Audit & assurance news and resources -- Journal of Accountancy

TOPICS

November 6, 2019

How audit committees can improve disclosure

Although audit committees increasingly are providing transparency on certain key metrics, a new report shows that there are opportunities to provide more useful disclosures.

November 1, 2019

Determining materiality for nonquantitative subject matters

Materiality is a concern for engagements in which measurement is a challenge.

November 1, 2019

ASB addresses challenges in auditing accounting estimates

A new standard would supersede SAS No. 122.

November 1, 2019

PCAOB issues staff guidance on auditing estimates, specialists

The four documents can aid implementation.

November 1, 2019

Proposal would align AU-C 800 series with SAS No. 134

The change is meant to enhance auditor reporting.

October 24, 2019

ASB addresses compliance with GAAS, PCAOB standards

An auditing interpretation issued by the AICPA Auditing Standards Board provides auditors with guidance on how to comply with AU-C Section 700A as well as the PCAOB’s standards on critical audit matters.

October 23, 2019

Guidance provided on SAS No. 134 implementation

A new Technical Question and Answer issued by the AICPA provides nonauthoritative guidance on implementing the AICPA Auditing Standards Board’s new standard on auditor reporting.

October 10, 2019

Sustainability assurance’s link to reporting quality

The steady growth in assurance of sustainability reports suggests that companies increasingly perceive that there are net benefits of having their sustainability reports assured.

October 4, 2019

Critical audit matters: What firms are reporting

The first auditor’s reports containing the PCAOB’s newly required critical audit matters are available in public company annual reports.

September 24, 2019

New TQAs discuss 2019 Compliance Supplement’s guidance for performing single audits

New guidance for performing single audits is contained in the Office of Management and Budget’s 2019 Compliance Supplement.

September 18, 2019

Auditors get high marks, but non-US market optimism sags

Retail investors’ confidence in audited financial information has risen to near record highs, but confidence in markets outside the United States has plunged.

September 1, 2019

Advocacy update: Testifying on ERISA audits

An AICPA committee leader testified recently at a public hearing by the Department of Labor’s ERISA Advisory Council, “Beyond Plan Audit Compliance: Improving the Financial Statement Audit Process.”

September 1, 2019

ASB addresses ERISA plan auditor reporting, other information in annual reports

In separate standards, the AICPA Auditing Standards Board (ASB) addressed ERISA plan financial statements and rules for other information in annual reports.

September 1, 2019

SEC addresses auditor independence

The amendments focus rules on lending relationships that affect objectivity.

September 1, 2019

Audit evidence standard would be updated under proposal

Issues such as the use of emerging technologies and the application of professional skepticism are addressed in a new audit evidence standard.

September 1, 2019

Convergence with international standards sought for SSARSs

In an effort to promote convergence with international standards, the AICPA Accounting and Review Services Committee (ARSC) recently proposed changes to standards for review services.

August 28, 2019

Proposal would align AU-C 800 series with SAS No. 134

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.

August 22, 2019

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.

August 22, 2019

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.

August 21, 2019

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.

FROM THIS MONTH'S ISSUE

How a CPA beat burnout after strokes, depression

Get ready for tax season with the JofA’s annual filing season quick guide, an easy-to-use compilation of dollar thresholds, tax tables, standard amounts, credits, and deductions. Download and print for quick reference this tax season.