Audit & assurance news and resources -- Journal of Accountancy

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April 7, 2020

Pandemic-specific guidance for auditors and preparers

The consequences of the coronavirus on financial statement preparation and auditing are complex. Two CPAs share guidance for preparers and practitioners.

April 6, 2020

ASB to consider one-year deferral of effective dates

The AICPA Auditing Standards Board will consider on April 20 on whether to defer for one year the effective dates of Statements on Auditing Standards No. 134 through 140. The deferral is being considered to give firms relief amid the coronavirus pandemic.

April 3, 2020

Going concern tips for auditors during the pandemic

The going concern basis of accounting is likely to be used more frequently as a result of the coronavirus pandemic. Here is what auditors need to know as they fulfill their duties related to going concern.

April 2, 2020

Creating webinars to answer client questions

The coronavirus pandemic has unleashed a flood of tax, audit and other accounting-related questions. Webinars offer CPAs an efficient way to tackle topics affecting large numbers of clients, staff or other stakeholders.

April 1, 2020

Addressing pandemic-related audit challenges

Auditors face many new challenges as they work through the coronavirus pandemic. The AICPA Center for Plain English Accounting has posted new guidance on handling those challenges.

March 26, 2020

How auditors can test inventory without a site visit

Inventory counts for March 31 year-end financial statements are a challenge for auditors during the coronavirus outbreak. But there are a few methods that can provide sufficient appropriate evidence of inventory even when the auditor can’t make a site visit.

March 24, 2020

Remote auditing comes to forefront during pandemic

Remote audit procedures, which have gained in popularity in recent years because of technological advancements, may provide options for auditors in this environment.

March 23, 2020

PCAOB provides firms opportunity for inspection relief

A relief period of up to 45 days from PCAOB inspections will be available to audit firms that request relief. Firms that wish to use all or part of the 45-day period can reach out to their designated PCAOB inspections point of contact.

March 19, 2020

PCAOB’s domestic inspections to continue remotely

The Public Company Accounting Oversight Board will continue its inspections of domestic audit firms on a remote basis in response to the coronavirus outbreak.

March 17, 2020

How the coronavirus may affect financial reporting and auditing

The coronavirus pandemic looks likely to create major challenges for the preparation of financial statements, both for the current quarter and also for annual financial reports and audits over the next year.

March 12, 2020

SEC exempts certain companies from ICFR attestation requirement

The SEC issued amendments that exempt smaller reporting companies with less than $100 million in revenue from the requirement to obtain attestation of their internal control over financial reporting from an outside auditor.

March 10, 2020

AU-C 800 series amended to conform with auditor reporting standard

The AICPA Auditing Standards Board issued new guidance that is intended to align the AU-C 800 series with the board’s new standard on auditor reporting.

March 1, 2020

Lease accounting standard requires new auditor judgments

Auditors need to evaluate new processes and controls in determining whether clients and companies are complying with FASB’s new lease accounting standard.

February 11, 2020

ARSC further converges SSARSs with international standards and aligns closer with GAAS

The AICPA’s Accounting and Review Services Committee issued a new Statement on Standards for Accounting and Review Services (SSARS) that further converges the standards for reviews of financial statements in AICPA Professional Standards with international standards for such engagements.

February 1, 2020