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.
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Audit & assurance
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.
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.
FAQs on SOC 2 and SOC 3 engagements issued by AICPA staff
The AICPA staff has posted new FAQ guidance on issues related to System and Organization Controls 2 and 3 (SOC 2 and SOC 3) engagements.
Tips for auditing in a COVID-19 environment
The coronavirus pandemic has dramatically disrupted the focus and procedures involved in many audits. These tips provide best practices, fraud considerations and new procedures practitioners may wish to use.
Assessing audit risks during the pandemic
The coronavirus pandemic has caused the risks of material misstatement and fraud to change substantially for many audit clients. Here’s how practitioners can continue delivering high-quality audits in this environment.
New attestation standard clarifies work effort of review engagements
The limited assurance obtained by a practitioner in a review engagement is clarified in a standard issued by the AICPA Auditing Standards Board.
Why the best critical audit matter disclosures use entity-specific info
Critical audit matters have more value when they provide entity-specific language and avoid boilerplate, experts say.
PCAOB changes 2021 inspection focus areas as a result of COVID-19
PCAOB inspectors will focus more in 2021 on industries and audit areas that have experienced disruption as a result of the coronavirus pandemic. Inspectors also will try to become more unpredictable in the audits and areas they examine.
Practitioners provide new transparency through critical audit matters
New PCAOB requirements for communicating critical audit matters give practitioners an opportunity to provide additional transparency to financial statement users. A Center for Audit Quality study shows how auditors are delivering this information.
Auditing fraud risk during a pandemic
Fraud risk in the financial statements has been elevated amid the coronavirus pandemic. Here’s what practitioners need to know as they audit the risks of fraud during their engagements.
PCAOB amends independence requirements to align with SEC changes
The Public Company Accounting Oversight Board issued amendments that are designed to align its independence requirements with SEC rules that were updated in 2019 and 2020.
ASB proposal addresses auditing of fair value estimates of financial instruments
A proposed standard issued by the AICPA Auditing Standards Board would give practitioners more guidance on auditing management’s estimates of fair value, including on the use of pricing services.
9 tips for successful auditing of revenue recognition
A new standard and the disruption caused by the coronavirus pandemic make auditing revenue recognition difficult. These tips can help.
Developing a strategic audit plan
This article outlines steps CPAs should consider when developing strategic audit plans for their own clients.
Why risk assessment merits increased auditor focus
In an effort to boost audit quality, the AICPA Peer Review Program is monitoring for instances where firms misunderstand the risk assessment standards. Data suggests that auditors need to devote more attention to assessing the risk of material misstatement and designing appropriate procedures.
Cybersecurity provides opportunities for auditors to serve
Practitioners can provide services to clients related to cybersecurity beyond their financial statement auditing role, according to a newly published report from the Center for Audit Quality.
Gauging risk assessment and response processes
How well do auditors perform in assessing and responding to risks of material misstatement? New research provides some answers.
SEC aims to reduce unnecessary auditor independence red flags
The SEC adopted amendments that are designed to reduce situations that trigger independence rule violations in situations that don’t necessarily impair an auditor’s objectivity or impartiality.
Audit committee cybersecurity disclosures rising in proxy statements
Disclosures around oversight of cybersecurity risk by audit committees are increasing in public company proxy statements, according to a yearly analysis released by the Center for Audit Quality and Audit Analytics. But other disclosures have leveled off in recent years.
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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