As a new regulation takes effect for single audits, practitioners need to plan carefully, and test and document skillfully as they perform this specialized work for clients.
Performing an audit
The Public Company Accounting Oversight Board issued staff guidance for firms filing the new Form AP, which is for disclosing the names of engagement partners and other firms participating in public company audits.
Audit firms will be required to disclose the name of the engagement partner and information about other firms participating in audits under a PCAOB rule that was approved by the SEC.
New auditor reporting guidance related to an engagement to report on summary financial statements audited by that same auditor has been issued by the International Auditing and Assurance Standards Board.
The PCAOB voted to approve a new rule that will require disclosure of the name of the engagement partner and other participating firms on a form that will be made public on the board’s website.
The PCAOB plans to meet next week to vote on a final standard that would create a new form naming the engagement partner on public company audits as well as other firms that participated in the audit.
Nonfinancial data can be just as important as dollars and cents when detecting fraud.
Employee benefit plan audits require specialized training and present significant regulatory risk. Following certain best practices can help practitioners deliver high-quality audits.
Joe Ucuzoglu, CPA, chairman and CEO of Deloitte’s U.S. audit practice, says expanding assurance opportunities would increase the value auditors provide.
A new six-point plan released by the AICPA provides a road map for enhanced performance on audits of private companies, employee benefit plans, and governmental entities.
The PCAOB voted to seek public comment regarding a proposal for naming the engagement partner in public company audits, in addition to identifying other firms that contribute to the audit.
The PCAOB has scheduled a public meeting to consider seeking public comment on a new proposal for naming audit engagement partners.
The PCAOB’s staff is asking whether the board’s standards adequately address auditors’ use of specialists, which is becoming more common as business transactions become more complex.
The AICPA released a six-point plan with recommendations for improving audit quality, which covers several stages in the process of being or becoming an auditor.
The PCAOB voted to reorganize its standards to make them easier to navigate and follow the flow of an audit.
Learn how proper coordination between the group auditor and component auditors enables compliance with the standards.
Internal auditors are confident in their ability to identify emerging risks in a timely manner, but they may be facing a talent shortage, according to a new report.
The varied roles of internal auditors, external auditors, and audit committees often intersect. A new report describes how they can work together for mutual benefit.
Root cause analysis of audit issues has the potential to bring about significant improvements in audit quality, audit regulators said while presenting results of a global survey of audit inspection findings.
Following this five-step process can help auditors avoid a common psychological trap and the risk that they will overlook important contradictory evidence.