Auditing


The Auditing Standards Board exposes a suite of seven draft statements on auditing standards (SASs) ( www.aicpa.org/members/div/auditstd/auditrisk120202.asp ) to improve auditors’ application of the audit risk model. The proposed SASs require auditors to develop a better understanding of audited entities and their environments, to use that knowledge to more rigorously assess the risks of material misstatement of the entities’ financial statements and to better link the nature, timing and extent of audit procedures with assessed risks. The ED comprises the following proposed SASs: Amendment to Statement on Auditing Standards no. 95, Generally Accepted Auditing Standards; Audit Evidence; Audit Risk and Materiality in Conducting an Audit; Planning and Supervision; Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement (Assessing Risks); Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained; and Amendment to SAS no. 39, Audit Sampling. Comments are due April 30.

SPONSORED REPORT

Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.