Amid continuing pandemic-related challenges, auditors have opportunities to maintain and improve the quality they deliver to clients and the public.
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Audit & assurance
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.
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.
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.
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.
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.
Updated single audit guidance provided by OMB in 2021 Compliance Supplement
Some requirements for single audits were clarified with the issuance of the 2021 Compliance Supplement by the Office of Management and Budget. Some questions remain, though, and OMB is expected to issue two addenda with additional guidance.
Single audits: Using Compliance Supplements for success
Single audits are especially challenging amid a pandemic-related surge in government aid. Understanding how to apply guidance in the Office of Management and Budget’s Compliance Supplements is critical for delivery of a high-quality engagement.
Audit evolution in action: Part 2
In part 2 of a series, hear or read more about the role of audit data analytics in the continuing transformation of auditing.
Single audit rules clarified for Provider Relief Fund recipients
Over the last several weeks, HHS has established in its PRF FAQs that the reporting in the PRF Reporting Portal will be based on when PRF payments were received.
Why single-audit demand is rising; an update on tax preparer legislation
A CPA shares advice for organizations and practitioners on single audits and why more expertise is needed, and an AICPA vice president explains the reasons behind the organization’s support of a bill recently introduced in the House of Representatives.
Quality management proposal provides opportunity to consider risks
Proposed quality management standards presented by the AICPA Auditing Standards Board would require audit firms to customize their processes in accordance with their individual risks.
Vacation and sick pay accruals resulting from the pandemic
Travel restrictions led to a buildup of compensated absences and a corresponding liability that has implications for financial reporting, auditing, and management.
Certified professional employer organizations: The first four years
Learn about the important role some CPAs play in the success of the IRS’s certified professional employer organizations program.
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