Auditors have a lot to think about as clients experience supply chain disruptions, staff shortages, and new processes and procedures. Here’s what firms need to focus on in this challenging environment.
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Audit & assurance
What auditors need to know about ESG issues
Regulators and standard setters are making ESG disclosures a bigger area of emphasis. But even current standards require ESG-related risks to be considered, and auditors need to know how to audit this information.
Digital assets: Auditing, accounting, and what’s next
A CPA leader shares talks about auditing and accounting related to digital assets — the challenges, the role of skill development, and what’s next in the evolving space.
6 lessons from audit experts who adopted AI early
Machine learning is within reach for many audit firms.
Diving deeper into smaller frauds due to COVID-19
The coronavirus pandemic has created special challenges for practitioners to consider related to fraud. In the current environment, smaller instances of fraud, many times immaterial to an audit, are now becoming significant and need additional attention.
Audit committee cybersecurity disclosures on the rise
The number of public company audit committees that disclose their role in cybersecurity risk oversight has grown dramatically over the past five years, according to a Center for Audit Quality report.
PCAOB gets new chairperson, board members
Erica Williams has been named chairperson of the Public Company Accounting Oversight Board. She will be joined on the board by Christina Ho, Kara Stein and Tony Thompson. Duane DesParte will continue his service on the board and will serve as acting chairperson until Williams is sworn in.
Quality management: ARSC pursues consistency with proposed ASB standards
The quality management standard for accounting and review services would achieve consistency, where appropriate, with that proposed for audit services under a proposal issued by the AICPA Accounting and Review Services Committee.
Revenue recognition: 4 top concerns noted by peer reviewers
Practitioners can successfully navigate the new standard with special attention to these topics.
Journal-entry testing using Excel
In this example walk-through, learn how to use Microsoft’s spreadsheet application to perform several tasks, including sampling.
PCAOB inspections show some improvement in 2020
Some improvement in audit performance was identified during 2020 PCAOB inspections compared with the previous year, according to a board staff report.
A CPA leader’s approach to changing check-the-box training
A CPA leader, the subject of the October Last Word feature, shares her interest in the Harry Potter book series and why she sought better training for staff at a government agency.
5 tips for maintaining audit quality today and in the future
Amid continuing pandemic-related challenges, auditors have opportunities to maintain and improve the quality they deliver to clients and the public.
New standard sharpens focus on risk-based auditing
The AICPA Auditing Standards Board issued a new standard designed to help auditors determine the areas that pose the greatest risks of material misstatement in an audit engagement and spend more of their time performing procedures in those areas.
PCAOB issues staff guidance on audit evidence from other sources
Advances in technology have resulted in the availability of volumes of new information to companies and their auditors. PCAOB staff guidance discusses the implications of this new information for the audit.
Peer review: Advancing clarity and remote procedures
An AICPA manager explains the details of a recently issued exposure draft by the AICPA Peer Review Board and how someone can become a peer reviewer.
Making critical audit matters more readable
Practitioners can take simple steps to make sure information newly included in auditors’ reports is understandable to investors.
5 top-of-mind issues for auditors as focus on quality continues
Practitioners are focusing on new standards, processes, and requirements heading into the fourth quarter of an unusual year.
CPAs continue to lead with trust, competence, and integrity
This is the first in an occasional series featuring Sue Coffey, CEO–Public Accounting for AICPA & CIMA, discussing trends affecting the profession.
PCAOB moves to strengthen lead auditor’s oversight of other auditors
The PCAOB issued a second supplementary request for comment on a proposal designed to enhance the lead auditor’s role in overseeing other auditors outside the firm that issues the auditor’s report.
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