Audit & assurance news and resources -- Journal of Accountancy

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April 6, 2021

PCAOB’s 2021 inspections target pandemic concerns, predictability

The effects of the coronavirus pandemic on companies’ financial reporting will be a focus of the PCAOB’s inspections in 2021. The board also will strive to become less predictable in the audits and subject areas reviewed by inspectors.

April 1, 2021

GAO: Guidance for single audits should be more timely, responsive

A US Government Accountability Office report has concluded that yearly federal guidance provided to single audit practitioners should be more timely and more responsive to auditors’ input and needs.

March 29, 2021

PCAOB establishes new advisory group for standard setting

The Public Company Accounting Oversight Board has formed a new, 18-person advisory group that will provide insights for the board’s standard-setting activities.

March 29, 2021

NOCLAR: Proposals aim to help CPAs find the right balance

It can be difficult for a CPA to decide how to proceed if they identify or suspect a client’s or employer’s noncompliance with laws or regulations. New proposals are designed to help CPAs fulfill their ethical responsibilities.

March 25, 2021

Deadline for certain single audits delayed because of pandemic

The Office of Management and Budget is permitting a six-month delay beyond the normal due date for recipients and subrecipients with fiscal year ends through June 30, 2021, that have not yet filed their single audits with the Federal Audit Clearinghouse.

March 18, 2021

Vacation and sick day accruals during the pandemic

Travel restrictions related to the coronavirus pandemic have caused many employees to defer their paid time off, resulting in a buildup of liabilities for compensated absences. As a result, CPAs need to take great care in calculating, reporting, and auditing these liabilities.

March 17, 2021

Cybersecurity requirements provide new opportunity for CPAs

CPAs can be engaged as third-party assessors of US defense contractors’ compliance with new cybersecurity requirements.

March 10, 2021

PEEC addresses ‘Records Requests,’ limits on loaning staff to attest clients

The AICPA Professional Ethics Executive Committee issued an amendment that clarifies the responsibilities of AICPA members responding to client requests for client-provided records. PEEC also limited firms’ ability to loan staff to attest clients.

March 1, 2021

Quality audits amid chaos

These tips can help practitioners as they audit financial statements of clients affected by the coronavirus pandemic.

February 25, 2021

New proposals would provide guidance on CPAs’ NOCLAR duties

Complementary proposals by the AICPA Professional Ethics Executive Committee and the AICPA Auditing Standards Board would provide guidance for CPAs on their responsibilities related to noncompliance with laws and regulations.

February 11, 2021

Single audits: Deliver high quality in a challenging time

The federal funding surge that accompanied the coronavirus pandemic has made single audits more challenging than ever. But now that the rules have been released, practitioners need to focus on delivering high-quality single audits in this difficult time.

February 11, 2021

Pursuing quality in relationships — and audits

A link exists between communication about money and relationship stress. Learn more about that tie-in in this express version of the Journal of Accountancy podcast.

February 5, 2021

New standards continue drive toward better audits

With new quality management standards, standard setters are providing opportunities for audit firms to drive continuous improvement in their engagements.

February 4, 2021

New approach to quality management proposed by ASB

The AICPA Auditing Standards Board proposed a new approach to quality management that will include scalable, risk-based assessments that can be tailored to the circumstances of an individual firm.

January 27, 2021

Not-for-profit auditors face new challenges amid pandemic

Remote auditing, new risks, going concern issues and changes in internal controls give not-for-profit auditors a long list of challenges to meet as a result of the pandemic. Here’s what practitioners should keep in mind.

January 12, 2021

New AICPA TQAs address third-party assessment engagements

Technical Questions and Answers released by the AICPA describe the characteristics of a third-party assessment program and the standards a member is required to apply to a third-party engagement.

January 1, 2021

Advice from the experts: Defending audit claims

Learn what CPA firms can and cannot do to assist those who defend auditors against professional liability claims.

December 23, 2020

Guidance for single audits provided in OMB compliance addendum

The Office of Management and Budget released its 2020 Compliance Supplement addendum, providing single audit practitioners with information they were eagerly awaiting on how to audit federal economic relief programs related to the coronavirus pandemic.

December 22, 2020

AICPA white paper tackles blockchain and SOC for Service Organization reports

The AICPA has published a white paper designed to help practitioners perform SOC for Service Organization reports on companies that use blockchain to deliver services to customers.

December 16, 2020

Quiz: Are you prepared to audit fraud risk during a pandemic?

With so many organizations financially affected by the COVID-19 pandemic and making an abrupt shift to remote working, there’s a perfect storm for increased fraud in financial statements. Take this quiz to see if you know your responsibilities for auditing fraud risks in your engagements.