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.
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Audit & assurance
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.
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.
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.
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.
PCAOB seeks feedback on critical audit matters requirement
The PCAOB is requesting input to inform its analysis of its new critical audit matters requirements.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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