Audit & assurance news and resources -- Journal of Accountancy

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October 25, 2016

SSARS 23 expands application of preparation, compilation standards

SSARS No. 23 results in the SSARSs being applicable to engagements performed on certain subject matter other than financial statements.

October 4, 2016

Top considerations for 2016 audit cycle

Areas of high attention for auditors during the 2016 audit cycle will include a new standard on naming the engagement partner as well as internal control over financial reporting.

October 1, 2016

AICPA proposes modifying peer review reports

The board seeks a clear indication of whether a single audit was selected.

October 1, 2016

PCAOB remains concerned about broker-dealer audits

Inspectors find a high level of deficiencies.

September 29, 2016

Millennials are the most confident investors, survey shows

Millennial investors have more faith than members of other generations in US and overseas markets, US public companies, and audited financial information, a new survey shows.

September 23, 2016

ARSC completes clarity project with issuance of SSARS No. 22

New Statement on Standards for Accounting and Review Services No. 22 clarifies the standard on compilations of pro forma financial information.

September 19, 2016

New path proposed for CPAs in cyber risk management

Two proposals issued Monday would create guidance for management in designing and describing its cybersecurity risk management program.

September 1, 2016

ASB addresses exempt securities

Requirements are proposed for when an auditor is involved with an exempt securities offering.

September 1, 2016

ARSC proposes update to standard on reviews

An exposure draft adjusts requirements and guidance for supplementary information.

September 1, 2016

ASB exposure draft would supersede standard on going concern

The proposal is part of a convergence strategy with the IAASB.

September 1, 2016

PCAOB issues guidance for Form AP

A new rule requires firms to name engagement partners and other firms that worked on the audit.

August 24, 2016

PCAOB, German regulator to cooperate in oversight of audit firms

The Public Company Accounting Oversight Board will cooperate with the German Auditor Oversight Body in overseeing audit firms that operate under both regulators.

August 17, 2016

AICPA proposes modifying peer review reports, firm representation letters

Peer review reports would be modified to clearly indicate if a single audit was selected under a proposal issued by the AICPA Peer Review Board.

July 22, 2016

SEC’s Schnurr recovering from bike crash; Bricker takes interim role

Following Chief Accountant James Schnurr’s serious bicycle crash, the SEC has named Wesley Bricker interim chief accountant. Bricker will handle the chief accountant duties during Schnurr’s recovery.

July 13, 2016

ASB proposes performance requirements when auditors are involved with exempt offering documents

Exempt offerings include, but are not limited to, private placement offerings, exempt public offerings, municipal securities offerings, and franchise offerings.

July 6, 2016

ARSC proposes amending standard on reviews of financial statements

The AICPA Accounting and Review Services Committee proposed certain necessary revisions to correct requirements and guidance related to reporting on supplementary information in its standard on reviews of financial statements.

July 5, 2016

ASB proposes to supersede going concern auditing standard

An exposure draft issued by the AICPA Auditing Standards Board proposes to supersede the current standard on the auditor’s consideration of an entity’s ability to continue as a going concern.

July 1, 2016

PCAOB warns against altering audit documentation

The board reacts to evidence of improper changes.

July 1, 2016

PCAOB considers an update for audit inspections

Deficiencies have dipped for large firms.

July 1, 2016

Firms to disclose engagement partners under PCAOB rules

The SEC approves the requirement for public company audits.

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.