Audit & assurance

New standard addresses investments, specialist matters

A new standard issued by the AICPA Auditing Standards Board provides guidance on auditing the fair value of financial instruments, with a focus on the use of pricing services. The ASB also modernized its standards related to the use of specialists by management and auditors.

Internal audit has pivotal role in ESG reporting

Reporting on environmental, social and governance information is becoming increasingly important. Internal audit’s independent advisory and assurance work can help organizations get it right.

Auditors may see increased demand for ESG attestation

Regulators and standard setters are promulgating new requirements for environmental, social and governance information, and that may lead many companies to call upon external auditors to examine their ESG disclosures.

Lorin Venable, CPA, CGMA

Lorin Venable, CPA, CGMA, of Arlington, Va., is assistant inspector general for Audit in the Financial Management and Reporting Directorate of the Department of Defense Office of Inspector General.

EBP audits: Document so your steps can be retraced

Thorough documentation demonstrates the quality that a practitioner has delivered in any audit. Amid the coronavirus pandemic, documentation provides auditors an opportunity to show they are on top of the many changes that plans may have undergone.

EBP tax compliance testing tips

Employee benefit plan tax professionals need to dig deep in search of affiliates under common control and must carefully assess whether plans are skewed in favor of highly compensated employees.

ASB extends comment period for quality management ED

The AICPA Auditing Standards Board has extended the comment period through Aug. 31 for an exposure draft of three interrelated proposed standards that would change the way firms manage quality in their accounting and auditing practices.

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100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.