This article outlines steps CPAs should consider when developing strategic audit plans for their own clients.
Audit & assurance
In an effort to boost audit quality, the AICPA Peer Review Program is monitoring for instances where firms misunderstand the risk assessment standards. Data suggests that auditors need to devote more attention to assessing the risk of material misstatement and designing appropriate procedures.
Practitioners can provide services to clients related to cybersecurity beyond their financial statement auditing role, according to a newly published report from the Center for Audit Quality.
How well do auditors perform in assessing and responding to risks of material misstatement? New research provides some answers.
The SEC adopted amendments that are designed to reduce situations that trigger independence rule violations in situations that don’t necessarily impair an auditor’s objectivity or impartiality.
Disclosures around oversight of cybersecurity risk by audit committees are increasing in public company proxy statements, according to a yearly analysis released by the Center for Audit Quality and Audit Analytics. But other disclosures have leveled off in recent years.
Practitioners will be able to perform a new engagement known as a direct examination for clients under a new standard published by the AICPA Auditing Standards Board (ASB).
Practitioners are not required to provide an opinion on non-GAAP measures during a financial statement audit, but they can be engaged to perform additional procedures related to this information, according to a new Center for Audit Quality report.
CPA firms’ ability to loan staff to attest clients would be limited to rare circumstances under a newly proposed AICPA ethics interpretation.
Statement on Standards for Attestation Engagements (SSAE) No. 19, Agreed-Upon Procedures Engagements, provides practitioners more flexibility for performing agreed-upon procedures engagements.
A proposed standard by the AICPA Auditing Standards Board is designed to enhance auditors’ processes for identifying and responding to the risks of material misstatement in financial statements.
Social distancing rules designed to stunt the growth of the COVID-19 pandemic have made it impossible, or at least impractical, to conduct in-person interviews for forensic and auditing engagements.
The AICPA Peer Review Board voted to continue permitting remote system reviews for CPA firms without prior approval of the administering entity for system reviews commencing before June 30, 2021.
The effective response by public company auditors during the coronavirus pandemic has helped maintain the public’s faith in the capital markets, Center for Audit Quality Executive Director Julie Bell Lindsay said.
Health care entities’ financial statement preparers and auditors can benefit from an FAQ document developed by the AICPA on issues related to the coronavirus pandemic.
Recent AICPA advocacy efforts have included requesting tax relief related to the coronavirus pandemic and issuing auditing standards related to audit evidence and auditing accounting estimates.
The coronavirus pandemic has created special challenges for practitioners to consider related to internal control, fraud, NOCLAR, and accounting estimates.
The AICPA Auditing Standards Board delayed the effective dates of its new auditor reporting standards by one year. Early implementation is permitted, and the ASB recommends concurrent implementation of the standards.
Nonfederal entities and for-profit entities are required to include Provider Relief Fund payments in the reported total annual federal fund expenditures that determine whether they meet the $750,000 threshold that triggers audit requirements, the US Department of Health and Human Services announced.
New FASB rules have led to a host of new accounting and auditing questions for financial statement preparers and auditors. Some of the most frequently asked questions were answered at the AICPA’s ENGAGE 2020 virtual conference.