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Connecticut CPA
g
July/August 2017
Kirsten Piechota, Managing Editor
39%
of organizations report
that their accounting and
finance teams are at least
somewhat understaffed.
42%
of companies will offer
"Summer Fridays" in 2017,
a 20% increase over
similar benefits in 2015.
This is due in part to challenges
in finding skilled talent as well
as Baby Boomer retirements,
according to a 2017 accounting
and finance benchmarking
survey of more than 1,400
financial leaders at public
and private organizations.
By 2020,
Millennials will make
up more than
50%
of the U.S. workforce.
Even though there are no
"new" Millennials being born
today (Millennials are defined as
being born between 1981 and
1997), the number of Millennials
in the U.S. workforce will
continue to climb for another
20 years due to immigration.
This might include offering
employees flexibility to leave work
early or work from home for the
day, or closing the office entirely.
Many companies cite offering
flexibility and promoting work/
life balance as a strategy to retain
talent and improve engagement.
By the
Numbers
#
Source: CEB, which was acquired earlier
this year by Stamford-based Gartner.
Source: Pew Research Center
Source: Robert Half and the Financial
Executives Research Foundation
Workplace and Professional Trends
The Peer Review Integrated Manage-
ment Application (PRIMA) went live on
May 1. This new web-based applica-
tion replaced the PRISM website and
will be the primary tool used by firms,
reviewers, and the entity administering
your peer review throughout the peer
review process.
PRIMA brings more opportunities for
firm self-service. Updated functionality
for the Public File, Reviewer Search, and
Facilitated State Board Access (FSBA)
will be integrated into this new website.
>> Find links to PRIMA training,
resources, and FAQs at
www.ctcpas.org/peerreview.
New Web-Based Tool Launched
Audit Documentation: If It's Not Documented, It's Not Done.
The AICPA has been conducting "enhanced oversights" for the past two
years and has identified the #1 audit deficiency as "lack of documentation." In
fact, one out of every four engagements was identified as materially noncon-
forming due to noncompliance with AU-C section 230, Audit Documentation.
There are three misconceptions driving this common nonconformity:
That an auditor can meet their overall audit objectives without docu-
menting their work;
That a sign-off on an audit program is sufficient documentation of a de-
tail test; and
That a verbal explanation can substitute for written documentation in
meeting the requirements of the Audit Documentation standard.
Addressing documentation deficiencies would eliminate more than 50% of
the material nonconformity identified through enhanced oversights.
>> Find tools and resources, including the Audit Documentation standard,
at
www.aicpa.org/documentation.
Questions?
Contact CTCPA Practice Programs Manager Bonnie Olivieri
860-258-0213 bonnieo@ctcpas.org
Peer Review Program News
Get tips on engaging and retaining Millennials and their younger cohorts just entering the workforce Gen Z on page 20.