The ASB seeks input on the draft of its 2026–2030 strategic plan. The comment deadline is June 13.
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Audit & assurance
AICPA auditing board approves two exposure drafts for public comment
The AICPA Auditing Standards Board voted Thursday to separately expose for public comment proposed changes related to attestation review engagements and external confirmations in the AICPA Professional Standards.
Lessons learned from the first year of SAS 145
Implementing SAS 145, the new audit standard, has changed one firm’s documentation and brought about efficiencies.
A&A Focus recap: FASB and ASB chair recap and preview activities
The February webcast included one-on-one discussions with the chairs of the accounting and auditing standard setters.
PCAOB withdraws proposed rules requiring extensive firm and engagement metrics
The AICPA had urged the SEC to refrain from approving the rules, warning they would “pose significant challenges” to small and midsize firms. An AICPA statement said that the “PCAOB’s decision not to move forward with the rules is the right one.”
A&A Focus recap: Quality Management FAQs and a 2024 ASU rundown
The January webcast also included a deep dive into step 3 of the five-step revenue recognition process outlined in FASB ASC 606.
Prop. regs. address expanded annual compensation deduction limitation
The regulations provide guidance on determining who is one of the “five highest compensated employees” under Sec. 162(m)(3)(C).
Update: Digital assets practice aid addresses new FASB standards
The AICPA resource features new guidance and terminology for financial statement preparers and auditors.
A&A Focus recap: Updates on CECL and artificial intelligence
The December webcast also included updates on the AICPA Accounting Standards Review Committee’s preparation standards exposure draft and on recent FASB news.
AICPA asks SEC to reject PCAOB rules that pose ‘significant challenges’
A comment letter sent Thursday urges the SEC, which oversees the PCAOB, to “refrain from approving” final rules issued last month that call for certain PCAOB-registered public accounting firms to report on a list of firm and engagement metrics.
PCAOB shares inspection priorities for 2025
The board, facing an uncertain future following the presidential election, plans to prioritize inspections in the financial, real estate, and information technology sectors in 2025.
How the new QM standards may affect peer review
Follow these tips to ensure a smooth peer review process once the new standards take effect.
Engagement quality reviews: What auditors should know
Firms with A&A practices should be aware that the new quality management standards include changes to engagement quality reviews.
A&A Focus recap: Improving the peer review experience
Also, an internal controls expert joined for a discussion on COSO and its relationship to SAS 145, and a current Auditing Standards Board member addressed questions the AICPA has been receiving on the QM implementation process.
PCAOB will require firms to share a new set of metrics
The board approves eight firm and engagement metrics for disclosure and adds to the disclosures it requires during annual reporting and special reporting periods. It also approves its 2025 budget and puts any action related to NOCLAR on hold until 2025.
PCAOB amendment addresses registration of inactive firms
The adopted rule empowers the PCAOB to withdraw the registration of firms that don’t file annual reports and don’t pay annual dues for two consecutive years.
AICPA board approves update to peer review standards
The AICPA Peer Review Board approved changes that align with new quality management standards for firms’ accounting and auditing practices.
Resources to implement the QM standard
The AICPA offers a comprehensive practice aid to help firms implement the new quality management standard by the 2025 deadline.
The data-driven audit: Technology and the future of auditing
Cathy Rowe, Senior Vice President and Segment Leader, U.S. Professional Market, Wolters Kluwer Tax & Accounting North America, discusses how data-driven insights combined with analysis and guidance can make audits more thorough and help firms make better decisions.
Scaling SAS 145 for less-complex entities
Recognize opportunities to customize audit procedures at less-complex entities while meeting the requirements of the standard.
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