Audit & assurance news and resources -- Journal of Accountancy

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December 20, 2018

PCAOB strengthens rules for auditing estimates, supervising specialists

The PCAOB voted to approve a new standard and amendments for auditing accounting estimates, including fair value measurements, and using the work of specialists.

December 11, 2018

PCAOB to consider rules on auditing estimates, use of specialists

The PCAOB will meet to consider adopting new rules for public company auditors on auditing accounting estimates, including fair value measurements, and on the use of specialists.

December 10, 2018

SEC urges consistency in non-GAAP reporting

Companies need to adhere to policies and controls that reinforce quality in non-GAAP reporting and KPIs, Securities and Exchange Commission Chairman Jay Clayton and Chief Accountant Wes Bricker said at the AICPA Conference on SEC and PCAOB Developments.

December 10, 2018

What ‘dry runs’ reveal about critical audit matters

The new reporting model for public company audits requires practitioners to disclose “critical audit matters” that arise during their work. A new Center for Audit Quality report examines the results of “dry runs” that are designed to help firms develop methodologies for determining and reporting critical audit matters.

December 7, 2018

What PCAOB inspectors will look for in 2019

Inspections of registered audit firms will focus on systems of quality control, independence issues, and recurring deficiencies.

December 6, 2018

Agreement gives US CPAs path to Australia, New Zealand audit rights

The renewal of a mutual recognition agreement gives qualified U.S. CPAs eligibility to obtain the CA ANZ credential, which is a pathway to obtaining audit rights in Australia and New Zealand.

December 3, 2018

Employee benefit plan auditing rules to change

The AICPA Auditing Standards Board has voted to issue a new standard for employee benefit plan audits.

December 1, 2018

International audit standard addresses estimates

The IAASB is enabling auditors to keep pace with accounting standards changes.

November 1, 2018

Updated guidance highlights key changes in the auditor’s report

The PCAOB also reported a high rate of deficiencies in broker-dealer audits.

October 8, 2018

International audit standard addresses estimates

A newly released international auditing standard for auditing accounting estimates and related disclosures is designed to help auditors keep pace with changes in accounting standards for loan provisions and insurance contracts.

October 1, 2018

Tips for understanding critical audit matters

New information will be required for certain filers in 2019.

October 1, 2018

Critical audit matters coming into focus

As public company auditors prepare to deliver new information in auditors’ reports, firms need to develop consistent processes for determining what should be disclosed.

October 1, 2018

Audit profession leaders make unified commitment to quality

The statement touches on AI, analytics, and blockchain.

September 20, 2018

SEC proposes clarifying broker-dealer exemption

The Securities and Exchange Commission proposed an amendment that would correct an error published in 2013 in the exemption provisions in the broker-dealer annual reporting rule.

September 1, 2018