The new reporting model for public company audits requires practitioners to disclose “critical audit matters” that arise during their work. A new Center for Audit Quality report examines the results of “dry runs” that are designed to help firms develop methodologies for determining and reporting critical audit matters.
Inspections of registered audit firms will focus on systems of quality control, independence issues, and recurring deficiencies.
The renewal of a mutual recognition agreement gives qualified U.S. CPAs eligibility to obtain the CA ANZ credential, which is a pathway to obtaining audit rights in Australia and New Zealand.
The AICPA Auditing Standards Board has voted to issue a new standard for employee benefit plan audits.
The IAASB is enabling auditors to keep pace with accounting standards changes.
The PCAOB also reported a high rate of deficiencies in broker-dealer audits.
A newly released international auditing standard for auditing accounting estimates and related disclosures is designed to help auditors keep pace with changes in accounting standards for loan provisions and insurance contracts.
The statement touches on AI, analytics, and blockchain.
As public company auditors prepare to deliver new information in auditors’ reports, firms need to develop consistent processes for determining what should be disclosed.
New information will be required for certain filers in 2019.
The Securities and Exchange Commission proposed an amendment that would correct an error published in 2013 in the exemption provisions in the broker-dealer annual reporting rule.
If approved, the standard would give practitioners added flexibility.
Three research projects received awards through the Access to Audit Personnel program.
A strong or weak commitment to addressing risks may be an indicator of management’s focus on financial reporting risks.
Changes to the Yellow Book reinforce the principles of transparency and accountability.
The PCAOB has issued updated staff guidance to assist practitioners as they implement the board’s new auditor’s reporting model.
Independence issues identified in the PCAOB’s 2017 staff inspections fell compared with the previous year, according to a report the board.
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Provisions take effect June 15, 2019.
Compliance with risk assessment standards is a prerequisite for a high-quality audit. Following these tips can help practitioners avoid common mistakes.