Expert Panel - Investment Companies

About the Expert Panel

The Investment Companies Expert Panel serves the needs of AICPA members on financial and business reporting and audit and attest matters. The expert panel protects the public interest by bringing together knowledgeable parties in the investment companies industry to deliberate and come to agreement on key investment companies issues.

Expert Panel Projects

October 2016 Investment Companies Technical Questions and Answers, now available in the AICPA publication AICPA Technical Questions and Answers

The following table summarizes the audit, attestation and independence standards applicable to AICPA members performing audit and attestation engagements for certain SEC-registered entities, etc.

Illustrative Auditor’s Report on the Financial Statements of a Nonregistered Investment Company—Unmodified Opinion (revised to conform with the clarified SASs)

August 17, 2015, comment letter on the Securities and Exchange Commission‟s (SEC or Commission) proposed rules Investment Company Reporting Modernization (IC proposal) and Amendments to Form ADV and Investment Advisers Act Rules (IA proposal)

February 23, 2015, comment letter on the Proposed Accounting Standards Update, Financial Services—Investment Companies (Topic 946): Disclosures about Investments in Other Investment Companies

Illustrative Report of Independent Accountant on Examinations of Securities Pursuant to Rule 206(4)-2 of the Investment Advisers Act of 1940” (Revised October 26, 2017)

Illustrative Report of Independent Registered Public Accounting Firm on Management’s Assertion Regarding Controls at a Custodian Pursuant to Rule 206(4)-2 and Release No. IA-2969 Under the Investment Advisers Act of 1940 (Revised October 10, 2017)

Frequently Asked Questions Regarding the SEC’s Revised Custody Rule and Guidance for Accountants (developed by the AICPA Investment Companies Expert Panel)


Industry News and Resources

The SEC Office of Compliance Inspections and Examinations announced its 2020 examination priorities for investment advisers and investment companies, broker-dealers, transfer agents, clearing agencies, private fund advisers, national securities exchanges, and municipal advisors.