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1. ASB proposes moving content of AT Section 501 into GAAS  

The AICPA Auditing Standards Board (ASB) is proposing moving a section of its attestation standards into generally accepted auditing standards (GAAS).Engagements performed under existing AT Section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements, as well as related attestation Interpretation No.

2. Qualitative considerations for allocating materiality to components in a group audit   WebExclusive

BY Daniel Sanders, CPA
Editor’s note: This is the second article in a series of articles about application of the group audits standard. For the first article in the series, see “The Scoop on Group Audits: You May Have Them, Even Though You Think You Don’t.” There is a lot to consider when evaluating the allocation of materiality to components in a group audit.An auditor may ask: “If I am the only auditor involved, how do I allocate materiality to significant components? After all, I am auditing everything in the group-reporting entity, so why can’t I just use group materiality?”Fortunately, the

3. What the PCAOB’s new related-party standard means for auditors   WebExclusive

BY Maria L. Murphy, CPA
A new PCAOB related-party auditing standard may cause audit firms to revise their audit plans and methodologies to ensure that newly required procedures are fully incorporated into all phases of the audit.The PCAOB issued Auditing Standard (AS) No. 18, Related Parties, on June 10 along with amendments to auditing standards in the areas of significant unusual transactions and financial relationships, and transactions with executive officers.

4. PCAOB staff provides guidance for broker-dealer auditors   WebExclusive

BY Ken Tysiac
The PCAOB staff on Thursday issued new guidance for SEC-registered auditors of brokers and dealers as they make the transition to PCAOB standards from the generally accepted auditing standards (GAAS) that previously governed such audits. The staff guidance highlights relevant requirements for audits and attestation engagements. It also provides direction on applying PCAOB standards to these engagements, particularly for audits of smaller broker-dealers with operations that are not complex.

5. Additional ASB interpretations address GASB pension issues   WebExclusive

BY Ken Tysiac
The AICPA Auditing Standards Board (ASB) on Thursday issued two interpretations that are designed to help governmental pension plans, participating employers, and their auditors as they implement new GASB standards. Governmental multiple-employer pension plans and their participating employers are facing numerous accounting and auditing issues as a result of GASB pension standards for state and local governments released in 2012.

6. PCAOB approves new related-party auditing requirements   WebExclusive

BY Ken Tysiac
New PCAOB rules approved Tuesday are designed to strengthen auditors’ scrutiny of related-party transactions and significant unusual transactions.Auditing Standard No. 18, Related Parties, requires the auditor to perform specific procedures to evaluate a company’s identification of, accounting for, and disclosure of the transactions and relationships between a company and its related parties.“These procedures are designed to assist the auditor in identifying and following up on red flags that indicate potential risks of material misstatement,” PCAOB Associate Chief Auditor Brian Degano said during Tuesday’s board meeting.Degano said the standard requires the auditor to:Perform specific procedures to obtain an

7. PCAOB asks for additional comments on standards reorganization   WebExclusive

BY Ken Tysiac
The PCAOB is asking for additional comment on its proposal for reorganizing the board’s auditing standards.The framework would reorganize the existing PCAOB-issued and interim auditing standards by topic with a single numbering system. The original comment period for the proposal ended May 28, 2013.Along with a supplemental request for comment issued Wednesday, the PCAOB released on its website an online demonstration that presents the existing auditing standards as they would appear if reorganized according to the framework proposed by the board in March 2013.The supplemental request describes the line-by-line amendments to PCAOB standards and interim standards that

8. IAASB reconsiders auditors’ “other information” duties   WebExclusive

BY Ken Tysiac
A new International Auditing and Assurance Standards Board (IAASB) reproposal is intended to clarify and strengthen auditors’ responsibilities related to “other information” that is included in organizations’ annual reports outside the audited financial statements.The reproposed International Standard on Auditing 720 (Revised), The Auditor’s Responsibilities Relating to Other Information, would require the auditor to perform limited procedures to evaluate the consistency of the other information with the audited financial statements.The reproposal, released last week, would require the auditor to consider whether there is a material inconsistency between the other information and information the auditor learned while conducting the

9. New international framework takes broad look at audit quality   WebExclusive

BY Ken Tysiac
A new international framework for audit quality takes a broad look at how the stakeholders in the audit process can work to make audits better.The International Auditing and Assurance Standards Board (IAASB) released Tuesday a framework that is designed to encourage auditors, audit clients, audit firms, regulators, and others to increase audit quality in their environments and create more dialogue between them on audit quality.“While responsibility for performing quality audits of financial statements rests with auditors, audit quality is best achieved in an environment where there is support from and appropriate interactions among participants in the financial reporting supply chain,” IAASB Chairman Arnold Schilder said in a news release.The framework:Describes the input, process, and output factors that affect audit quality at the engagement, firm, and national levels.Describes the importance of appropriate interactions between parties in the audit process and how these interactions can improve audit quality and the perception of audit quality.Shows how audit quality can be affected by factors such as laws and regulations; the litigation environment; corporate governance; and the financial reporting framework.“Our hope is to see continued dialogue on the topic, and that active use of the framework by various stakeholders will result in positive actions in the public interest to achieve a continual improvement to audit quality,” James Gunn, the IAASB’s technical director, said in a news release.—Ken Tysiac (ktysiac@aicpa.org) is a JofA senior editor.

10. The scoop on group audits: You may have them, even though you think you don’t   WebExclusive

BY Michael A. Westervelt, CPA
As Vince Lombardi said, “Individual commitment to a group effort—that is what makes a team work, a company work, a society work, a civilization work.” I would add to this that an individual firm’s commitment to group audit considerations makes audit planning work.Simply stated, group audits are audits of financial statements that include the financial information of more than one component.
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