Taking the risk out of risk assessment
Compliance with risk assessment standards is a prerequisite for a high-quality audit. Following these tips can help practitioners avoid common mistakes.
Auditing
Using drones to enhance audits
Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.
In unified voice, leaders reaffirm profession’s commitment to audit quality
Leaders in the auditing profession are committed to continuous improvement in audit quality at a time of significant change, seven prominent executives in the profession said in a joint statement.
Tips for understanding critical audit matters
A new report explains what audit committees and financial statement users need to know about critical audit matters.
GAO issues revised Yellow Book standards for government auditors
The revised standards are designed to provide a framework for high-quality work by government auditors.
Proposed SSAE would increase flexibility for practitioners in performing attestation engagements
The AICPA Auditing Standards Board issued a proposal that would make numerous changes to the attestation standards, including changing the terminology for what have been known as “review engagements.”
EBP audits: Don’t let your guard down
A healthy dose of paranoia and specialized expertise can help practitioners overcome challenges in employee benefit plan audits.
A journey in audit innovation
To help promote audit quality, KPMG is on an innovation journey with our people, processes and technology.
Strategies for quality work in single audits
Careful testing and thorough documentation are among the keys for quality single audit performance described by Laurie De Armond, CPA, in her summary of observations from the AICPA Not-for-Profit Industry Conference.
Add value to audits with client-focused analytics
Audit data analytics provide an opportunity for auditors to provide more value to clients. But first, firms need to let clients tell them what kind of insights would be helpful.
AICPA issues nonauthoritative guidance for payroll audits
The TQAs discuss engagement and representation letters.
New FAQs address familiarity threats
Safeguards for long-tenured personnel are suggested.
New compilation and review report requirements issued
The AICPA Accounting and Review Services Committee issued Statement on Standards for Accounting and Review Services No. 24, which revises reporting requirements for compilations and reviews.
Quiz: Is your audit addressing your client’s risks?
Take this five-question quiz to gauge your understanding of how to assess and respond to risk during an engagement.
5 things you need to know about the new international ethics code
A new international Code of Ethics for professional accountants contains new guidance on safeguards, cooling-off periods, and other important issues.
The trouble with nondisclosure agreements in attest engagements
CPA firms must take care not to run afoul of professional standards if they are asked to sign nondisclosure agreements.
New standard will include revised compilation and review report requirements
SSARS No. 24 will create and amend AR-C sections.
Audit quality research projects receive AICPA support
All proposals were related to audit quality, evolving skill sets, risk assessment and response, and sufficiency and appropriateness of audit evidence.
ASB issues auditing interpretation on dual reporting
It applies to audits performed beyond PCAOB oversight.
How to maintain independence in audits of insured depository institutions
Auditors of insured depository institutions need to educate themselves and their staffs about independence rules that apply to these engagements.
