The first auditor’s reports containing the PCAOB’s newly required critical audit matters are available in public company annual reports.
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Audit & assurance
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.
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.
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.”
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.
SEC addresses auditor independence
The amendments focus rules on lending relationships that affect objectivity.
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.
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.
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.
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.
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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