The AICPA Auditing Standards Board has amended its concept of materiality to match the definition used by the U.S. judicial system and other US standard setters.
The barriers preventing CPAs from performing engagements providing certain agreed-upon procedures were removed when the AICPA Auditing Standards Board issued a standard providing more flexibility to practitioners.
A recently issued independence interpretation contains guidance for CPAs’ interactions with attest clients’ information systems.
The profession is seen as honest and independent.
The nonauthoritative guidance addresses recent revisions.
The SEC is considering expanding opportunities for nonaccredited investors. That means more investors may be relying on private-equity fund valuations and auditors’ assessments of those valuations.
Seventy percent of companies participating in a survey by The Conference Board that obtain assurance on their sustainability information said the need for such assurance will increase over the next five years.
Although audit committees increasingly are providing transparency on certain key metrics, a new report shows that there are opportunities to provide more useful disclosures.
Materiality is a concern for engagements in which measurement is a challenge.
The change is meant to enhance auditor reporting.
A new standard would supersede SAS No. 122.
The four documents can aid implementation.
An auditing interpretation issued by the AICPA Auditing Standards Board provides auditors with guidance on how to comply with AU-C Section 700A as well as the PCAOB’s standards on critical audit matters.
A new Technical Question and Answer issued by the AICPA provides nonauthoritative guidance on implementing the AICPA Auditing Standards Board’s new standard on auditor reporting.
The steady growth in assurance of sustainability reports suggests that companies increasingly perceive that there are net benefits of having their sustainability reports assured.
The first auditor’s reports containing the PCAOB’s newly required critical audit matters are available in public company annual reports.
New guidance for performing single audits is contained in the Office of Management and Budget’s 2019 Compliance Supplement.
Retail investors’ confidence in audited financial information has risen to near record highs, but confidence in markets outside the United States has plunged.
In an effort to promote convergence with international standards, the AICPA Accounting and Review Services Committee (ARSC) recently proposed changes to standards for review services.
Issues such as the use of emerging technologies and the application of professional skepticism are addressed in a new audit evidence standard.