Audit & assurance news and resources -- Journal of Accountancy

TOPICS

November 19, 2021

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.

November 10, 2021

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.

November 8, 2021

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.

November 3, 2021

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.

November 1, 2021

Revenue recognition: 4 top concerns noted by peer reviewers

Practitioners can successfully navigate the new standard with special attention to these topics.

November 1, 2021

Journal-entry testing using Excel

In this example walk-through, learn how to use Microsoft’s spreadsheet application to perform several tasks, including sampling.

October 18, 2021

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.

October 14, 2021

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.

October 13, 2021

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.

October 12, 2021

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.

October 7, 2021

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.

October 7, 2021

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.

October 1, 2021

Making critical audit matters more readable

Practitioners can take simple steps to make sure information newly included in auditors’ reports is understandable to investors.

October 1, 2021

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.

September 30, 2021

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.

September 28, 2021

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.

September 14, 2021

How climate risks are reflected in current financial statements

The Center for Audit Quality has published a resource that describes management and auditors’ responsibilities related to climate-related risk reporting.

September 2, 2021

EBP audits set for major changes, more transparency

Employee benefit plan audit procedures and reporting will undergo a significant shift as SAS No. 136, as amended, is implemented.

August 23, 2021

PCAOB’s Jurata, Zietsman to resign as transition continues

Rebekah Goshorn Jurata and Megan Zietsman said that they plan to resign from the Public Company Accounting Oversight Board on Oct. 1 or the date of appointment of new board members, whichever comes first.

August 19, 2021

ESG assurance an elusive but promising opportunity for auditors

Although just 31 of the S&P 500 companies use public company auditors for environmental, social and governance assurance, increased regulation and investor focus may lead to more opportunities for practitioners in the future.

FROM THIS MONTH'S ISSUE

How a CPA beat burnout after strokes, depression

Get ready for tax season with the JofA’s annual filing season quick guide, an easy-to-use compilation of dollar thresholds, tax tables, standard amounts, credits, and deductions. Download and print for quick reference this tax season.