Audit & assurance news and resources -- Journal of Accountancy

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June 22, 2020

Your peer review has been extended — now what?

CPA firms with certain peer review deadlines were granted an extension amid the havoc caused by the coronavirus pandemic. Some firms are nonetheless staying on schedule, and others are urged to at least schedule their delayed reviews so they don’t fall too far behind.

June 17, 2020

Pandemic considerations for EBP financial statements

The coronavirus pandemic has had a profound effect on employee benefit plan financial statements. Preparers and auditors need to carefully consider going concern implications, CARES Act implications and more.

June 5, 2020

4 key COVID-19 audit risks for 2020 year ends

The coronavirus pandemic has created special challenges for practitioners to consider related to internal control, fraud, legal compliance, and accounting estimates. Here’s how auditors can address these risks.

May 22, 2020

IAASB addresses pandemic issues in audit practice alert

The International Auditing and Assurance Standards Board highlighted key areas of focus for auditor reporting related to the coronavirus pandemic in an audit staff practice alert.

May 15, 2020

Auditing during COVID-19: 6 areas to focus on

Here is how practitioners can handle some of their biggest challenges when conducting audits in the current environment.

May 14, 2020

What CPAs should consider before deferring ASB reporting standards

The AICPA Auditing Standards Board delayed the effective dates of seven new standards as a result of the coronavirus pandemic. Here’s what auditors need to know about the standards and their delay.

May 11, 2020

Coronavirus concerns for ESOPs and ESOP auditors

Employee stock ownership plans, their sponsors, and auditors all face new challenges and risks related to the coronavirus pandemic.

May 8, 2020

Overcoming site visit limitations in the pandemic

The coronavirus pandemic has made site visits challenging for many auditors. Remote auditing techniques can help practitioners perform high-quality engagements during this difficult time.

May 7, 2020

6-month delay granted for peer reviews

The AICPA Peer Review Board voted to grant automatic six-month extensions for peer reviews, corrective actions and implementation plans with original due dates between Jan. 1 and Sept. 30 of this year.

May 1, 2020

ASB formally issues deferral of effective dates

The AICPA Auditing Standards board formally extended the effective dates Friday of seven new auditing standards because of concerns related to the coronavirus pandemic.

April 24, 2020

Auditors displaying dedication during pandemic, CAQ’s Lindsay says

Auditors are well prepared to work remotely, are supporting their staffs and community, and face an environment with heightened fraud risks, according to CAQ Executive Director Julie Bell Lindsay.

April 24, 2020

Pandemic places accounting, auditing rules in flux

As the coronavirus gripped the world, regulators, standard setters, and others moved to adjust rules and effective dates that are important to businesses, CPAs, and their clients. Meanwhile, CPA Exam candidates will have additional opportunities for testing during an emergency testing period.

April 24, 2020

How auditors can test inventory without a site visit

A few methods are available for providing sufficient appropriate evidence of inventory even if an auditor can’t make a site visit because of the coronavirus pandemic.

April 22, 2020

Tips for navigating CPA challenges related to PPP

The Paycheck Protection Program has created a lifeline for small businesses — and challenges for CPAs. A new document published by the AICPA Center for Plain English Accounting contains guidance for CPAs to consider as they navigate these issues.

April 22, 2020

Perceptions about analytics-aided audit quality

Audit firms are increasingly performing audits using data and analytics tools and techniques and have invested substantial resources in recent years into new technologies. However, auditors have expressed concerns about how external reviewers will scrutinize these approaches.

April 20, 2020

ASB delays effective dates of SASs No. 134–140

A vote by the AICPA Auditing Standards Board delayed by one year the effective dates of seven private company auditing standards. Among other things, the standards are generally related to the AICPA’s new auditor reporting rules.

April 17, 2020

PCAOB seeks feedback on critical audit matters requirement

The PCAOB is requesting input to inform its analysis of its new critical audit matters requirements.

April 13, 2020

Tips for auditing with changed controls during the pandemic

Because business volume and activities have changed significantly for many clients, auditors face new challenges related to auditing with changes in internal control. Here’s how practitioners can adjust to the changes and deliver a high-quality audit.

April 8, 2020

AICPA issues audit and accounting guidance FAQs on COVID-19

The AICPA has published a new report providing nonauthoritative guidance on frequently asked accounting and auditing questions related to the coronavirus pandemic.

April 8, 2020

ASB completes alignment of GAAS with new auditor reporting standards

With the release of Statement on Auditing Standards No. 140, the AICPA Auditing Standards Board has completed its yearlong effort to conform generally accepted auditing standards with the provisions of its new auditor reporting standards.