DeLeon & Stang’s Kevin Madden Plays a Critical Role on AICPA’s Task Force Responsible for Updating CECL Accounting Standards
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FREDERICK, MD, January 22, 2024—DeLeon and Stangs’s Kevin Madden, CPA, CMAS, CGMA, recently served as a contributing author to the Current Expected Credit Loss Agreed-Upon Procedures (CECL AUP) addendum, a historic update to standard operating procedures for credit unions. The three-month-long project was carried out by the American Institute of Certified Public Accountants (AICPA) Credit Union Task Force, of which Kevin has been a part of since 2020.
“I’m honored to play a part in updating this important document,” said Kevin. “The CECL AUP will shape the future of credit union accounting and help firms for years to come.”
The CECL AUP is a set of standards designed to provide practitioners with assurance procedures to perform on a credit union CECL estimate and model when conducting an audit. The purpose of this specific addendum is to update the minimum audit procedures guide to comply with new regulations. The new standards are anticipated to be published within the first quarter of 2024.
“My duties on this particular project included contributing my thoughts, proofreading numerous draft versions of the document, and attending weekly meetings with the panel,” said Kevin.
Kevin joined the AICPA Credit Union Task Force at the end of 2020, occupying the spot previously held by DeLeon & Stang’s retired Founding Partner, Al DeLeon. The Credit Union Task Force is made up of credit union professionals, as well as members of the National Credit Union Association (NCUA) and AICPA. The group meets periodically throughout the year to discuss hot topics on credit union accounting, auditing, and regulation.
AICPA
The American Institute of Certified Public Accountants is the national professional organization of Certified Public Accountants in the United States, with more than 428,000 members in 130 countries. Learn more: www.aicpa-cima.com