New audit evidence standard recognizes evolving nature of business
The AICPA Auditing Standards Board issued a new standard that recognizes the evolving nature of business, including use of technology.
Audit & assurance
Auditors can play key role in ESG information assurance
Public company auditors can play an important role in enhancing the reliability of company disclosures on environmental, social and governance information, according to a new Center for Audit Quality report.
Alan Jowers, CPA
Building relationships is a key to helping clients achieve their mission, according to Alan Jowers, CPA, a partner with Carr, Riggs & Ingram, LLC.
Challenges to consider in auditing revenue recognition
To perform a high-quality audit, practitioners need a thorough understanding of FASB’s new standard and its implications for their clients’ financial statements.
Handling nondisclosure compilations amid the pandemic
Compilations of financial statements that omit substantially all disclosures can provide challenges for CPAs as the pandemic hurts clients’ businesses. Here’s how CPAs can handle the challenging judgments in these engagements.
Quiz: Are you ready to audit these areas of heightened risk?
The coronavirus pandemic has increased risk in certain areas of the audit for clients with 2020 year ends. Take this quiz to see if you are ready to audit these areas.
Strategies for addressing pandemic-related audit risks
Audit risk assessments and sampling procedures may need to change as a result of the coronavirus pandemic, according to Lynford Graham, CPA, Ph.D.
Your peer review has been extended — now what?
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.
Pandemic considerations for EBP financial statements
The coronavirus pandemic has had a profound effect on employee benefit plan financial statements. Preparers and auditors need to carefully consider going concern implications, CARES Act implications and more.
4 key COVID-19 audit risks for 2020 year ends
The coronavirus pandemic has created special challenges for practitioners to consider related to internal control, fraud, legal compliance, and accounting estimates. Here’s how auditors can address these risks.
IAASB addresses pandemic issues in audit practice alert
The International Auditing and Assurance Standards Board highlighted key areas of focus for auditor reporting related to the coronavirus pandemic in an audit staff practice alert.
Quiz: Are you ready to audit during the pandemic?
Take this quiz to find out if you’re prepared to navigate issues such as remote audit procedures and going concern evaluations amid the pandemic.
Auditing during COVID-19: 6 areas to focus on
Here is how practitioners can handle some of their biggest challenges when conducting audits in the current environment.
What CPAs should consider before deferring ASB reporting standards
The AICPA Auditing Standards Board delayed the effective dates of seven new standards as a result of the coronavirus pandemic. Here’s what auditors need to know about the standards and their delay.
Coronavirus concerns for ESOPs and ESOP auditors
Employee stock ownership plans, their sponsors, and auditors all face new challenges and risks related to the coronavirus pandemic.
Overcoming site visit limitations in the pandemic
The coronavirus pandemic has made site visits challenging for many auditors. Remote auditing techniques can help practitioners perform high-quality engagements during this difficult time.
6-month delay granted for peer reviews
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.
ASB formally issues deferral of effective dates
The AICPA Auditing Standards board formally extended the effective dates Friday of seven new auditing standards because of concerns related to the coronavirus pandemic.
Auditors displaying dedication during pandemic, CAQ’s Lindsay says
Auditors are well prepared to work remotely, are supporting their staffs and community, and face an environment with heightened fraud risks, according to CAQ Executive Director Julie Bell Lindsay.
Pandemic places accounting, auditing rules in flux
As the coronavirus gripped the world, regulators, standard setters, and others moved to adjust rules and effective dates that are important to businesses, CPAs, and their clients. Meanwhile, CPA Exam candidates will have additional opportunities for testing during an emergency testing period.
