Auditing

Determining materiality for nonquantitative subject matters

Emerging engagements such as sustainability attestation services and System and Organization Controls reports require auditors to consider materiality for subject matters that can’t be quantitatively measured.

The benefits of a ‘decomposed’ approach to group audit planning

New research performed with the help of the AICPA’s Assurance Research Advisory Group has provided new insights on ways to improve quality in group audits.

Eliminating biases that jeopardize audit quality

Recognizing and overcoming cognitive biases can help practitioners deliver higher quality in their engagements.

The risk suite: This teenager can mitigate liability angst

Since their issuance in 2006, the risk assessment standards have often been a source of confusion. Here’s how to work with them.

ASB seeks alignment of materiality definitions

The effect on practice is expected to be minimal.

Quiz: How well do you know internal control auditing requirements?

It’s critical for auditors to understand their responsibilities related to internal controls. Take this quiz to see how much you know about this topic.

ASB addresses ERISA plan auditor reporting, other information in annual reports

The AICPA Auditing Standards Board issued new standards addressing auditor reporting on ERISA plan financial statements and an auditor’s “other information” responsibilities.

Advocacy update: Testifying on the ERISA audit process

The audit process can help employee benefit plan administrators fulfill their fiduciary duties, according to testimony by James Haubrock, CPA, chair of the executive committee of the AICPA Employee Benefit Plan Audit Quality Center.

ASB enhances communication in auditors’ reports

The AICPA Auditing Standards Board issued standards that are designed to improve auditors’ ability to communicate in auditors’ reports and align generally accepted auditing standards with those of other standard-setting bodies.

5 missteps to avoid when evaluating internal controls

An understanding of a client’s controls is essential for determining the extent of testing necessary for completion of a successful audit.

Highlights of internal audit research

Academic research reveals perceptions of the internal auditing function, ways to reduce audit delays, how small businesses use continuous auditing technology, and more.

Quiz: How well do you know the risk assessment standard?

The risk assessment standard provides a baseline for the successful planning and conducting of an audit. Take this quiz to find out how well you understand the basics of risk assessment.

SEC addresses auditor independence and the Loan Provision

The SEC adopted amendments designed to help identify when an auditor’s lending relationship with an audit client is a threat to the auditor’s objectivity and impartiality.

Audit evidence standard would be updated under proposal

The ASB issued a proposal that would update its audit evidence standard to address issues such as emerging technologies and the application of professional skepticism.

Convergence with international standards sought for SSARSs

A proposal issued by the AICPA Accounting and Review Services Committee would promote convergence with international standards for review services.

A refined approach to auditing accounting estimates

Auditing accounting estimates can be challenging. New auditing standards may help by encouraging deeper professional skepticism.

ASB seeks alignment of materiality definitions

The definition of materiality used in the AICPA Professional Standards would be aligned with that of U.S. regulators under proposals issued by the AICPA Auditing Standards Board.

How we successfully implemented AI in audit

A partner at Garbelman Winslow CPAs describes the Maryland firm’s experience using machine learning to improve its audit process.

Ask the expert: Education

Roger O’Donnell leads the Global Audit D&A initiative and currently serves as the lead engagement partner for several multinational companies.

4 key steps for auditors in assessing technology risks

The business risks associated with new technology seem almost endless. But a new resource can help auditors, management and audit committees discharge their responsibilities associated with those risks.