The AICPA has issued a Statement of Position to address when a practitioner reports under the new 2020 GIPS standards. As the standards were updated, effective Jan. 1, 2020, the AICPA addressed the requirements that practitioners may use. SOPs are not authoritative. However, CPAs who do not follow this SOP would need to show how they meet the requirements of the SSAEs, and the SOP is designed to ensure compliance. The SOP is effective upon issuance.
Statement of Position 20-1: Reporting Pursuant to the 2020 Edition of the Global Investment Performance Standards (January 2020): https://www.aicpa.org/content/dam/aicpa/research/standards/auditattest/downloadabledocuments/202001-sop.pdf
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Tune in to Melisa Galasso’s SCACPA YouTube playlist here. You can also click and subscribe to the SCACPA YouTube channel here.
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. Melisa was a speaker on audit topics at SCACPA’s 2019 Fall Fest and Spring Splash accounting conferences. She also takes part in many SCACPA seminars and rebroadcasts.
With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.
You can read SCACPA’s Q&A with Melisa conducted during some break time at the 2019 Spring Splash in North Charleston here.