rules that restrict the use of certain clauses in audit or other attestation engagements. Mitigating risk through limited liability clauses is a complicated issue for US auditors. The AICPA's issuance of Ethics ...
... a fair and reason- able amount, or an agreed-upon cap. Proportionate share caps auditors' liability ... where limiting auditor liability is contingent upon whether the client is public or nonpublic and...
Any day now, President Obama is ex -pected to unveil a new nuclear arms reduction treaty with Russia. This so-called Strategic Arms Reduction Treaty (START) follow-on will be ballyhooed as an important step toward the realization of Mr. Obama's goal of a nuclear-weapons-free world. As things stand now, however, that step seems unlikely to be approved by the Senate - let alone translate into an end to nuclear proliferation and the dangers associated with it. There is no small irony that the prospects for the START follow- on treaty were made worse recently by four men who arguably have done more than any others to lend credence to the notion that a nuclear-free planet would be desirable and realizable: Former Republican Secretaries of State Henry A. Kissinger and George P. Schultz, Bill ...
In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations that provide guidance on the definition of the term ``specified notional principal contract'' for purposes of section 871(m) of the Internal Revenue Code (Code) beginning after March 18, 2012 through December 31, 2012. The text of those regulations also serves as the text of the proposed regulations. The preamble to the temporary regulations explains the amendments added by the temporary regulations. The preamble to this notice of proposed rulemaking explains the proposed regulations, which provide guidance to nonresident aliens and foreign corporations that hold certain financial products providing for payments that are contingent upon or determined by reference to payme...
Gov. Jerry Brown's promise not to cut school budgets will soon be broken. The governor's budget proposal earlier this year to close a $25 billion budget gap without cutting funding to K-12 schools was contingent upon voters approving a five-year extension of temporary taxes in a special election in June.
MORGANTOWN - Cleaning out a crowded notebook and a cluttered mind while wondering how often I'm going to find myself in Boise and Dallas, not to mention Colorado Springs and Annapolis: It's far from a done deal, of course. The Big East presidents approved a proposal to up the league's exit fee from $5 million to $10 million late Monday night, contingent upon either Navy or Air Force - or both - agreeing to join. Still, even if that hurdle is cleared, there's no guarantee all of the schools on the league's wish list will agree to come aboard.
Sewickley Township supervisors will oversee expenses paid toward a $1.5 million loan guarantee to the township municipal authority. Approval of the ordinance by the supervisors at Thursday's special meeting was contingent upon the determination that the loan was self-liquidating, which means it is repaid by the revenues received by the authority.
A year ago, my wife and I signed a contract to purchase a new home. The con- tract was contingent upon the sale of our current residence. Needless to say, our house never sold.
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