Audit & assurance news and resources -- Journal of Accountancy

TOPICS

August 10, 2015

Are audits of ICFR improving?

Audits of the complex area of internal control over financial reporting (ICFR) may be improving, Jeanette Franzel, a member of the Public Company Accounting Oversight Board, said in a speech.

August 4, 2015

IAASB proposes changes to reporting on summary financial statements

The International Auditing and Assurance Standards Board has released proposed changes related to reporting on summary financial statements.

August 3, 2015

Can auditors expand assurance to meet investors’ needs?

Joe Ucuzoglu, CPA, chairman and CEO of Deloitte’s U.S. audit practice, says expanding assurance opportunities would increase the value auditors provide.

August 1, 2015

What now? Responding to a subsequent discovery of fact

A CPA is required to take action when relevant facts come to light after financial statements or audit reports have been issued. AICPA standards help guide the appropriate response.

July 17, 2015

IAASB completes amendments to auditing standards focused on disclosures

The revisions include changes to 10 international standards on auditing and conforming amendments to five other standards.

July 7, 2015

10 imperatives for internal audit

Internal auditors are facing many new challenges in a world where technology and globalization are leading to rapid changes.

July 6, 2015

New mission, principles articulated for internal audit

An update to professional guidance is designed to help internal auditors assist their organizations in navigating risks.

July 1, 2015

A 6-point plan to improve audit quality

A new six-point plan released by the AICPA provides a road map for enhanced performance on audits of private companies, employee benefit plans, and governmental entities.

June 30, 2015

PCAOB seeks feedback on new idea for identifying engagement partner

The PCAOB voted to seek public comment regarding a proposal for naming the engagement partner in public company audits, in addition to identifying other firms that contribute to the audit.

June 26, 2015

PCAOB schedules open meeting on naming audit engagement partners

The PCAOB has scheduled a public meeting to consider seeking public comment on a new proposal for naming audit engagement partners.

June 23, 2015

PCAOB has new plan for naming audit engagement partners

The PCAOB plans to propose identifying the engagement partner in a new form that auditors could file with the PCAOB, the board’s chairman, James Doty, said.

June 1, 2015

Report calls for improvement in employee benefit plan audits

The U.S. Department of Labor has issued results of a study of employee benefit plan audits that show a continuing need for improvement. A new AICPA audit quality initiative for the profession has a focus on employee benefit plan audits.

June 1, 2015

PCAOB standards reorganized for easy navigation

The standards’ numbering system will follow the logical flow of the audit process.

June 1, 2015

IAASB revises ‘other information’ auditing standard

More involvement is required with material outside audited financial statements.

June 1, 2015

How to hire an EBP auditor

A proper financial statement audit is a critical component of an employee benefit plan’s accountability. The following tips can help plan administrators hire an auditor who will perform a high-quality audit.

May 29, 2015

PCAOB seeks feedback on auditors’ use of specialists

The PCAOB’s staff is asking whether the board’s standards adequately address auditors’ use of specialists, which is becoming more common as business transactions become more complex.

May 14, 2015

AICPA releases 6-point plan to enhance audit quality

The AICPA released a six-point plan with recommendations for improving audit quality, which covers several stages in the process of being or becoming an auditor.

April 27, 2015

AICPA issues Q&As for practitioners related to ALTA best practices framework

New technical questions and answers provide nonauthoritative guidance for practitioners regarding the types of engagements practitioners may perform in connection with the American Land Title Association’s “Best Practices Framework.”

April 13, 2015

Data analytics helps auditors gain deep insight

Advances in data analytics allow financial statement auditors to get more in-depth information about their clients’ businesses. Technological advances have the potential to change the audit landscape considerably, but mechanization appears unlikely to reduce the need for skilled auditors.

April 13, 2015

Driving faster decisions

Continuous monitoring and continuous auditing through data analytics provide internal audit with significant opportunities to provide added value to organizations. As these data-driven techniques grow in popularity, find out how the Hewlett-Packard Co. has used them to drive improvement.