Audit & assurance news and resources -- Journal of Accountancy

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July 1, 2016

Firms to disclose engagement partners under PCAOB rules

The SEC approves the requirement for public company audits.

July 1, 2016

PCAOB refines auditor’s reporting model proposal

The board wants audit reports to be accessible.

July 1, 2016

Audit data standards proposed for inventory subledger account

Standardization is designed to make the audit process more efficient.

July 1, 2016

Nurturing the human element

Through a global career progression framework and real-time feedback, PwC is attempting to develop and retain talent in the hopes of continuing to improve audit quality.

June 28, 2016

PCAOB issues staff guidance for firms naming engagement partner

The Public Company Accounting Oversight Board issued staff guidance for firms filing the new Form AP, which is for disclosing the names of engagement partners and other firms participating in public company audits.

June 1, 2016

PCAOB seeks feedback in first-of-kind standard review

Post-implementation assessment asks how well AS 7 has worked.

June 1, 2016

PCAOB proposes new approach to multifirm audits

Standards update aims to unify lead auditors’ work with ‘other auditors.’

June 1, 2016

PCAOB gets budget increase of nearly 3%

The SEC approves the funding plan in a 2—1 split.

June 1, 2016

Auditing Standards Board caps clarity project with attestation standards

SSAE 18 establishes performance and reporting requirements.

June 1, 2016

ASB interpretation guides auditor reporting

The board addressed audits conducted in accordance with GAAS and ISAs.

June 1, 2016

IAASB guides auditors on summary financial statement reporting

The amendments are designed to provide more transparency.

May 17, 2016

Audit data standards proposed for inventory subledger account

Voluntary audit data standards proposed by the AICPA Assurance Services Executive Committee are designed to enable more efficient and effective exchange of information between companies and auditors.

May 11, 2016

PCAOB refines auditor’s reporting model proposal

The PCAOB voted to propose revised changes to a standard that would modify the auditor’s reporting model to give investors more information.

May 10, 2016

SEC approves PCAOB rule for naming engagement partner

Audit firms will be required to disclose the name of the engagement partner and information about other firms participating in audits under a PCAOB rule that was approved by the SEC.

May 5, 2016

PCAOB considers changing focus of inspections

The PCAOB is considering changes in its inspections program as a result of improvements in audit quality and firms’ systems of quality control, PCAOB board member Jeanette Franzel said Thursday.

May 1, 2016

IFIAR hopes to build on audit quality improvements

Largest firms join a new global initiative.

April 21, 2016

PCAOB warns against altering audit documentation

The PCAOB cautioned that improper alteration of audit documentation can result in severe penalties.

April 19, 2016

PCAOB inspectors observe decrease in broker-dealer auditor independence impairments

PCAOB inspectors found fewer independence impairments for auditors of broker-dealers in 2015 compared with previous years.

April 12, 2016

PCAOB proposal would guide lead auditors in supervision of other auditors

The PCAOB’s standards for a lead auditor’s supervision of other auditors would be strengthened under a proposal the board voted to issue.

April 7, 2016

Post-implementation analysis begins for PCAOB engagement quality review standard

The analysis will evaluate whether the PCAOB’s standard for engagement quality reviews helps firms identify significant deficiencies before they issue an audit report.