New FASB rules have led to a host of new accounting and auditing questions for financial statement preparers and auditors. Some of the most frequently asked questions were answered at the AICPA’s ENGAGE 2020 virtual conference.
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Audit & assurance
Pandemic issues for government financial statement preparers and auditors
The coronavirus pandemic has created numerous challenges for state and local government financial statement preparers and auditors. Many of these issues are addressed in FAQs published by the AICPA staff.
How the new audit evidence standard can improve audit quality
A new standard on audit evidence can help auditors adapt to the changing nature of business. Find out more on the standard in this podcast episode.
Accounting estimates and disclosures addressed in new auditing standard
New guidance issued by the AICPA Auditing Standards Board provides practitioners with guidance on one of their most difficult tasks — auditing accounting estimates and related disclosures.
New audit evidence standard recognizes evolving nature of business
The AICPA Auditing Standards Board issued a new standard that recognizes the evolving nature of business, including use of technology.
Auditors can play key role in ESG information assurance
Public company auditors can play an important role in enhancing the reliability of company disclosures on environmental, social and governance information, according to a new Center for Audit Quality report.
Challenges to consider in auditing revenue recognition
To perform a high-quality audit, practitioners need a thorough understanding of FASB’s new standard and its implications for their clients’ financial statements.
Alan Jowers, CPA
Building relationships is a key to helping clients achieve their mission, according to Alan Jowers, CPA, a partner with Carr, Riggs & Ingram, LLC.
Handling nondisclosure compilations amid the pandemic
Compilations of financial statements that omit substantially all disclosures can provide challenges for CPAs as the pandemic hurts clients’ businesses. Here’s how CPAs can handle the challenging judgments in these engagements.
Strategies for addressing pandemic-related audit risks
Audit risk assessments and sampling procedures may need to change as a result of the coronavirus pandemic, according to Lynford Graham, CPA, Ph.D.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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