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December 2009 |  BY MICHAEL RAMOS, CPA |  Article

The aim of the risk assessment auditing standards was to improve the quality and effectiveness of audits by substantially changing audit practice. Statements on Auditing Standards nos. 104� provide increased rigor to the audit process in a number of key areas including the assessments of inherent and control risks and the linking of these risk assessments to further audit procedures.

November 2009 |  Article

The PCAOB published staff questions and answers about references to authoritative accounting guidance in PCAOB standards. The series of Q&As serves as a reminder that auditors should look to the FASB Accounting Standards Codification and SEC rules for authoritative U.S. GAAP guidance for SEC registrants, even though PCAOB standards may contain descriptions of and references to U.S.

October 2009 |  Article

The PCAOB on July 28 passed an auditing standard, Engagement Quality Review (EQR), requiring an independent reviewer to perform EQRs and superseding the existing concurring partner review requirement. If approved by the SEC, the standard will take effect for EQRs of audits and interim reviews for fiscal years that begin on or after Dec.

October 2009 |  Article

The SEC on Thursday released its draft Strategic Plan for Fiscal Years 2010�, which includes, among other goals, a continued commitment “to promote the establishment of highquality accounting standards by independent standard setters” and support for “a single set of highquality global accounting standards.” The draft Strategic Plan is a statement of the SEC’s mission, vision, values, strategic goals, planned initiatives and performance metrics.

October 2009 |  Article

The PCAOB postponed the effective date for registered public accounting firms required to report under its new rules to Dec. 31, 2009, from the previous date of Oct. 12, in order to resolve technical issues related to deploying the board’s new Webbased system for processing and publishing filings on the new forms, according to a news release.

September 2009 |  Article

The PCAOB voted to adopt an amendment to a rule on the timing of certain inspections of registered nonU.S. public accounting firms. The amendment to PCAOB Rule 4003(g) gives the board the ability to postpone, for up to three years, the first inspection of any foreign registered public accounting firm that the board is otherwise required to conduct before the end of 2009 and that is in a jurisdiction in which the board has not conducted an inspection before 2009.

September 2009 |  Article

The PCAOB on Wednesday published staff questions and answers about references to authoritative accounting guidance in PCAOB standards. The series of Q&As serves as a reminder that auditors should look to the FASB Accounting Standards Codification and SEC rules for authoritative U.S. GAAP guidance for SEC registrants, even though PCAOB standards may contain descriptions of and references to U.S.

August 2009 |  Article

The AICPA’s Auditing Standards Board issued Statement of Position (SOP) 091, Performing AgreedUpon Procedures Engagements That Address the Completeness, Accuracy, or Consistency of XBRLTagged Data. This interpretative SOP, drafted with the assistance of the XBRL Assurance Task Force of the AICPA Assurance Services Executive Committee, provides guidance regarding the application of Statements on Standards for Attestation Engagements—attestation standards established by the AICPA—to engagements in which a practitioner performs and reports on agreedupon procedures related to the completeness, accuracy or consistency of XBRLtagged data.

July 2009 |  Article

The AICPA’s Auditing Standards Board issued Proposed Statement on Auditing Standards, Subsequent Events and Subsequently Discovered Facts. The proposal would supersede AU sections 530, Dating of the Independent Auditor’s Report, 560, Subsequent Events, 561, Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report, and paragraphs .71–.73 of AU section 508, Reports on Audited Financial Statements.

July 2009 |  Article

The PCAOB on Tuesday will vote on adopting an auditing standard, Engagement Quality Review, which would require EQRs to be performed by an independent reviewer and would supersede the existing concurring partner review requirement. The new standard would require an EQR for audits and reviews of interim financial information (“interim reviews”), but not for other engagements performed according to the standards of the PCAOB.