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Audit & assurance
PCAOB, SEC chairs look to strengthen oversight of auditing practices
The Sarbanes-Oxley Act created the PCAOB in 2002 to oversee public company audits. Twenty years later, the PCAOB — backed by the SEC — is emphasizing inspection and enforcement as ways to strengthen investor protections.
What’s new in SAS No. 145: Enhanced definitions mean stronger audits
Don’t delay. Understand SAS No. 145, from the AICPA Auditing Standards Board (ASB), and be ready.
Audit partners see signs that inflation will persist
Three-fourths of public company audit partners believe inflation will persist for at least 12 months, according to a Center for Audit Quality survey.
New possibilities when performing attestation services
Recently issued standards provide options for clients and flexibility for practitioners.
Auditor independence relating to government client affiliates
You must apply, with one exception, the “Independence Rule” and related interpretations of the AICPA Code of Professional Conduct to your state or local government client’s affiliates.
PCAOB reveals selected areas of focus for 2022 inspections
The report highlights 10 areas of focus for inspections and shares five key reminders aimed at helping auditors as they navigate the current economic landscape.
PCAOB amends auditing standards to strengthen requirements
The PCAOB adopts amendments to its auditing standards to strengthen requirements that apply to audits involving multiple firms.
Tips for firms implementing quality management standards
The chair of the AICPA Auditing Standards Board explains more about implementation of new quality management standards, including timeline advice, in this podcast episode with transcript.
PEEC proposals update compliance audit definitions and interpretations
The proposed ethics updates include new or revised definitions and interpretations related to independence during compliance audit engagements.
A needed push into remote auditing
The pandemic brought about a surge in remote auditing, a practice which has both pros and cons. CPAs at small firms discuss their experiences with remote audits and what they plan to do in the future, and share tips for making remote audits run more smoothly.
New quality management standards approved by AICPA Auditing Standards Board
The new standards represent a significant change in how CPA firms will approach audit and assurance quality in the future.
TQAs provide guidance on auditor reporting of other information included in annual reports
The Technical Questions and Answers address auditor reporting when the entity issues its annual report subsequent to its financial statements.
Can a CPA firm loan staff to an attest client?
Understand the changes to the AICPA Code of Professional Conduct’s independence rules relating to loaning staff to an attest client.
Audit quality indicators show importance of tone at the top
A survey of audit quality indicators performed by the AICPA reveals the most important factors in helping CPA firms perform quality audits.
PCAOB updates requirements on auditing accounting estimates, using specialists
The PCAOB has issued new requirements for auditing accounting estimates and using the work of specialists. The board is seeking comments on the new requirements.
How the war in Ukraine affects auditors’ responsibilities
Economic conditions and the environment many companies face have changed substantially as a result of Russia’s invasion of Ukraine.
Audit transformation: Automation is one small step in the journey
Learn how data-driven audits can help identify and mitigate risks and why tech tools that automate rote tasks are just one part of the evolution of auditing in this podcast episode with transcript.
Proposal would supersede auditing standard for group audits
The AICPA Auditing Standards Board is seeking comments on a proposed Statement on Auditing Standards that seeks to strengthen the auditor’s approach to planning and performing group audits and to improve the quality of such audits.
Not-for-profit audits in a remote world, plus IRS news
Learn how the abrupt shift to remote work affected not-for-profit audits and how they’re coping now, plus the latest news, in this podcast episode with transcript.
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