Audit & assurance news and resources -- Journal of Accountancy

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October 27, 2015

ASB interpretation permits auditor reporting on sustainability financial statements

The ASB interpretation allows an auditor to report on the U.S. government’s basic financial statements, which include the statements of social insurance, changes in social insurance amounts, and long-term fiscal projections.

October 27, 2015

ASB addresses audits of ICFR integrated with financial statement audits

The AICPA Auditing Standards Board established requirements and provided guidance that apply only when an auditor is engaged to perform an audit of internal control over financial reporting that is integrated with an audit of financial statements.

October 20, 2015

Changing market needs lead to new assurance opportunities for auditors

Two AICPA groups have undertaken numerous initiatives to allow CPAs to perform these services and protect the public interest.

October 20, 2015

Internal auditors receive modest raises

A majority of organizations in the United States and Canada gave internal auditors raises of 2% to 4% in the past year, according to a new survey report.

October 15, 2015

PCAOB urges focus on Risk Assessment Standards

The PCAOB is urging audit firms to review their systems and procedures to promote compliance with the board’s Risk Assessment Standards.

October 12, 2015

Key areas of risk in the 2015 audit cycle

These areas of significant judgment and complexity merit proactive and accelerated attention from audit firms, according to a new Center for Audit Quality alert.

October 8, 2015

Audit fees rose in 2014 for SEC filers, private companies

Audit fees rose in 2014 compared with the previous year for SEC filers and private companies, according to a new report.

October 1, 2015

What PCAOB inspectors are focusing on in 2015

Inspectors from the PCAOB have three general areas that they are examining closely in their inspections of registered auditors in 2015.

October 1, 2015

IAASB aims for changes to summary financial statement reporting

Proposal is designed to create ‘a balanced approach.’

October 1, 2015

IAASB issues guidance on disclosures

Revisions are designed to create consistency in application.

October 1, 2015

ASB proposal would amend standard on auditor’s report

Guidance affects audits conducted in accordance with both GAAS and PCAOB standards.

September 14, 2015

Pay attention to nonfinancial measures when performing audits

Nonfinancial data can be just as important as dollars and cents when detecting fraud.

September 1, 2015

PCAOB reveals focus for inspections of broker-dealer auditors

The PCAOB inspections staff revealed five areas of focus for its 2015 inspections of auditors and brokers and dealers.

September 1, 2015

PCAOB considers new plan for naming engagement partner

The board also is seeking input on potential indicators of audit quality.

September 1, 2015

How to perform high-quality EBP audits

Employee benefit plan audits require specialized training and present significant regulatory risk. Following certain best practices can help practitioners deliver high-quality audits.

September 1, 2015

How to rate external auditors

Audit committees should consider these points as they fulfill their oversight responsibilities.

September 1, 2015

Succeeding with a narrow focus

Specializing and focusing on a narrow range of services can help CPAs and audit firms reduce training costs and risks.

September 1, 2015

IIA spells out mission and principles

A framework is updated to help internal auditors address the changing risk landscape.

August 26, 2015

AICPA releases Q&A on required supplementary information

The AICPA has released new nonauthoritative guidance for auditors regarding their independence responsibilities with respect to required supplementary information in a specific situation.

August 18, 2015