Project Update SWP and Beyond - November 2021
This project update highlights the status of various projects, including completed, in process, delayed, and on the horizon initiatives. Standard setting activities reveal completed tasks, ongoing processes, and upcoming projections for key projects impacting the organization's operations. The updates cover a range of areas such as compliance, client services, international convergence, digital assets, and future plans related to SWP projects.
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Project update SWP and beyond November 2021
Projects Standard setting Member enrichment Other Project type Completed In process Delayed On horizon Status
Standard Setting: completed Completion in line with SWP projection Records requests Augmented staff
Standard Setting: in process NOCLAR Estimated completion Q1 2022 - no estimate included in SWP Compliance audit affiliates Projected completion Q4 2021 updated estimate TBD Unpaid Fees Projected completion date Q2 2022 no estimate included in SWP Assisting clients with implementing accounting standards Projected completion date Q2 2022 no estimate included in SWP
Standard setting: in process Project type changed Client affiliates Projected completion Q4 2021 no estimate included in SWP Transferred from standard setting to member enrichment SEC convergence SWP s estimated completion Q3 2021 Revised estimated completion Q3 2022 Transferred from member enrichment to standard setting
Standard setting: in process Not included in the SWP International convergence: Fees International convergence: EQR Project beginning Q4 2021 Project beginning Q4 2021
Standard setting: delayed SSAEs Digital assets
Standard Setting: on horizon 529 college savings plans SWP projected start Q1 2022 under evaluation Simultaneous employment or association with attest client SWP projected start Q1 2022 under evaluation Business relationships SWP projected start Q1 2022 under evaluation Pooled Employee Benefit Plans Not in SWP Project will begin next time the affiliate definition is revised.
Important factors Reliance on other teams Conflicting staff priorities
Member enrichment: completed Projects included in SWP Inducements Released one quarter after projection Hosting services Released as projected Definition of office No estimated completion date included in SWP Released Q2 2021 Issued as projected by ASEC TQA related to third-party assessments New services
Member enrichment: completed None of these projects were included in the SWP 13 Podcasts Quarterly PEEC debrief What s hot on hotline Exposure drafts on the go Q&As from Engage Other topics of interest Peek into PEEC Subject matter expert for rebroadcasted webcasts PPP Developed content on this topic based upon hotline inquires Presentations Accounting and Auditing Conferences Engage
Member enrichment: in process Projects included in SWP Information system services practice aid Estimated completion Q3 2021 plan to issue this quarter Back to basics podcast series Projected completion Q3 2021 Recordings complete Q4 2021 Release 10 to 12 episodes weekly during Q1-Q2 2022 CGMA Code Projected completion Q3 2021 Revised completion date dependent upon CIMA SSTS No projected completion included in SWP because dependent upon issuance of final SSTS
Member enrichment: in process Projects included in SWP Operational enhancements to code SWP did not provide an estimated completion date Three components Protecting client confidentiality and data security SWP did not provide an estimated completion date Expand to include possible standard setting component
Member enrichment: in process None of these projects were included in the SWP International convergence: role and mindset Q4 2021 SOC 2 Engagements Q4 2021 Single audit content squad Ongoing Plain English Guide to Independence Q4 2021
Member enrichment: in process None of these projects were included in the SWP GAO independence comparison Q4 2021 EAQ Area of Focus: Client Acceptance Content likely finalized Q4 2021 but JofA release date not known NY Regulatory Basis of Accounting Issuance dependent upon Auditing Standards Team New website platform In process
Member enrichment: delayed Projected start Q1 2021 Revised projected start date Q4 2022 to align with delayed effective date DOL reporting standard
Member enrichment: on horizon SWP projected project would begin Artificial intelligence Q3 2022 Conflicts of interest Q2 2022 Gig employment Q1 2023 IESBA Comparison Undetermined, dependent upon the IESBA Benchmarking project timeline.
Member enrichment: on horizon None of these projects were included in the SWP NOCLAR Projected start Q2 2022 Hotline Reports to be developed for new system Ethics decision tree for members in business Projected start Q2 2022 Nonattest services toolkit Projected start Q2 2022
Other: in SWP Reporting an independence breach to an affiliate that is also an attest client SWP estimated project would begin Q1 2022 Staff recommends project be tabled until IESBA Engagement Team project is completed since reporting breaches to an affiliate will be addressed in that workstream
Other: not in SWP International convergence NAS Technology Tax PIE Engagement Team ISQM Technical reviewer Enforcement related projects SWP 2024-2026 Projected to begin in 2022
