The PCAOB will meet Tuesday to consider adopting a reorganization of its standards that is intended to make them easier to navigate.
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Audit & assurance
“Pervasive” pressure challenges internal audit’s objectivity
Fifty-five percent of North American chief audit executives have been asked at least once to omit or modify an important audit finding, according to new research.
Internal audit may need a makeover
As businesses transform in response to market shifts, internal audit functions may need to provide more value-added services and proactive advice to management in the coming years.
Internal auditors confident in risk assessment but face possible talent shortage
Internal auditors are confident in their ability to identify emerging risks in a timely manner, but they may be facing a talent shortage, according to a new report.
Forging cooperation between internal audit, external audit, audit committee
The varied roles of internal auditors, external auditors, and audit committees often intersect. A new report describes how they can work together for mutual benefit.
Root cause analysis can improve audits, regulators say
Root cause analysis of audit issues has the potential to bring about significant improvements in audit quality, audit regulators said while presenting results of a global survey of audit inspection findings.
New challenges in a delicate process
FASB’s new going-concern standard creates many challenges for CPAs to consider. The Center for Plain English Accounting examines the new look-forward period, disparities with audit guidance, and a new triggering threshold.
ASB issues attestation interpretation to agreed-upon procedures engagements standard
A new AICPA Auditing Standards Board attestation interpretation provides guidance for third-party due-diligence services performed as agreed-upon procedures engagements related to asset-backed securitizations.
PCAOB attempting to make standard setting more efficient
The PCAOB is exploring ways to make its standard-setting process more efficient, board Chairman James Doty said Wednesday during an open meeting of the SEC.
Auditing
Revenue recognition, internal control over financial reporting, and professional skepticism are among the seven key areas for 2014 audit consideration, according to an alert sent by the Center for Audit Quality (CAQ), which is affiliated with the AICPA.
Decision-making quiz
Learn about your decision-making process with this short quiz.
5 ways to overcome confirmation bias
Following this five-step process can help auditors avoid a common psychological trap and the risk that they will overlook important contradictory evidence.
Evolving practice monitoring to improve quality in A&A engagements
A new vision for practice monitoring in the future aims to prevent quality issues in accounting, auditing, and attestation engagements. A new technological platform is being developed to provide more timely feedback to peer reviewers and firms.
I’m not biased, am I?
Five common judgment biases can have a negative impact on accounting and auditing decisions. Learn how to spot these biases, and take a short quiz to see how they can affect your judgment.
All CPAs should be concerned about going concern
Approximately 30% of claims brought against CPAs in the AICPA Professional Liability Insurance Program are made by third parties. Moreover, nearly 60% of the program’s 2013 financial statement services claims related to the failure to detect a misstatement or a disclosure error, especially going-concern disclosures.
Audit committee members need more time, expertise to deal with risky environment, survey says
Risk concerns have put a strain on audit committees, who say they need more time and expertise to exercise proper oversight.
New standards for auditors of brokers and dealers are focus of PCAOB reminder
A PCAOB report reminds auditors of brokers and dealers that new audit standards for those engagements differ from previous standards.
ASB issues auditing interpretations to SAS No. 126 on going concern
New auditing interpretations issued by the AICPA Auditing Standards Board are the result of a short-term initiative to address some of the effects of accounting standards on going concern.
New IAASB standard changes auditor’s reporting model
A new standard released by the International Auditing and Assurance Standards Board changes rules about how auditors will communicate about their work in their reports.
PCAOB to seek comments on going concern
The project is responding to new FASB requirements for management’s evaluation of going concern.
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