Auditing


The PCAOB published staff questions and answers about references to authoritative accounting guidance in PCAOB standards.

 

The series of Q&As serves as a reminder that auditors should look to the FASB Accounting Standards Codification and SEC rules for authoritative U.S. GAAP guidance for SEC registrants, even though PCAOB standards may contain descriptions of and references to U.S. GAAP, according to a statement by the PCAOB. The Q&A series also provides guidance on the auditor’s responsibilities regarding the codification, including situations where the auditor believes an item in the financial statements should be accounted for differently under the codification than under pre-Codification U.S. GAAP, as well as considerations auditors should give to U.S. GAAP references in the standards of the PCAOB when auditing the financial statements of a foreign private issuer prepared in conformity with IFRS, as issued by the International Accounting Standards Board.

 

The statements contained in the Q&A are not rules of the board, however. They are available at tinyurl.com/msk6d2.

 

SPONSORED REPORT

2019 State of Financial Reporting Survey

We surveyed nearly 600 finance and accounting professionals on their month-end close and reporting processes. See the results.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.