Under a proposal issued by the AICPA Auditing Standards Board, AU-C Sections 800, 805, and 810 would be aligned with the changes introduced by new auditor reporting standards.
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Audit & assurance
PCAOB issues staff guidance on auditing estimates, specialists
The PCAOB released staff guidance documents that are designed to help auditors implement the board’s new standards and amendments on auditing accounting estimates and the auditor’s use of the work of specialists.
ASB addresses challenges in auditing accounting estimates
A proposal issued by the AICPA Auditing Standards Board (ASB) is intended to provide auditors with enhanced guidance on auditing accounting estimates.
Determining materiality for nonquantitative subject matters
Emerging engagements such as sustainability attestation services and System and Organization Controls reports require auditors to consider materiality for subject matters that can’t be quantitatively measured.
The benefits of a ‘decomposed’ approach to group audit planning
New research performed with the help of the AICPA’s Assurance Research Advisory Group has provided new insights on ways to improve quality in group audits.
The risk suite: This teenager can mitigate liability angst
Since their issuance in 2006, the risk assessment standards have often been a source of confusion. Here’s how to work with them.
ASB seeks alignment of materiality definitions
The effect on practice is expected to be minimal.
Eliminating biases that jeopardize audit quality
Recognizing and overcoming cognitive biases can help practitioners deliver higher quality in their engagements.
ASB addresses ERISA plan auditor reporting, other information in annual reports
The AICPA Auditing Standards Board issued new standards addressing auditor reporting on ERISA plan financial statements and an auditor’s “other information” responsibilities.
Advocacy update: Testifying on the ERISA audit process
The audit process can help employee benefit plan administrators fulfill their fiduciary duties, according to testimony by James Haubrock, CPA, chair of the executive committee of the AICPA Employee Benefit Plan Audit Quality Center.
5 missteps to avoid when evaluating internal controls
An understanding of a client’s controls is essential for determining the extent of testing necessary for completion of a successful audit.
ASB enhances communication in auditors’ reports
The AICPA Auditing Standards Board issued standards that are designed to improve auditors’ ability to communicate in auditors’ reports and align generally accepted auditing standards with those of other standard-setting bodies.
Highlights of internal audit research
Academic research reveals perceptions of the internal auditing function, ways to reduce audit delays, how small businesses use continuous auditing technology, and more.
SEC addresses auditor independence and the Loan Provision
The SEC adopted amendments designed to help identify when an auditor’s lending relationship with an audit client is a threat to the auditor’s objectivity and impartiality.
Audit evidence standard would be updated under proposal
The ASB issued a proposal that would update its audit evidence standard to address issues such as emerging technologies and the application of professional skepticism.
Convergence with international standards sought for SSARSs
A proposal issued by the AICPA Accounting and Review Services Committee would promote convergence with international standards for review services.
A refined approach to auditing accounting estimates
Auditing accounting estimates can be challenging. New auditing standards may help by encouraging deeper professional skepticism.
ASB seeks alignment of materiality definitions
The definition of materiality used in the AICPA Professional Standards would be aligned with that of U.S. regulators under proposals issued by the AICPA Auditing Standards Board.
How we successfully implemented AI in audit
A partner at Garbelman Winslow CPAs describes the Maryland firm’s experience using machine learning to improve its audit process.
Ask the expert: Education
Roger O’Donnell leads the Global Audit D&A initiative and currently serves as the lead engagement partner for several multinational companies.