Audit & assurance news and resources -- Journal of Accountancy

TOPICS

April 1, 2016

IIA seeks comment on standards for internal auditors

Changes are proposed to keep pace with evolving demands.

April 1, 2016

Risks of not-for-profit and government audits

The benefits of providing audit services to NFP and government organizations are numerous yet may present unforeseen professional liability risks.

March 28, 2016

IAASB issues summary financial statement audit reporting guidance

New auditor reporting guidance related to an engagement to report on summary financial statements audited by that same auditor has been issued by the International Auditing and Assurance Standards Board.

March 14, 2016

PCAOB gets budget increase of almost 3%

The SEC voted to approve an increase of almost 3% for the Public Company Accounting Oversight Board’s budget for 2016.

March 8, 2016

How to lead an effective internal audit function

Five key traits help leaders of the most effective internal audit functions develop teams that provide effective risk management and an integrated assurance strategy across the organization.

March 7, 2016

International audit regulators seek faster improvement

The rate of deficiencies in audits dropped a bit in the most recent yearly survey compiled by the International Forum of Independent Audit Regulators, who nonetheless are seeking faster improvements in audit quality.

March 3, 2016

How expected credit loss standards will challenge auditors

New financial reporting standards requiring reporting of expected credit losses related to financial instruments are expected to create new challenges for auditors as well as management and audit committees.

March 1, 2016

Kathryn A. Byrne, CPA, CGMA

Kathryn A. Byrne, CPA, CGMA, is a partner and the manufacturing distribution practice leader at WeiserMazars in New York City. On Jan. 1, she started a three-year term as the chair of the International Federation of Accountants Compliance Advisory Panel.

March 1, 2016

Audit committees prefer customized, tailored audit quality indicators

A CAQ pilot identifies audit committee objectives.

March 1, 2016

Sound audit quality control

These tips can help firms maintain a system that helps deliver high-quality audits to clients.

February 16, 2016

Internal auditors challenged by cybersecurity, data quality

Many internal audit departments are short on cybersecurity expertise and lack involvement in evaluating the quality of the data used in their organizations, according to a new survey.

February 1, 2016

IIA proposes changes to help internal auditors meet evolving demands

Changes to international professional standards proposed by The Institute of Internal Auditors are designed to help internal auditors meet the evolving demands they face.

February 1, 2016

PCAOB votes to name engagement partner

The board seeks SEC approval for a new form that also would disclose other firms participating in audits.

January 22, 2016

Amendments clarify jurisdictional issues in auditor reporting requirements

An amendment issued by the AICPA Auditing Standards Board clarifies the format of the auditor’s report that should be used when an audit is conducted in accordance with the PCAOB’s standards but is not under the PCAOB’s jurisdiction.

January 12, 2016

Audit committees prefer customized, tailored audit quality indicators

Audit committee members say they would like to be able to customize audit quality indicators to suit their specific needs, according to a new Center for Audit Quality report.

January 1, 2016

Subsequent events audit tips

A careful look at procedures and interaction with clients may lead to improved performance.

January 1, 2016

New auditing interpretation issued

The ASB is permitting auditor reporting on sustainability financial statements.

January 1, 2016

Changes proposed to peer review standards

Proposed changes to the AICPA’s standards for performing and reporting on peer reviews are designed to help audit firms increase focus on their quality-control systems.

January 1, 2016

Internal auditors receive modest raises

Median salaries for many U.S. positions have decreased.

December 15, 2015

PCAOB approves rule for naming audit engagement partner

The PCAOB voted to approve a new rule that will require disclosure of the name of the engagement partner and other participating firms on a form that will be made public on the board’s website.

FROM THIS MONTH'S ISSUE

4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.