Public companies reining in costs, according to audit partners
A lower percentage of companies are seeking new employees and increasing the benefits for their current workers, according to a survey of audit partners.
Audit
PCAOB prioritizes two standard-setting projects
The board plans to take action in the next 12 months related to firm and engagement performance metrics and substantive analytical procedures.
PCAOB enhances transparency of inspection reports
The PCAOB has enhanced its inspection reports with a new section on auditor independence and other improvements that are designed to “increase transparency by making publicly available more information that is relevant, reliable, and useful for investors and other stakeholders.”
PCAOB reveals priorities for 2023 inspections
The board will continue to pay particular attention to financial services and broker-dealer audits while reminding all auditors to be vigilant when it comes to fraud-related risks.
Nothing left to chance: The life of a lottery auditor
Auditors are accustomed to working with numbers and moving targets, but a select few work with numbers on bouncing balls.
How remote work affected early-career auditors
A new study delves into both the negative impacts and upsides of remote working on the learning and professional development of early-career auditors.
Proposal aims to ‘modernize’ public-company audit standards
The PCAOB is seeking feedback on a proposal focused on modernizing core auditing principles and responsibilities for public companies.
New standard provides risk-based approach to group audits
The AICPA Auditing Standards Board issues SAS No. 149 and SQMS No. 3. SAS No. 149 introduces the term “referred-to auditor” and revises the definition of component auditor.
Improve audit sampling efficiency with Excel’s Solver tool
Artificial intelligence capability can significantly reduce the time and effort auditors devote to sampling estimation tasks.
PCAOB offers new guidance for quality control remediation
Newly published insights can help audit firms avoid public disclosure of quality control criticisms issued by the PCAOB.
Auditing best practices: What academic fraud research reveals
Complying with AU-C Section 240, Consideration of Fraud in a Financial Statement Audit, when conducting financial statement audits challenges practitioners’ professional skills and knowledge regarding identification, assessment, and response to fraud risks. Academic research reveals best practices for enhancing fraud-related financial audit performance.
Audit tips from PCAOB inspections leader
The director of the PCAOB inspections team recently issued a call to action for auditors at the AICPA & CIMA Conference on Current SEC and PCAOB Developments.
PCAOB proposes new auditing standard
The PCAOB issued a proposed new standard that is designed to strengthen and modernize the requirements for the auditor’s use of confirmation.
5 ways firms can use technology to transform audits
Technology has been transforming audits for years, and that trend will only accelerate with the Statement on Auditing Standards (SAS) No. 142, Audit Evidence, which took effect on Dec. 15, 2022.
One size does not fit all clients: SAS No. 145 on scalability
Understand the opportunities to maximize efficiency in your audits of less-complex entities. SAS No. 145 will tell you that risk assessment is not a one-size-fits-all proposition and provides opportunities to scale work throughout the process.
PCAOB gains ‘complete access’ to audit firms in China
The PCAOB confirms that China is honoring an agreement signed in August that allows the board free rein to inspect public companies that trade on the U.S. capital markets.
Quiz: Test your remote audit knowledge
Remote audits are the new norm for firms for many strategic reasons. They may save time and costs, reduce travel, or boost employee retention, among other advantages. Test your remote audit knowledge and get resources for your next remote audit.
PCAOB report analyzes impact of estimates and specialists requirements
The PCAOB released a report addressing the impact of 2018 standards related to auditing accounting estimates and the auditor’s use of the work of specialists.
PCAOB report: Audit deficiencies increase in 2021
Deficiencies in a relatively new area of reporting — critical audit matters — contribute to the increase, but the board also sheds light on several good practices.
PCAOB report analyzes reporting of critical audit matters
The PCAOB finds that progress is being made related to the reporting of critical audit matters but reminds auditors of the board’s expectations.
