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1. Auditors still responsible for going-concern evaluation under PCAOB rules   WebExclusive

BY Ken Tysiac
Recent changes to U.S. GAAP do not change public company auditors’ responsibilities for following existing PCAOB standards when considering a company’s ability to continue as a going concern, the PCAOB said Monday.In a staff audit practice alert, the PCAOB said current auditing requirements remain in force in light of FASB’s release in August of a standard defining management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern.“An auditor’s responsibility to evaluate a company’s ability to continue as a going concern is an important part of the audit,” PCAOB

2. 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.

3. When the rules and the law no longer agree   CPEDirect

BY Ahava Goldman, CPA, and Thomas A. Ratcliffe, CPA, CGMA, Ph.D.
In 2012, a form required by the New York City Tax Commission left auditors in a quandary. Recent changes to GAAS that revised the wording of the auditor’s report had not been reflected in the form. As a result, the form required auditors to submit a report to the Tax Commission that did not contain the elements and wording that GAAS requires auditors to use.

4. Auditing  

Proposed reforms designed to streamline and improve the way the federal government administers more than $600 billion in grants annually have been published by the Office of Management and Budget (OMB). The OMB is proposing broad reforms to compliance audits performed under OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations (also referred to as single audits or Circular A-133 audits).

5. Clarifying the standard for group audits   CPEDirect

BY C. William Thomas, CPA, Ph.D., and Phil D. Wedemeyer, CPA
As a result of the AICPA Auditing Standards Board’s (ASB) Clarity Project, a new standard has been developed that provides clearer requirements and guidance for audits of group financial statements, in particular those in which part of the work is performed by auditors other than the auditor who expresses the opinion on the financial statements of the group.

6. Auditing  

Change apparently is coming to the auditor’s report, but views vary over the appropriate content and structure for reports, and particularly over the issue of “auditor commentary.” The question of appropriate content and structure for the auditor’s report was the subject of an International Auditing and Assurance Standards Board (IAASB) round-table meeting in New York in September.

7. Auditing  

The AICPA’s Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 126, The Auditor's Consideration of an Entity’s Ability to Continue as a Going Concern (Redrafted), as a result of its Clarity Project to supersede SAS No.

8. Auditing transition  

BY Ahava Goldman and Amanda Black, CPA
With audit busy season ending, it’s time to start preparing for the transition to the clarified standards, which are effective for calendar year 2012 audits. A smooth transition requires information, education, and training. Take these steps to prepare for the clarified standards and minimize the transition’s effect on your firm and clients: Familiarize yourself with the clarified standards, including the application material, appendices, and exhibits.

9. Audit rotation debated in House subcommittee hearing   WebExclusive

BY Ken Tysiac
Members of Congress asked pointed questions of PCAOB Chairman James Doty on Wednesday as the hot topic of mandatory audit firm rotation was debated during a wide-ranging discussion of accounting and auditing issues in front of a House subcommittee. Rep. Scott Garrett, R-N.J., the chairman of the House Subcommittee on Capital Markets and Government Sponsored Enterprises, opened the hearing by stating his concern that the PCAOB was overstepping its mandate by considering the issue of mandatory audit firm rotation.

10. Auditor’s reporting model proposal scheduled for third quarter   WebExclusive

BY Ken Tysiac
The PCAOB’s proposed changes to the auditor’s reporting model are on track to be issued for public comment in the third quarter of 2012, according to a standard-setting agenda the board released Monday. PCAOB Chairman James Doty said in December that he thought the proposal would be out by the second quarter.
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