As we plan for the upcoming audit season, the Audit & Accounting team at Wall, Einhorn & Chernitzer, P.C. (WEC) wants to let you know about some changes you may see during your next audit engagement. New standards will be in effect for audits of financial statements for periods ending on or after December 15, 2012, some of which may affect your audit. We will contact you soon to discuss the changes that specifically impact your audit, but we wanted to provide background information to review prior to our meeting. Some of the changes we've outlined will affect all audit engagements, but others only apply in certain circumstances. We'll review them with you in advance of the audit to ensure a smooth transition to the new audit requirements.
Click here to read more on the new standards for audit engagements.