Inspections of registered audit firms will focus on systems of quality control, independence issues, and recurring deficiencies.
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Audit & assurance
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.
Employee benefit plan auditing rules to change
The AICPA Auditing Standards Board has voted to issue a new standard for employee benefit plan audits.
International audit standard addresses estimates
The IAASB is enabling auditors to keep pace with accounting standards changes.
Updated guidance highlights key changes in the auditor’s report
The PCAOB also reported a high rate of deficiencies in broker-dealer audits.
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.
Tips for understanding critical audit matters
New information will be required for certain filers in 2019.
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.
Audit profession leaders make unified commitment to quality
The statement touches on AI, analytics, and blockchain.
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.
Checking risk oversight can inform audits
A strong or weak commitment to addressing risks may be an indicator of management’s focus on financial reporting risks.
Proposed standard would revise SSAE No. 18
If approved, the standard would give practitioners added flexibility.
GAO issues revised government auditing standards
Changes to the Yellow Book reinforce the principles of transparency and accountability.
Awards connect researchers with audit personnel
Three research projects received awards through the Access to Audit Personnel program.
Updated guidance highlights key changes in the auditor’s report
The PCAOB has issued updated staff guidance to assist practitioners as they implement the board’s new auditor’s reporting model.
3 areas of top concern in broker-dealer audits
Independence issues identified in the PCAOB’s 2017 staff inspections fell compared with the previous year, according to a report the board.
Quiz: Test your knowledge of employee benefit plan audits
How well do you know the basics of employee benefit plan auditing? Take this quiz and find out.
New compilation and review report requirements issued
Provisions take effect June 15, 2019.
Taking the risk out of risk assessment
Compliance with risk assessment standards is a prerequisite for a high-quality audit. Following these tips can help practitioners avoid common mistakes.
Using drones to enhance audits
Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.