The AICPA Auditing Standards Board is seeking comment on a proposed Statement on Auditing Standards that would update the appendix in AU-C Section 935, Compliance Audits.
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Audit & assurance
Clarified peer review standards approved by Peer Review Board
The AICPA Peer Review Board approved guidance that is designed to make peer review guidance for CPA firms and peer reviewers easier to read, understand and apply.
Embracing technology in the audit
Firms and practitioners are using digital tools to provide more value to clients.
PCAOB seeks input on plans for new advisory groups
The PCAOB is creating two new advisory groups and inviting public comment on their structure and operation. The new groups are the Standards and Emerging Issues Advisory Group and the Investor Advisory Group. The comment period runs through Feb. 28.
Audit quality stable amid pandemic, audit committee members say
Despite pandemic-related concerns about the ability of auditors to work effectively, 98% of audit committee members said in a new survey that audit quality either increased or stayed the same over the past year.
Profession intensifies diversity efforts with new CAQ initiative
The Center for Audit Quality announced a strategic initiative intended to increase diversity of talent coming into the accounting profession while raising awareness of the profession’s diversity, equity, and inclusion efforts.
A refreshed focus on risk assessment
Audit firms may have to change some processes in response to a new standard and pandemic-fueled changes to the environment.
ESG assurance opportunities likely to grow for CPA firms
Companies may need more rigorous assurance on environmental, social, and governance data as regulatory obligations emerge. CPA firms are poised to deliver.
Audit tips for a pandemic-changed environment
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.
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.
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