CPA firms with certain peer review deadlines were granted an extension amid the havoc caused by the coronavirus pandemic. Some firms are nonetheless staying on schedule, and others are urged to at least schedule their delayed reviews so they don’t fall too far behind.
The AICPA Peer Review Board voted to grant automatic six-month extensions for peer reviews, corrective actions and implementation plans with original due dates between Jan. 1 and Sept. 30 of this year.
A state-by-state effort could follow.
The National Association of State Boards of Accountancy (NASBA) is proposing changes to the Uniform Accountancy Act (UAA) Model Rules related to peer review programs.
Steer clear of three common misconceptions about documentation that can derail an otherwise high-quality audit.
The board seeks a clear indication of whether a single audit was selected.
Peer review reports would be modified to clearly indicate if a single audit was selected under a proposal issued by the AICPA Peer Review Board.
Proposed changes to the AICPA’s standards for performing and reporting on peer reviews are designed to help audit firms increase focus on their quality-control systems.
Continued efforts to improve quality in auditing and accounting have led to new requirements for CPAs who serve as peer reviewers.
Changes proposed by the AICPA Peer Review Board are designed to help audit firms increase their focus on the proper design and operating effectiveness of their quality-control systems.
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 U.S. Department of Labor has issued results of a study of employee benefit plan audits that show a continuing need for improvement. A new AICPA audit quality initiative for the profession has a focus on employee benefit plan audits.
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.
A new vision for practice monitoring in the future aims to prevent quality issues in accounting, auditing, and attestation engagements. A new technological platform is being developed to provide more timely feedback to peer reviewers and firms.
In a new concept of practice monitoring the AICPA envisions for the future, peer reviewers and firms will use a new technology platform to enable more thorough analysis and provide more timely feedback for accounting, auditing and attestation engagements.
Data collected by the AICPA Peer Review team can drive better audits by helping audit firms focus remedies on areas that frequently have been associated with accounting and auditing deficiencies.
In one of the first steps of the new Enhancing Audit Quality (EAQ) initiative, a major effort to improve auditing of private entities, the AICPA has released a discussion paper seeking stakeholder perspectives. Through the two-phased initiative, the AICPA is coordinating resources to improve performance in audits of private entities,
Changes to peer review standards proposed last week by the AICPA Peer Review Board (PRB) are designed to remove inconsistencies and improve the transparency of reports for engagement reviews. The proposal, outlined in an exposure draft, would change the impact to an engagement review report when all of the following
For news from the AICPA and state societies, visit www.cpa2biz.com, which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. BANKING The FDIC reported that profits at commercial banks and savings institutions declined 3.4% from year-earlier levels in the second quarter of
Origin and Mission The GAO is part of the legislative branch of the federal government and thus is independent of the executive branch. Congress established the GAO in 1921 to investigate all matters relating to the receipt, disbursement and application of public funds. Since then, Congress has expanded the GAO’s